What celebrities can teach us about money

What can Tinchy Strider, Ashley Cole, Nicholas Cage, Denise Van Outen, Joe Swash and Coleen Rooney teach us about money? Sarah Coles finds out.

There are certain types of people who you expect to be teaching you valuable lessons about money.

One is the old guy with a dusting of grey hair and an equally grey suit, giving dry lectures in dry banking hall somewhere.

The other is the evil corporate type, who takes away your salary at the end of every month to help pay off a scary debt and rubs their hands together cackling ‘let that be a lesson to you’.

Neither is the kind of category you expect to see urban music star, Tinchy Strider.

However, the name behind hit albums Star in the Hood and Catch 22 was out and about last week in a North London school talking about managing your money.

It was part of the launch of new financial education resources in schools, and Tinchy is a big fan of money management. He worked to fund his first album by selling clothes, and reckons: “From however young you are, to however old you are, and whatever you have got, do not always spend your last penny. Always put some money away. I've learnt from that.”

Thanks for that, Tinchy.

But while he is probably the only celebrity you’d find hanging out in schools with a message any more meaningful than ‘buy my latest album’, there are plenty of celebrities who could teach us about managing our money by avoiding their mistakes.

Here are our top five:

Ashley Cole

What better evidence do we need that we should be careful who we send our private details too? And while we may not all have Vicki Gough spilling the beans and the embarrassing photos to The Sun, most of us wouldn’t think twice about sending personal details to our nearest and dearest. Given the simplicity of getting into our email accounts and phones, this would seem a touch misguided. Although perhaps not as misguided as sleeping with a secretary while our drop-dead gorgeous international TV and pop star wife was away on work commitments.

You’ve learned the Ashley Cole lesson when.... you check your credit report regularly, and you know how to protect yourself from online scams.

Nicholas Cage

He’s famous for three things – his huge and impressive car collection, his huge and impressive comic collection, and his huge and impressive debts (at one point at least). The man is living proof of the fact you can spend too much on your hobbies.

You’ve learned the Nicholas Cage lesson when.... you’ve face your debts head-on and made your hobbies work for you. Find out how to slash your credit card debts and how to make money from your hobbies.

Ed Bowsher gives some tips on how to make sure a new baby doesn’t destroy your finances

Denise Van Outen

The journey from ‘gorgeous, sexy young blonde with a future on BBC show Over the Rainbow’, to ‘mum-to-be with a future of nappy changes and coffee mornings’ is a short, uncomfortable one which largely consists of the words ‘I’m pregnant’. It goes to show that no matter what they may say, having a child can still be bad for your career, unless you happen to be a maternitywear model.

You’ve learned the Denise Van Outen lesson when... you’ve prepared financially for having a baby, and swotted up on baby freebies and money-saving tips.

Joe Swash

The former EastEnder and I’m Celebrity Get Me out of Here winner is still best known for being declared bankrupt because he failed to pay his tax. Whether you believe he accidentally overspent, or he just didn’t get around to the irritating financial paperwork, there are lessons aplenty to learn from the Hole in the Wall team captain.

You’ve learned the Joe Swash lesson when... you not only file your tax returns on time, you know exactly how to minimise your tax bill. And if you do pay too much, you know how to get a massive tax rebate.

Coleen Rooney.

Who better to demonstrate ably that you can't buy class? Note to Coleene: sunburn and leopard skin does not mean a touch of class, even if you get both in the Caribbean.

You’ve learned the Coleen Rooney lesson when... you realise that spending money to keep up with the Joneses is not a good idea, particularly if you haven’t married a professional footballer and it puts you in debt. Read How to spend less and have more.

And finally....

If you like celebrities, find out what property guru Sarah Beeny had to say about the housing market, by watching our video below:

Ed Bowsher chats to Sarah Beeny, presenter of Channel Four’s ‘Property Snakes and Ladders’ about the housing market, property developing, and her new online venture, Tepilo.