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.
Now you’ve watched our did you know? videos, let’s find out if you can really tell your wants from your needs!
WRONG... The answer is Want
You do need clothes of course! But perhaps not the latest trainers. Make you budget for the necessities and save up for the stuff you 'want'
NextWRONG... The answer is Need
You can't go around without any clothes on can you?! While clothes are necessary, perhaps the latest trainers are not. Make sure you budget for them!
NextWRONG... The answer is False
Not all debt is bad. In fact small acts of borrowing such as taking out a phone contract can help improve your credit score, which will help you out when you need to borrow again in the future. Make sure you can afford the repayments and you're not paying back more than you borrowed in the first place.
NextWRONG... The answer is To have some money to live off when you stop working
Yes! it's a bit like free money - you contribute a bit but so does your employer and by the time you're old enough to stop working, you'll have this pot of money to use. It's not so you can go on endless holidays though - it probably won't stretch to that!
Well done for completing Money for Life’s Did you Know? video series. It looks like you’re pretty money savvy now! Keep an eye out for more videos just like these, designed to help you make the most of your money.
Remember to download our Pennies to Pounds app for FREE from the app stores. Whatever it is you want to save for, Pennies to Pounds will help you get there faster!
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.
