Learning how to look after your own finances is a hugely important task, especially if you're planning on flying the coop in the near future! Once you leave home, it's your responsibility to manage your own money. Best pay attention, then!

Savings accounts

Though you'll struggle to find a savings account with a huge rate of interest nowadays, it's still worth having a look for the best deal. Interest payments are simply a small sum of money your bank will pay you for keeping your money in their safe hands. In the current economic atmosphere, you'll be lucky to find interest rates of over 5% per year but always keep your eye open for a great deal. Some banks also offer Cash ISA accounts, which allow you to deposit a capped amount of money (up to £5,340 for this financial year) without having to pay tax on it. Some ISA accounts have certain limitations however, restricting access to your money until a certain amount of time has passed, for example. For more information on savings accounts, have a look at our guide to saving money here.

Paying off debts

It's always best to steer clear of debt in any way, which is basically when you owe another person or company a certain amount of money. Try to avoid using credit cards, store cards, loans and high-interest payments, as you're going to end up paying a hell of a lot more than you would have if you had paid your way in one lump sum. The interest rates on store cards, some credit cards and short-term loans are ludicrously high. If you need to spend a large amount of money on something, it's better to save your money over a longer period of time to avoid crippling interest charges.

Making an investment

Unless you have a clear understanding of the stock markets and buying shares, it may be best to avoid this one! Also, due to the riskiness of this process, it should only be attempted by those with a secure financial background, as you should only invest as much as you can afford to lose. Be sure to do your research and investigate the market for yourself. Be very wary of any 'insider tips' that people may have as the chances are that they're talking out of their backside.

Get organised

To be completely aware of how much money you should be spending compared to how much money you are spending, consider getting a budget calculator. There are thousands of programs, web-tools and mobile applications to help you separate your overheads from your headaches! The Financial Service Authority's web-based tool is our personal favourite. Try to keep hold of receipts, bills and invoices to keep track of absolutely everything you spend your money on. Make sure that you set up standing orders for any incomings and outgoings to ensure that they are paid by specific dates. This will prevent you from getting behind with payments, forgetting to ask your mate for that tenner back and allow you to guarantee you have money in your account when the payments come through.

Don't be a plonker!

You should have some idea of how much disposable income you have each month, especially if you've used some kind of budgeting tool, so make sure that you're spending responsibly! Make sure that you have all of your outgoings sorted, such as your phone bill or petrol money, before you rush out and buy a PlayStation 3 or 3D telly.