How do you handle money if you haven’t learned how? During the Money Week, we pay extra attention to young people with debts. Melvin (31) shares how he got into trouble and how he got out.

Melvin grew up with his mother in Amsterdam-West. He saw how she handled money and later did the same: buying items on credit and reselling them. This way I quickly had money, but also a direct debit for items I no longer had. My mother was always in debt. I didn’t know any better. Buying items on credit works for a long time, especially in the past. Only when you are registered with the BKR do doors close. But until that happens? It takes a while.

Quick Money

I haven’t always made smart choices to get money, says Melvin. I was homeless for a time, staying with family and friends, and sometimes on the street. My mother passed away when I was 21. After that, I was on my own. I kept buying and reselling items, especially electronics: laptops and phones and such. That way I could buy food.

Inventive

He didn’t worry much about his debts. I knew there was help available if I wanted it, because my mother was in debt restructuring. At one point, she lived on €70 a month. Because of that, she could give me little. If I wanted something, I had to arrange it myself. That made me inventive at a young age. I wasn’t into clothing, but I loved electronics.

Becoming a Father Changed Everything

At 23, Melvin became a father. Unplanned, but desired. That was the moment I turned my life around. I want to set a good example. My son means everything to me. So I reached out to the Youth Point. They helped me with my debts and housing. I’ve been debt-free for 3 years and have my own home now.

Warning Young People

My life is now calmer. My son comes every weekend and I have good contact with his mother. I live on a Wajong benefit and volunteer for Money Start for the program ‘How to Get Rich?’. I share my story in high schools to show young people how easy it is to get into trouble. If you don’t have a good example at home, things can go wrong quickly. You can see that in my case. Melvin has no regrets. My life has made me who I am today.

Expensive Pants

“When you turn 18, everything changes. You might get health care allowance or student finance. Use that money for what it’s intended. And don’t be tempted to buy things you can’t afford. Social media plays a role in this: young people see others with nice things and want that too. But those €60 pants on credit will cost you €750 by the end of the year.

Ask for Help

If you find yourself in trouble, ask for help. Don’t be stubborn and don’t be ashamed. Go to the Youth Point or talk to someone you trust. If you don’t click with someone, keep looking. There is always someone who wants to help you.

Future Plans

Melvin has dreams too. I would like to work again. I’m not sure what exactly yet. Maybe something with music - I’m a rapper. But something else could work too. First, he’s moving. I want to live close to my son so he can visit more easily. I want to remain an involved father.

Amsterdam Host City for Money Week

This year, Amsterdam is the host city for Money Week. During this week, the municipality pays extra attention to the financial resilience of young people. More and more young people are using buy now, pay later. But what starts as an easy way to buy something often leads to problematic debts. The municipality of Amsterdam helps young people with their debts and focuses on prevention. To ensure that young people get a fair start, it is important that they can take financial responsibility and resist temptations.

Want to Know More

• Do you have debts or know someone with debts who needs help? Don’t keep it to yourself. The Youth Point and neighborhood teams are ready to assist you. Visit Money Week.
• Want to learn more about debts and how to get out of them? Listen to Schuldenstress, a podcast where Hayat Essakkati talks with young people and experts about financial stress, debts, and practical solutions. Four episodes have been created in collaboration with the municipality of Amsterdam and neighborhood teams. In one of them, you can hear Melvin’s entire story. Listen to the series Schuldenstress | Friend of the Show.
• When you turn 18, a lot changes in your life. You become an adult and from now on are also in charge of your (financial) affairs. Want to know more? Visit I turn 18.