Any advice for a complete novice?
First of all, forgive me if this seems very dumbed down however I legitimately have no idea when it comes to money. I was raised by a single mum who was terrible with money, had lots of debt and no savings and the lot so I literally have no idea what I'm supposed to be doing.
I'm in my early 20s, a university graduate with a near minimum wage job. I have no idea how to start with finances, I have a debit account, a flexible saver account, and a credit card account (newly obtained with £500) and my income after tax is around £1100. Now I'm out of university I'm being bombarded by stuff like credit scores, savings, pensions, life insurance, taxes and to be honest I have no idea how to manage or where to start.
I got a credit card to increase my rating but honestly I'm a little scared of it as I've heard of lots of people with really bad credit card debt so I only asked for £500. The only debts I have (excluding student loans because I don't earn enough to pay any back yet) are whats left of my student overdraft that needs paying off (£700, of which I have 2 more years to pay off), and some money (£650) I owe my boyfriend which doesn't have a due date necessarily.
I mainly want to figure out how to look for a good private pension fund and whether I should be looking at life insurance? I also have all my account with the same bank since I was 16, should I be shopping around instead?
Again, I apologise if the answers to my questions seem really obvious but I'm honestly just a bit overwhelmed with all the different advice and options.
Posted Jul 16, 2017, 10:28 PM UTC