Learning to manage money is an important part of being able to live independently.
Most young adults will be expected to manage their own finances at some point. It's important young adults learn the skills to do this, if they can.
What does 'managing money' mean?
We all have an income, an amount of money we get given to live off. For some people this will be from going to work and for others is might be from Personal Independence Payments or other benefits. Managing your money means thinking about how you spend your money. Somethings you might like to think about are:
- Having and managing your own Bank Account
- Making sure you can pay any living expenses you have, for example rent, food, electricity or gas bills. To do this you might need to learn to 'budget'.
- Learning to compare prices so pay the best price for something.
- Learning about what debt and loans are.
- Making sure you understand how much you spend and where to get help if you need it.
What if I can't manage money?
Managing money is a part of becoming an adult. If you, your family, your carer or your social worker feels that you may not be able to manage your money a Mental Capacity Assessment can be done to see whether or not you should continue to manage your own money.
Find out about Mental Capacity Assessments.
Pennywise's Tips and Advice give you easy information to think about how you manage your money.
The Bristol Autism Support Service' Guide to Money has information on where you can go for support.
The Money Advice Service have information on Budgeting and Managing Money.
Bristol City Council's Welfare Rights and Money Advice Service can give you advice on money.
This page has information for residents in the City of Bristol. Find out about what other Local Authorities do.
Last Update 1 December 2016 by Findability Team.
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