Finished your GCSEs? Here’s how to start managing your money

Hundreds of thousands of youngsters will pick up their GCSE results tomorrow (21 August).  

Whether you smashed it, got a few surprises, or are just relieved it’s over, now’s the time to think about what comes next. 

You might be heading to college, starting an apprenticeship, or jumping into a training course, but one thing’s for sure - your money matters more than ever.  

Here are some tips on starting your money journey on the right foot.  

Start with the 50/30/20 rule 

A super simple way to manage your money is the 50/30/20 rule: 

• 50% for needs – travel, food, essential stuff 

• 30% for wants – those trainers you’ve been eyeing, nights out, subscriptions 

• 20% for savings – build your future fund 

You don’t need loads of money to use this rule, as even a small amount helps. It's about creating the habit early. 

Make saving fun with challenges 

Saving doesn't have to be boring. In fact, 74% of Gen Z are getting into social media savings challenges, according to the NatWest Savings Index. 

Try one of these: 

• £1-a-day challenge – save £1 every day for a month. 

• No online shopping month – a true test of willpower. 

• DIY coffee week – ditch the coffee shop and save that cash. 

The key is to make it fun and achievable. Reward yourself with something small (from your wants budget) if you complete a challenge! 

Budget like a boss 

You’re in control now. Here’s how to keep on top of your spending: 

• Track your money – use budgeting apps like Emma, Moneyhub or just a notebook. 

• Set limits – decide how much you’ll spend on clothes, entertainment, etc. 

• Open a savings account – it’s easier to save when your money’s not just sitting in your current account. Some savings accounts for under-18s give you interest and let you set goals, which can be great for saving up for driving lessons or university costs later on. 

Get your first job or side hustle 

Getting a part-time job is a brilliant way to earn money, meet new people and boost your confidence. 

Or, if retail or hospitality isn’t your thing, here are a few side hustle ideas: 

• sell vintage clothes or crafts online 

• offer to mow lawns or walk dogs for neighbours 

• try freelance gigs if you’re creative, such as guitar lessons, editing, or tutoring 

Every pound you earn is a step toward financial freedom. 

Save on travel  

If you’re travelling to college or to a job, transport costs can quickly add up. There are lots of way to cut the costs though. 

Railcards 

• 16–17 Saver: half-price adult train tickets 

• 16–25 Railcard: 1/3 off most train fares 

Bus passes and local discounts 

Getting around by bus is usually the cheapest travel option and it’s even better with a student pass.  

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

• b_line card (Derbyshire) – 25% off adult fares, £1.50 single fares 

• Our Pass (Greater Manchester) – free bus travel for a small sign-up fee 

• Arriva Student Saver – flexible student travel passes 

• Stagecoach Unirider – up to 50% off for regular college commuters 

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 

• travel and lunch costs 

This is called the 16–19 Bursary Fund. You can apply through your school or college, just check their website or ask a tutor. 

Learning how to handle your money is one of the best things you can do for your future. It’s not about being perfect, it’s about making smart choices that set you up for success.