Is there any subject that covers basically the life skills you need to know by the time you're eighteen--like renting an apartment or using a credit card. If so where can I find resources?

Answer 1

Not really, so lets try to help.

Basic finance:

In our modern world the unit for exchange of goods and services is money. One is normally expected to offer ones time and physical labour to a person, the state or an organisation to be paid a sum of money each week/month, this is called a job. In some countries, if you can not find a job the state will gibe you enough money to live on (this is called social security).

Out of the money you earn, you are expected to give some to the state, this is called taxes (everyone should pay taxes) - the taxes are used to provide you with basic services (roads, police, refuse collection, schooling for kids etc). Out of the rest you are expected to purchase accommodation, food and if there is enough left, save for your retirement and holidays.

When you rent a house, you agree to pay the owner a sum of money each month for the use of the house (rent). In return the owner will maintain the fabric of the house. However there may be local taxes relating to the area in which you live which you may have to pay if this is not included in the rent. If you fail to pay the rent you will be evicted form the house and you will still be responsible for the rent of the house for the period for which you agreed to rent it (this debt could follow you round if the owner takes you to court).

When you are earning money you should open a bank account to have this money paid into. You should pay your rent out of this bank account. To start with YOU SHOULD NOT GET A CREDIT CARD. A CREDIT CARD is borrowing money rather than using money that is yours (in your bank account) and if you do not pay back the balance each month it is a very expensive way to borrow money. Get a DEBIT CARD which only uses money that you have in your bank.

It is important not to spend more money each month than you have left after Taxes and Rent have been paid.

If you get into debt remember that a roof over your head and taxes are the bills you should pay first. Any other debts can be negotiated (go and see a debt councillor if this happens).

Basic Living:

Remember Forrest Gump's box of chocolates, life can sometimes give you good things and sometimes bad. Try to live a humble life and if the going sets tough don't be afraid to ask others for help (not money). In reverse, if life is good to you, remember that there are others that may need your help.