Looking after your money
Money can be a cause of stress and worry as we get older. Planning how we use it wisely can set us up for later in life.
Learning to budget, save and spend responsibly are useful skills to have, and we can start to do these things before we turn 18.
It might be pocket money, birthday or Christmas money or earnings from a job, but whatever it is, it is good to know where’s best to keep it, when to use it and what to use it for.
As you get older and approach adulthood, you can speak to your carers, social workers, support workers or PA, about what you need to know and do with your money when you move out as an adult.
This might be things like paying bills, rent, opening bank accounts and accessing benefits. Your workers and carers have a responsibility to help you prepare early for all these things before.
Remember, nobody knows all there is to know about money and finances, but knowing who you can turn to for help and advice is the most important thing.
Useful websites
As well as talking to the people around you, there are also plenty of really good online resources to help you look after your money. Below are links to some especially useful websites:
- Money Saving Expert is your one-stop-shop for all things money and personal finances. You think of it, and they’ll probably have a handy guide to help you understand it. Their advice covers things like bills, taxes and buying or renting house to how to get freebies, deals and savings on your everyday shopping.
- Young Money, in collaboration with Money Saving Expert Martin Lewis, have developed a Your Money Matters guide for young people in England, which is available to download online free of charge. The guide has been written mainly for young people aged between 14 and 16, and includes information on saving and spending, borrowing, good and bad debt, risk and reward and many other themes.
- The Prince’s Trust has some tools and guidance on money management and budgeting, including an online Savings Calculator, a Budget planner and a Quick Cash Finder.
- The Share Foundation is an organisation which manages the savings accounts of young people in care before they turn 18. Head to their website to find out more about these accounts. If you don’t know whether you have one of these accounts or not, or would like to find out how you can access yours, speak with your PA or Social Worker and they can help.
- Childline has lots of help and advice if you’re worrying about or struggling with your money.
