Money Money Money! As you get older you will find money becomes more of a part of your life, it starts with getting a bit of pocket money or tooth fairy money to eventually getting your own job and earning a wage or salary. We all have to manage our money carefully so that we have enough to pay bills, pay for travel, feed ourselves and hopefully a bit of fun stuff too!

► APR

APR stands for Annual Percentage Rate of interest charged. If you buy anything on credit, you will have to pay interest on top of the price of your purchase. Usually the lower the APR, the less interest you pay. Fixed rate credit agreements have a fixed rate repayment (a set sum) and if you are on a tight budget this might be easier to manage. If the rate is variable then you should be aware that it can go up or down.

► Bank Cards

Your bank card can have up to three functions:

► As a cheque guarantee card
Whenever you pay by cheque in a shop (or any other business premises) you'll be asked to show your card.The card is printed with your name and account number and has a hologram showing how much the bank will guarantee to pay from your account in any single transaction.If you want to spend more than the limit on your card you may have to pay the difference in cash.

► As a debit card
Instead of writing a cheque, your card will be swiped through a computerised scanner.You will be asked to type in your four digit PIN (personal identification number).The amount you're spending is then either debited or marked as due to be paid - so it's difficult (though not impossible) to go overdrawn.Well known debit service providers include Delta, Connect and Switch (available for customers 18 years and over).

► As a cash machine card
You can use your card, together with your PIN to withdraw cash from your account.Some bank accounts for people under 18 years of age offer cash machine facilities.

► Bank Statements

Banks send a statement of your account to you at regular intervals - you can ask for them monthly. The statement is a record of money that has come in and gone out of your account during that time.The 'balance' is the amount of money that your account contains after each of these transactions. Always check your bank statements thoroughly. Mistakes can be made and the quicker you spot them the sooner they'll be sorted out.If your bank account is set up for Internet banking, you can also access the latest statement of your account online. Please see Banking Online for more information.

► Cash Point Fraud

Even if you guard your debit/credit cards with your life, they can still be used by other people to spend your money.

Tips to avoid being a victim:

► Don't tell anyone your PIN (personal identification number) and don't write it down
► If you can't remember your PIN, change it to something you can remember
► If anyone finds out your PIN, change it!
► Take care at the cashpoint - sometimes cameras/scanners or skimmers are attached to the cashpoint to copy your details so if the cashpoint looks suspicious don't use it and report it immediately
► Don't let anyone see the numbers you enter into the cashpoint
► Always shred your receipts from cashpoints

What to do if you have been robbed:

► Don't rely on your bank to notice any unusual transactions
► Keep an eye on your balance - check it regularly - you could use online banking for this
► If anything seems suspicious, contact your bank and they will stop your card from being used and issue a new one
► Contact the police

If you have not passed your PIN onto anyone else, there is a good chance you will receive the money back, as long as you have contacted the bank and the police.

► Clearing Money

Clearing means the time it takes for your bank to process money into your account. Cleared money is the amount that you actually have available to spend - many banks take three working days to clear a cheque paid into your account, but some may let you access money as soon as you pay it in (up to a certain amount).

You can check how much of your money is available by getting a 'balance enquiry' from your bank's cashpoint machine. Get to know your bank's clearance times so that you can use the money from a cheque without the risk of going overdrawn.

► Credit and Credit Cards

Credit cards can be a great way to manage your money but you have to be careful and not be tempted to buy things you can't afford. It can lead to lots of financial problems. When you are 18 and have a regular income of some kind, you can apply for a credit card from a bank, building society, supermarkets and charities.

► Current Accounts

You must be over 16 to open a current account. A current account with a bank/building society will give you quick and easy access to your money.
The following can be paid into your account for you:

► Your grant cheque
► Your wages
► Your Education Maintenance Allowance

► Income Tax

Pay As You Earn (PAYE) System - Most people pay income tax through the PAYE system. Your employer deducts the correct amount of tax from your wages and passes it on to HM Revenue and Customs (former Inland Revenue).You will have a tax allowance that is an amount you can earn tax free. How much you can earn tax free will depend on your personal circumstances.

► Loans

Lots of organisations offer you loans. Think hard before you take out a loan! Questions to ask:

► Do you really need a loan?
► Am I old enough to borrow money?
► How much can I borrow?
► What's the difference between secured and unsecured loans?
► Are the costs of getting a loan the same everywhere?
► What if I am refused credit?

► National Insurance

National Insurance (NI) Contributions: NI is a scheme in which employees make contributions from their earnings to a national fund, from which benefits are provided for certain events such as unemployment, sickness, maternity and retirement.

The payment of NI benefits from the NI fund depends on the contributions you have paid into the scheme. Some of your contribution goes towards the cost of the National Health Service (NHS).

More help4u:
HM Revenue and Customs
Direct Gov website

► Overdrafts

You might be charged a large amount if you go overdrawn. Here are some tips:

► Check out what your bank allows with overdrafts and the charges - see if they allow an overdraft for a short time with no charge
► If you are likely to be overdrawn regularly, arrange this with the bank - it is cheaper than going overdrawn!
► Find out how long cheques or other payments made into your account take to clear - this may be the cause of you being overdrawn

► Pensions

You may be thinking you are too young to even consider your pension, but it is never too early to start thinking about your finances after retiring. A survey completed by the insurance company, Aviva, has shown that only a third of Britons are regularly setting aside money for their retirement.
There are a number of types of pension available to you.

► Savings and Savings Accounts

Well, unless you are rich or have won the lottery, you won't have much money to save. However, it makes sense to save some money for times when you might need it such as:

► Going on holiday
► Buying a car
► Paying a large bill

► Study Finances

Further Education:
You may be able to get help with your transport and equipment costs. For more information on money whilst your studying in further education such as college of sixth form please see the Further Education section.

Higher Education/University:
When you start thinking about Higher Education, money is one of the main issues to consider. This article will give you some things to think about and some ideas for where to get more information: Going to university can be expensive and does put some people off. Try and see it as an investment in your future.

For some jobs you need to go to university to train, If you decide to go to university you will have to pay for:

► Tuition fees (what the university charge for you to do the course)
► Living costs (accommodation, food, travel, social life)

To pay for these costs you can apply for loans (which you have to pay back) and grants (which you don't pay back). You don't have to pay your loans back until you leave university and get a job earning over £15,000 a year.

For more information about funding at University please see our Higher Education section.

Before you apply: A bit of research before you start applying could save you some money.

More help4u:
Hot Courses Student Money/Scholarship Search
National Union of Students (NUS)
Sk-i-n-t Student Support
Student Calculator
Student Finance England - Financial Support for HE
Student Gems
Student Tax Advice
The Students' Charity
Northen Money
'UCAS You Go Further' website