Managing your finances

Introduction

Managing your money helps you feel more in control of your life. It helps you pay for what you need and plan for the future.

This page explains what you need to know as you move into adult life, and where to get help.

What changes as you get older

As you turn 16, 17, 18 or 19, the way you get money can change. You may:

• get benefits in your own name
• earn money from a job
• move into further or higher education
• start managing your own money

What you can get depends on whether you are studying, working or looking for work. It is important to understand your options so you can make good choices.

Keeping your money safe

When you get money, you need somewhere safe to keep it.

You can:

• open a bank account
• use online or mobile banking
• set up direct debits to pay bills

Support workers, family or carers can help you set this up if needed. Find out how to open and use an account on our banking page

Planning how to spend your money

A budget helps you:

• see how much money you have
• plan what you need to spend
• avoid running out of money

You will need to pay for things like:

• food
• rent
• travel

You may also want money for:

• hobbies
• social activities
• clothes or treats

Citizens Advice have information to help you work out your budget. Or use a free online Budget Planner tool, to help keep track of your money.

Learning money skills

Learning how to manage money is part of growing up.

You can learn how to:

• understand income and bills
• plan weekly spending
• save money
• stay safe online

This can be taught:

• by family, carers or support staff
• at school or college
• through independent living or life skills courses

There are online training courses and resources that are run by banks that can help you manage your money. For example LifeSkills from Barclays, Digital Skills Training from Halifax or Lloyds Bank, Building Independence resources from HSBC.

Getting help to manage money

You might want help with your money. This is okay.

There are different ways to get support:

• Informal help – from family, carers or support workers
• Third-party access – someone helps you manage your account
• Appointee – someone manages benefits for you
• Power of attorney – someone makes decisions if you cannot

Scope explains managing your own money and when other people can manage your money for you. You should be involved in decisions about your money as much as possible.

Changes to your family's money

As you move into adult life, your family’s money may change. This is not just about you. It can also affect your parents or carers.

For example:

• you may start getting your own benefits
• you may earn money or go to college
• your parents or carers may change how much they work
• they may work more, less, or stop working depending on your needs

These changes can affect how much money your family has.

Your family may need to look at:

• what money they get now
• what money you could get as an adult
• how work or education affects income

This is sometimes called a better-off calculation. It helps you and your family understand what option gives you the best income.

Next steps

To build your confidence: