DO THIS WHEN YOU TURN 18 things

Six things I wish I did when I turned 18 that nobody told me about. And if you're older, then don't worry, it's not too late. One, claim your Child Trust Fund. If you were born between 1st Sept 2002 and 2nd Jan 2011, you can claim your Child Trust Fund. The government opened you a fund and gave you up to £500. The average account has now has over £2,242 inside it. And you can withdraw that money when you turn 18. You just got to find it through the government website. Two, open a High Yield Savings Account. This is just a savings account with a high interest rate. And it's keeping money for short-term savings or an emergency fund because it needs to be high interest because inflation is eating at your money's value every single day. Currently inflation is 2.6%, so you need an interest rate at least higher than that. Three, open a Stocks and Shares ISA. This account allows you to invest your money into things like ETFs. And any money that you earn from your investments is completely tax-free. When investing, your capital is at risk and you may get back less than invested. If you start investing early, even with a small amount of money, the faster you're going to build a habit for investing. The more time your money has to compound interest. Four, open a Lifetime ISA. It's a type of savings account that pays you a 25% bonus on everything you save. So if you save the maximum of £4,000 per year, you'll get a free £1,000 bonus. You can then use this money for a deposit on your first home worth under £450,000. But in my opinion, it's one of the best accounts for first time buyers. Five, get a credit card. You don't need a credit card to borrow money, you need one to build your credit score. If you use a credit card for everyday spending, only spend what you can afford to pay back and pay it off in full every month, it can help improve your credit score, give you better protection on purchases and earn you cash back and rewards. Six, pay into a pension. If you start working, check your payslip to say whatever you do, do not opt out. Not only are you saving and investing into your future, your employer also has to pay in as well. So if you opt out, you're literally turning down free money.