Earlier this week we made Monzo available to 16-17 year olds!
To welcome our younger Monzo users, we’ve created a couple of guides that might be helpful if you’re preparing to manage your money for the first time.
This one covers everything you need to know about getting paid
Can’t emphasize enough how important it is to make sure you’re getting paid your fair share.
Especially when you’re young some employers use your lack of knowledge to their advantage.
During my first job I had to ask them to put my pay up to meet the Minimum wage.
Doesn’t sound like a good place to work!
It was my first weekend job while I was back in school, when the rates increased they didn’t pass it on.
I think they may have just forgot but still! Luckily they back dated it too
I would also add to this, for the first few paydays check your payslip! Unlikely to be a problem but you can then see if there has been a miscalculation in your tax, NI contributions etc. If there is HMRC are really good at sorting it out if you phone them up
To this I would add: complete tax returns if you pay for anything on which you can get a tax rebate.
For instance, if you have to pay any professional fees to legal or accountancy bodies (which your employer doesn’t compensate you for) then you can deduct that from your income and therefore get a tax rebate. Similarly, if you’ve invested in crowdfunding shares, you can often get a proportion of this back in EIS tax relief.
I’ve never been sure how far this goes. I pay professional membership fees to certain organisations because I believe membership with these organisations benefit my career. The organisations happen to be on the HMRC-approved list. But my employer does not require me to be a member of these organisations as a condition of employment. So unsure if I can actually claim relief.