Summer. A time for barbeques, trips to the beach, ice cream and, for many teenagers and young adults, their first jobs. What better time, then, to inform the newly employed about sound financial practices, before they’re tempted to spend all of their hard earned income having a good time? 

“I knew my rent was gon' be late about a week ago
I worked my [butt] off, but I still can't pay it though
But I just got just enough
To get up in this club
Have me a good time, before my time is up
Hey, let's get it now”

Save, Save, Save!  Saving can be as simple as setting aside a certain portion of your pay to go directly into a savings account each pay period, rather than in your current account, from where you will spend. If your employer offers direct deposit, select a specific amount or percentage of your pay to go directly into a savings account. If you don’t have direct deposit, you can commit to put 10 percent of your pay into a savings account. Use a direct debit or standing order to take the money from your current account as soon as it gets paid in.  You can’t miss what you never saw in the first place.

Learn to Budget  If you don’t know how much money you have coming in and how much you have going out every month, it is difficult to plan. Assess how much you make each month. Then, figure out what fixed costs you have—rent, utilities, commuting expenses, gas, discretionary spending, and other one-time expenses like holidays, gifts and vacations.  That will give you a better sense of what you can and can’t afford.

Get Creative 

For young adults:  While large purchases and expenses—a home or a car, or starting a family—may seem a long way off, preparing for the future now, financially speaking, can put you in a better position to make those large financial decisions. So what can you do?  Forego cable or sky television for a Netflix subscription, bring your lunch to work most days, skip Starbucks or Costa and drink the coffee offered at work or make it at home, buy a few quality items of clothing and avoid cheap, ill-made pieces.  Consider "value for money" as your new motto.  Also consider taking a second job, such as house sitting, pet sitting or dog walking. Got a hobby that you love? See if you can find a way to make money from it.

Avoid Debt  It’s simple--if you can’t afford something, don’t buy it. Instead, devise a plan to save up until you can afford to purchase the item without debt. Sometimes waiting can make you realize the item isn’t that important, or you might find a way to make this purchase fit into your budget. Another way to avoid debt is to learn the difference between your wants and needs.  Also, be mindful when signing up for a credit card that it should be used responsibly. While convenient, and at times, necessary, credit cards make it easy to overspend.

• HMRC have an Exemption (not an allowance) of £150.
• If the employer provides two or more annual parties or functions, no charge arises in respect of the party, or parties, for which cost(s) per head do not exceed £150 in aggregate.

• available to employees generally or
• available to employees generally at one location, where the employer has more than one location.

• themselves and
• any members of their family and household who attend as guests.

• the gift consists of goods or a voucher or token only capable of being used to obtain goods, and
• the person making the gift is not your employer or a person connected with your employer, and
• the gift is not made either in recognition of the performance of particular services in the course of your employment or in anticipation of particular services which are to be performed, and
• the gift has not been directly or indirectly procured by your employer or by a person connected with your employer, and
• the gift cost the donor £250 or less, and
• the total cost of all gifts made by the same donor to you, or to members of your family or household, during the tax year is £250 or less.

1. You can start off working at home
2. Your start up costs are low
3. You can do it part time when it suits you
4. With wages frozen and costs rising it can provide a useful additional income
5. Its easy to be price competitive with low overheads
6. The Internet makes it easy to sell your goods and services
7. Your social capital can be used to generate sales ie use your contacts and connections
8. There could tax advantages – employees generally pay more tax than sole traders
9. Some clients prefer the personal touch
10. It could be start of something big

1. Get a lodger – Under rent-a-room a taxpayer can be exempt from Income Tax on profits from furnished accommodation in their only or main home if the gross receipts they get (that is, before expenses) are £4,250 or less
2. Ironing and Laundry Services – Always popular and you can start with friends and family
3. E Bay Trading – as E Bay say… The first task is to sort through those bulging drawers and messy cupboards, finding stuff to flog. Get a big eBay box to stash your wares in, and systematically clear out wardrobes, DVD and CD piles, the loft and garage. Use the easy 12-month rule of thumb to help you decide what to offload: Haven’t used it for a year? Flog it.
4. Blogging – Blogging has taken off and many businesses are looking for people to write blogs for them
5. Candle Making – You can sell the candles on line and its easy to buy the wax and things you need to make the candles
6. Car Boot Sale – As with E Bay but without going on line
7. Cake Making – Make sure everything is labelled correctly and you comply with Health & Safety issues
8. Data Entry – The internet makes it easy to enter data from where ever you are
9. Social Media – Similar to blogging, businesses need help to manage Twitter, Facebook and Linked In
10. Website Design – If you have the expertise, go for it
11. Sales Parties –  Cosmetics to Ann Summers, there is a long list of opportunities
12. Sewing and Clothes Alterations – Perfect before and after Christmas
13. Jewellery – Making and selling jewellery is always popular and great for Christmas presents
14. Car Repairs – Assuming you have the skills needed and comply with legal requirements
15. Pet Care – Walking dogs or grooming is popular
16. Virtual Assistant – Also personal organiser or personal shopper
17. Wedding Planner – You could start by creating a blog about your expertise
18. Direct Sales – For example http://www.netmums.com/back-to-work/working-for-yourself/direct-selling-opportunities
19. Computer Repair – Great provided you have the skills
20. Marketing – Telesales to leaflet design and freelance writing