Marriage, home-ownership and retirement might seem a long time away to a teenager but, coming from a person of my age, time has a way of sneaking up on you. That’s why I thought an article focusing on the one tip that financial experts would give to an 18 year old was a great idea.

I’d encourage everyone to follow Hugh Stickland’s advice and keep a financial diary, as that way they can see where their money is going and budget accordingly. As part of a budget, my advice would be to allocate a proportion to savings. Therefore, I thought I’d share my tips to the next generation (and if I could turn back time, for my 18 year old self!).

  • Try and save little and often – this can add up surprisingly quickly.
  • Have a set amount from your salary each month go straight into savings - you will become accustomed to having a smaller income to spend.
  • Try to save for the long-term - returns of a stocks and shares ISA might be better that those of a cash ISA.
  • Remember the risks – if you do chose to invest, do your research or seek professional advice, as you can lose more than you gain.