Growing up many of us received a number of lessons in terms of how to manage our money. But as we got older, what we learned in primary school suddenly felt redundant as we started to deal with banks, accountants and larger sums.

 

However, there is a lot to be said about what we learned back then; in fact, it’s the basics that help you keep on track of your finances and manage your money better.

 

Here are five money lessons most of us have forgotten all about:

 

1. How to budget

Your expenditure should always either match your income or be less than - preferably less than so you can save for emergencies.

 

2. The value of money

Remember being told that money does not grow on trees? While most of us know that it doesn’t it seems too many don’t see it for its true value, often throwing away five or ten euro a week on morning coffees just because they have some loose change in their pockets.

 

 

3. Credit cards should only be used in an emergency

Ok, they definitely didn’t teach us this one in primary school, but it is something our parents tried to drill into our heads as they battled with their own debt. Always remember, if you can’t afford it in cash now then you can’t afford it at all. Only use your credit card as an emergency, not to pay for things you just want.

 

4. A want is not the same as a need

You might want that new dress on sale but you need to buy food for the family. If in doubt ask yourself if it is absolutely necessary that you have it or if it’s just something that you want.

 

5. Save the pennies and the pounds will take care of themselves

Small, loose change floating around the house or hiding under the sofa can add up to a lot of money, so make sure you put it away.

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