Good budgeting reduces debt likelihood

Mon, 26 Sep 2011

The likelihood of young people experiencing in later life could be reduced through good practices.

Yvonne Goodwin, managing director of Yvonne Goodwin Wealth Management - which is based in Leeds, Yorkshire - has suggested parents educate their children at an early age about how best to manage their finances .

The industry figure explained mothers and fathers should not put off such discussions until their offspring are heading off to .

Ms Goodwin explained mums and dads can also offer assistance by "teaching their children easy, nutritious and very cheap meals to cook, so they’re not going to be reliant on takeaways, which are a huge drain on their budget".

A good savings discipline instilled in youngsters will make them realise the value of money and give them a greater incentive to spend it more wisely, she added, observing the take-up of a part-time job when they reach 15 or 16 will also help them out.
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