Done your GCSEs? Time to start managing your own money

Once you’ve picked up your GCSE results, it won’t be long before you’re thinking about what comes next. 

Going to college? Starting an apprenticeship? A training course?

One thing’s for sure though. 

You’ll be getting used to taking on more responsibility, especially when it comes to managing money.

So we wanted to share a few tips to help you get started on the right foot.

Embrace the 50/30/20 rule 

The 50/30/20 rule is a simple concept that helps you keep on top of where your money goes.

So 50% goes towards essentials you really need, like food and travel costs.

Meanwhile, 30% is set aside for those things you want, like your Spotify Premium subscription, beer money for a night out or a new outfit.

And then the final 20% can be put into savings, so you can build up some financial reserves for the future.

Even if you’ve only got a small amount of money, adopting the 50/30/20 rule is a good way to get used to managing your money and learning good habits.

Track your budget

You’re old enough to pay taxes now and possibly in control of money for the first time in your life.

So once you've grasped the 50/30/20 way of thinking, you need to learn exactly how to keep on top of your spending.

Budgeting apps like Emma or Moneyhub, or even just a notebook, can help you track your spending. 

And set limits on how much you’ll spend on treats and luxuries, like entertainment, clothes and nights out.

Check our guide to how to create a budget to learn more.

Open a savings account

It’s easier to put money aside for the future if your money isn’t just sitting in your current account. 

Some savings accounts for under-18s give you interest and let you set goals, which could be a lifesaver if you’ve got big expenses like driving lessons or moving to uni not far off.

Find out more about how to get into a savings habit.

Even starting small can make a big difference in the long run. 

Get your first job or side hustle 

If you’re staying in education after your GCSEs, you might still be thinking about getting a part-time job on the side.

It’s a great way to not only earn a bit of cash, but also meet new people and learn about the world of work.

Alternatively, you might fancy starting up your own side hustle, such as walking dogs for the neighbours or selling second-hand clothes or crafts online.

Just make sure you know when you might need to start paying tax on your earnings.

Even if your side gig feels more like a fun hobby, it’s still worth checking, as the rules apply even if your extra income isn’t regular or full-time.

Save on travel  

Take advantage of cheaper tickets for young people when you’re travelling to work or college.

If you’re travelling by rail, you could get a 16–17 Saver, which offers half-price adult train tickets, or a 16–25 Railcard, which knocks a third off most train fares.

And if you have a student pass, you can get cheaper bus fares too.

Most local transport providers offer discounted student fares or term passes. 

Could you get a bursary? 

If you’re aged 16 to 19 and in full-time education or training (but not university), you might be able to get help with the cost of books, clothes or equipment for your course, as well as travel and lunch costs.

This is called the 16–19 Bursary Fund and you can apply through your school or college.

Just check their website or ask a tutor. 

Start your future today

Managing money and making financial decisions is one of those things you can’t really avoid as you get older.

So learning some core principles to follow while you’re still young can be really helpful in the long run.

You don’t have to be perfect or have a grasp of every complicated financial concept.

But if you understand the basics, you’ll be well placed to make smart choices, both now and in the future.