Module 13 · Big life decisions
Starting out: pocket money, first job, first budget
How pocket money and a first account build habits, how student work and student funding differ by country, and how to build a first budget and see why starting early matters.
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In this lesson
- Explain how regular pocket money and a first account build money habits
- Read what a first job pays: gross against net, and the Slovenian student minimum
- Build a first budget with the 50/30/20 rule and protect savings first
- Compare the effect of starting to invest at 15 and at 35
Tina, 17, has her first chance to work for a few weeks: student work through an agency. She also wants a bank card of her own and does not know where to begin. What should she know before the first payment arrives?
Pocket money and a first account
Regular, predictable pocket money teaches more than random gifts. The child decides how to spend it, and there is no automatic top-up when it runs out. Mistakes with €5 cost little and teach a lot.
In many countries teens can open a youth account with a card, often with a parent co-signing until 18. Useful features are no fees, spending controls and a savings pot.
What a first job pays
is the figure in the contract. is what reaches your account after social contributions and income tax. Always budget from net pay, averaged over months and without one-off bonuses.
In Slovenia, pupils and students work through a licensed student agency, which pays them under a referral slip (napotnica). From 5 February 2026 the minimum rate is €8.98 gross per hour. A pension contribution is deducted from the pay, and it counts towards your future pension. The exact net amount depends on age and citizenship, so use the agency’s calculator.
Student funding differs widely. In Slovenia, support comes mainly through scholarships. In England, loans are repaid as 9% of income above a threshold (£25,000 for Plan 5 loans). In the US, federal and private loans are common and large.
A first budget
A simple start is the : about 50% of net pay for needs, 30% for wants, and 20% for saving and debt repayment. If rent pushes needs above 50%, reduce wants first, not savings.
Why starting early matters
Investing €50 a month at 5% a year above inflation for 50 years (from 15 to 65) grows to about €128,500 in today’s money. Starting at 35 grows to only about €40,800. To match the early starter, the 35-year-old would need about €158 a month, more than three times as much. This is at work. The return is illustrative, not a promise.
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