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Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

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Chat to the Money Advice Service
Monday to Friday, 8am to 6pm
Saturday, 9am to 1pm.

 

Jefferson Iweh: My life as a Money Champion

 

Hi my name is Jeff and I am a Money Champion. Before you assume, this doesn’t mean I’m an expert about Money, but it does mean I can share to others the valuable tips and advice I learned from Money for Life which helped me.

I have only been a champion for 5 months, but my experience in this short time has got to be the most eye-opening I’ve ever had. In this blog post I will be sharing my thoughts on my experience of delivering the Money for Life master classes to young people in London.

What skills have you learned as a Money Champion?

The biggest skill I’ve taken away from being a Money Champion is finding ways of breaking down some of the complicated jargon. For example, the definition of APR (Annual Percentage Rate) means the ‘interest rate you pay each year applied on a credit card, mortgage or loan.’

At first, this sounded complex, but I was able to simplify this by putting it into my own sentence/real-life scenario. Now I know if my bank charged an APR of 3%, and I asked for £1000, I would need to pay my bank back 1,092.83. So I would understand APR as the charge I would get at the end of a year, for borrowing money.

Why is it important for Money Champions to share their skills?

There is an old saying that: ‘before you can receive anything, you first need to give.’ As Money Champions, we have been given the opportunity to share the financial education we have learned with others.

By sharing our skills, we are empowering the next generation of young people who can move onto becoming accountants, MP’s, financial managers, traders, business people, the list goes on.

Whether you’re on benefits, have a job, or get money from your parents – the skills we pass on will give you the foundation to be able to get the most out of your money, and prepare you for life’s ups and downs.

What is the one money skill you’d like to share with young people?

Hmm that’s a hard question, there is so many to choose from. The main two that come to mind are budgeting and forecasting. They come hand in hand anyway, because if you budget you will have to forecast and if you forecast you will have to budget.

I think this is relevant to know because many young people want to buy the latest fashion, but if you’re constantly spending without thinking about the future, it will be difficult to save for more important investments/priorities, such as buying a car or house.

One thing I would say is that financial literacy is an essential skill, and is important in every area of life. So don’t be afraid to ask questions and use the resources that are readily available; such as Money for Life workshops and online tools.

Thank you for taking the time to read this blog, Let us know if you would like a workshop in your school, college, university or youth centre.

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Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

Launch Chat

Chat to the Money Advice Service
Monday to Friday, 8am to 6pm
Saturday, 9am to 1pm.