When it comes to teaching our children about or how to do anything the best way is always by example. If show our kids that we are sensible with money and that we have to work hard to earn the money we spend then they will get a rounded idea about finance and spending/saving.

I have three small children and I am very conscious of how much I spend and on what. I explain very carefully to my children that I have to work hard and that there are bills to be paid and expenses such as food and clothing to be paid for before we can spend on luxuries. Each of my children have savings accounts, which they know about, we have encouraged them to put money into these accounts to save for their future, such as going to university, buying their first home.

In our home we don’t give the children pocket money but we do encourage them to earn money by doing extra jobs in the home and garden. Earning makes the children feel that they have achieved something, usually we let them spend some of this money on treats.

Should children be taught about finance in schools? When I went to secondary school we were taught commerce which was a mixture of economics and personal finance, it was a very useful subject. It can’t all be left to the schools but commerce and accounts does help to formalise the learning they have gained at home.

In our modern society, debt is extremely difficult to avoid. UK residents together owe hundreds of millions of pounds. So, how can we educate the futures generations on how to manage debt and how can we prevent them from falling through the same trap doors.
When it comes to finances, I think it is important to treat children as young adults when it comes to managing finances, you cannot wrap them in cotton wool and hope for the best because debt can put people in very dark places. You should sit down with the children and fully explain what to do and what not to do with their money. It is greatly important that you test the children during their early years and see how they cope with handling pocket money for example, therefore, any problems can be rectified before it is large amounts of money they are dealing with.
Although I think it is important to be taught in schools, sadly, I feel that it is just impossible. The education system is stretched as it is and there simply isn’t enough time or resources to accommodate it.
It looks like all of the educating will have to come from the home!

Debt and money in general is a funny thing. Most people feel incredibly embarrassed about their financial affairs, even when they are solvent. Admitting that you are in debt to a partner of loved one can be particularly traumatic. It often makes the individual in debt feel that they have somehow failed, even when their partner may be part of the reason that they are in debt.

Debt inevitably causes stress. When money is tight, it is not possible to fall back on treats to deal with the annoyances felt on a day to day basis. One of the best ways to deal with this stress is through completely honest and open communication. Sit down and work out a complete budget with all income and outgoings listed. Resist the temptation to think that your partners treats aren’t important, any spare cash should be allocated fairly and with mutual consent or the resentment will soon build up!

Now is not the time to apportion blame, communicate openly and you will soon be debt (or at least stress) free.

Never lied about my debt to my partner but to my parents? then I would have to say yes.

The main reason for this is not wishing to disappoint them or to make them worry.

It is very important that my parents think I am doing well, and I can understand where they are coming from, as no doubt they will have been through it all as well.

I think its a learning process, something you go through on the road to financial security, if you dont, then you will miss a couple life lessons and probably make bigger mistakes based on these later in life.

No doubt when I am a parent myself, I too will be worried about what my children are up to regards their money, and I too will wish to help them where ever I can.

Sometimes it would just be easier to let it all out and confess. It depends on the type of person you are i guess. I prefer to keep these matters private and to myself, others may like to share there problems with friends and family. There are benefits and downsides to each method. But in the end its up to you, and as long as you have it under control then it doesnt matter if you tell or not.

Although my partner and I have always been open with each other as far as debt is concerned. However, a few years ago a colleague of my partner’s got into serious debt and although he shared his worries with a few people, my husband among them, he did not feel able to tell his wife. The people he confided in all advised him to tell his wife everything and to seek help with his debts. Instead of taking this advice, he worked longer hours and took on a second debt to try and meet all his financial obligations without his family having to realise he was in difficulties.

Sadly, after a few months of this, he took his own life. Leaving his wife, family and friends devastated. The tragedy is that although his partner would probably have been shocked to learn of his financial problems, no doubt after the news had sunk in, she would gladly have helped him sort everything out.

Although he only wanted to shield his family from unpleasantness, this poor man got himself into such a state that he was unable to think clearly and because of that, ended up hurting them badly - the last thing he ever wanted to do. So if you are in financial difficulties, please steel yourself and tell your partner, coming clean is difficult but much better than being found out or something even worse.

Debt is unavoidable but controlling debt can be almost impossible. Financial education is much needed in our schools so that people actually understand money and how to manage it.

The longer you leave it the worse it will get. It is always fixable in time.

The first point of contact for any debt advice should be the Citizens Advice Bureau. They have specially trained staff that know exactly where you stand legally and between them have years of experience in helping people for free. They will go through your circumstances and advise you on your options.

There are other companies that are advertised to help you with your debt however make sure they are independent and not just offering one solution to your debt (e.g. IVA) as they will be giving biased advice.

Secondly, you then need to contact your creditors to make arrangements to repay based on the advice given to you. In terms of whom to contact first my Mum always told me that you should always pay your rent or mortgage first as you need to make sure you have a roof over your head. You can then work backwards from there in terms of the biggest consequences if you don’t keep up with full payments.

Following this you can try and see if you can bring in some extra income to help speed up the repayments. I would not use these in my original calculations but as a bonus to help get out of debt quicker.

One of the most important steps in getting debts solution and getting out of debt and turning your situation around is admitting fault and asking for debt help to recover your situation and get your life back on track.

Getting into debt can lead to depression and other mental health problems, as well as relationship difficulties. It can be like a kind of realisation to start the process of taking a pro active approach to getting out of debt. Although it can be a long slow process it can make your situation more positive.

When debt solution is sought from the relevant people you will find other people to talk, learn not to make the same mistakes, and develop coping strategies for the future. It will also improve close relationships as you get the support needed.

Therefore always a worthwhile step provided you ask around and make sure you go to the relevant people who can offer the right advice and just as important the right support. Which may have to come from different sources. The sooner you take that deep breath and start speaking to the right people the easier it will become.

Need debt help? Try getting in touch with the national debt help line or visit your local citizens advice, their advice will prove invaluable and they will suggest simple things you will go away thinking; why didn’t I think of that!

Contact your creditors before your debts get really out of hand and ask to speak to someone in there own debt solution department, explain you are having trouble and are trying desperately to get out of, often all creditors need to continual contact and payment gestures to be sure you are not simply ignoring them.

Finally consider a debt consolidation loan, yes it is another loan and yes you may be paying it for a longer period of time, but at least with just one payment to think of each month you will know where you stand.

If however you think you can get together enough money to part pay your debts, look into offering an IVA to all or part of your debts, most companies accept and although it does go on your credit file it won’t destroy it like bankruptcy does.

I am a student in my first year, 2nd semester and the only thing I hate about university is the money! I anticipated the expenses during college and got a job as a waiter/barman at a local hotel. I managed to save about a grand before I started university; I also applied for tuition and a maintenance loan. The maintenance loan was there to cover my rent, not to spend on general life and going out. I spent most of my savings before Christmas and the rest on gifts, and therefore I was left with no money. Also, my first instalment of loan was not sufficient for my rent, and therefore I had to get a cash loan to pay for the rest. It makes me sick inside to think that I’ve been at university almost a year and have already chalked up a debt of six grand, not to mention overdraft problems. I think that my debt problems are affecting my health.

So, in the short term, the loan is good as it covers your rent, or perhaps your living costs if you’re parents are helpful and pay your rent. However in the long term, after a three year course and a debt of almost £20000, it seems that the financial side creates a huge argument against studying at university. I would recommend without a doubt getting a job whilst at university, even a couple of days a week can fund all of your living and some of your rent, which is VERY useful. For most, university is not an option without a student loan, so almost all students have one, however expect to be paying them off for a very long time. This is why a job at the same time is definitely a necessity.