Managing your money

If you want to be independent, it's important to know how to manage your money. This means being able to save money for things you need, like education or a place to live. It also means making smart choices about how you spend your money, and not wasting it on things you don't really need. Managing your own money can also help you avoid problems like getting into debt or being taken advantage of. And when you can handle your own money, you can feel more in control of your life and more confident about your future.

Four tips to help you manage your money

Set financial goals

One of the first steps to managing your money is to set financial goals. Financial goals are things you want to achieve with your money, such as saving up for a new phone or buying a car.

When setting your goals, think about what you want to achieve in the short term and long term. It's important to make your goals specific, measurable, achievable and relevant. For example, instead of setting a vague goal like "save money," set a specific goal like "save £500 by the end of the year for a new phone."

Make a budget

Making a budget can help you to control your spending and make sure that you have enough money for the things that are most important to you.

To make a budget, you should first make a list of all the money you receive, like your salary or any benefits you get. Then, make a list of all the things you need to pay for, like rent, bills, and groceries. Finally, think about the things you want to spend money on, like going out with friends or buying new clothes.

You can then use this information to plan for how much money you will spend on each thing. By sticking to your budget, you can avoid spending more money than you have and make sure that you have enough money for the things you need and want.

Keep track of your spending

Keeping track of your spending means writing down or keeping a record of all the money you spend. This can help you understand where your money is going and how much you have left.

You can keep track of your spending by using a notebook, an app on your phone, or a spreadsheet on your computer.

When you keep track of your spending, you can see where you might be spending too much money and where you can cut back. For example, if you notice that you are spending a lot of money on eating out, you can try cooking more meals at home to save money. Keeping track of your spending can help you stay on budget and avoid overspending.

Ask for help if you need it

Sometimes managing money can be overwhelming, especially if you are facing financial difficulties or have limited knowledge about money management.

It's okay to ask for help from family, friends, or professionals, like financial advisors.

Remember, it's better to seek help early before things get worse.

Courses to help you manage your money

Enrol in the free money and business courses from The Open University

Enrol in the managing money courses offered by MoneySuperMarket.com in association with the National Autistic Society.

Positive People is a flexible community programme designed to help you take positive steps towards building your confidence, gaining new skills, and eventually move into work or training.

Organisations that can help support you

Citizens Advice Plymouth

Citizens Advice Plymouth can help support you with your utility bills, financial support, benefits, pension, debt and legal advice.

The benefits calculator will help you find out what benefits you can claim. It is free to use, and the details you provide are anonymous.

Phone 08082 787 910

Website citizensadviceplymouth.org.uk

Money Helper

The Money Helper website joins up money and pensions advice, making it quicker and easier to find the right help. It brings together the support and services of three government-backed financial guidance providers: the Money Advice Service, the Pensions Advisory Service and Pension Wise. There are links to online tools and advice about a huge range of topics, including banking, credit, pensions and savings.

Phone 0800 0113797

Website moneyhelper.org.uk

Plymouth Information, Advice and Support for SEND (PIAS)

Plymouth Information, Advice and Support for SEND (PIAS) provides information, advice and support relating to Special Educational Needs and Disabilities (SEND) for parents, carers, children and young people within the Plymouth Local Authority area.

Phone 01752 258933

Email pias@plymouth.gov.uk

Website plymouthias.org.uk