These seven simple tips will help your teens keep track of their cash — plus get a free fiver from our rewards club

YOUNG, footloose, fancy-free . . . and broke? You are not alone.

Worrying new figures show more young people than ever are seeking help for serious debt problems.

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Sixty-three per cent of those turning to the debt charity StepChange for help this year are under 40.

And StepChange says under-25s are struggling with “rapidly growing” debt levels.

In the first half of 2017, the average debt of clients aged under 25 was £6,637 — up nearly a third since 2015, when it stood at £5,151.

We asked Anthony Morrow, co-founder of evestor.co.uk, for his expert view.

He says: “Nowadays it is all too easy for teens to spend without properly considering how much something costs.

“There is no formal financial education in schools, so it is up to us as parents to make sure our children know how best to manage their money.”

Here are seven simple tips to keep your teens and twentysomethings on the right track with their cash.

1. Be the teacher. Teach kids that managing money is largely about forward planning.
   Sit down together and create a budget so they can track any money coming in and what they are spending. The free app Osper lets parents see what is being spent.
2. Save, save, save. Make sure they are putting some money aside each month. This could be for emergencies or for a set goal such as driving lessons or a festival ticket.
   Getting them used to saving early on will stand them in good stead for the future.
   Know the value of money. Once your teen has got to grips with a budget, ensure they stick to it. It is important they are taught to live within their means and spend only what they can actually afford.
   For instance, give them money at the start of a family holiday. Make sure they understand that once the money is gone, it’s gone. If they blow it all on the first day, they will quickly learn for next time.
   We are all guilty of handing out a fiver to stop them moaning. But by sticking to the budget, you will teach them the value of money.
3. Keep it interest-ing. Understanding interest is an essential part of personal finances.
   Explain that you can both receive or pay interest depending on the situation. If you are trying to teach your teen the importance of saving, you could help them set up an ISA or savings account that will generate interest the more they save. On the flip side, if your teen needs to borrow money, consider charging them interest if it is not repaid on time. This will help them understand how debt works.
4. Hard work pays off. Encourage your teenager to get a part-time job. Working will help them learn about business and get vital experience on their CV.
   Getting a payslip will help them budget and show them the value of money as they have had to earn it.
5. Set financial goals. Set a big target, like saving £1,000 by their 21st birthday. This teaches them that starting early is key and that it can be satisfying to wait and save rather than spending now.
6.  Savvy spending. Teach your teen to shop around. Encourage them to wait for the sales, collect vouchers and price-check products online. This also stops them making instant purchases and ensures they think about whether they really need something.

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Fancy a free fiver?

YOU can get FREE cash with super Sun Savers just for buying your favourite paper.

Our brilliant new rewards club, which launched this week, will pay back our most loyal readers.

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Just pick up the paper each day to collect your Sun Savers codes and we will GIVE YOU £5 when you have ­collected 28.

This isn’t a one-off and there is no limit to how much cash you can save.

For every 28 codes you enter, we will give you a fiver. So over the course of a year, that could add up to £65.

We are keeping it super-simple. You don’t have to enter codes from consecutive days, so don’t worry if you forget a day or two.

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In fact, it is completely up to you how much you save.

Download our easy Sun Savers app and quickly scan your code using your smartphone. Or go online and enter your code at .

What is Sun Savers? Here's everything you need to know about our new rewards club

To get you on your way, join today and we will put a bonus £1 in your Sun Savers wallet tomorrow. And the good news doesn’t stop with free cash.

With Sun Savers, we give you the best hacks, deals and tips to save money every single day.

TO JOIN: Don’t worry, folks — joining takes just 30 seconds, in three steps.

All we’ll ask of you is your name, your date of birth and an email address to get you on the way to your first crisp fiver.

You can choose to save or cash out straight to your bank account or instantly with Paypal.

Don’t delay — join Sun Savers now!

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SAVE: £2

•  PRICES are correct at time of going to press. Deals and offers are subject to availability.

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