Money

Whether you want to know about the types of benefits that may be available to you, or how to manage your finances, this page will give you an insight into money matters. 

This section is divided into a number of categories. To go directly to your area of interest, click on one of the options below or scroll down the page to read it all;

Benefits:

Managing your money

Child benefit – this is paid to your parents/carers if you are studying full-time.  They should also be able to claim for a limited period if you are unemployed when you leave school/college.

In addition some parents may also be able to claim Child Tax Credit.

  • National Child Benefit Enquiry Line 0845 302 1444

Income support – if you are unable to live with your parents/carers you may be able to claim Income Support
Visit www.adviceguide.org.uk/benefits to find out more

Housing benefit – this may be available to young people who are unable to live at home.

Funding for education
The following benefits may be available:

  • Schools and colleges may have Access Funds that you can apply for, if you need financial help to continue studying after Year 11, contact your school or college for information
  • If you are aged between 16 and 19, you may be considered for help with travelling expenses, contact your local education department – www.surreycc.gov.uk
  • If your parents/carers are on a low income or unemployed, you may be eligible for an Education Maintenance Allowance – details are available from your local Education
  • Department or visit www.dfes.gov.uk/ema
  • Your family may also be eligible for extra income support – they should contact the Benefits Agency

For all the above benefits your financial situation will be assessed and you will be informed as to whether financial help can be made available to you.

Care to Learn - If you are learning (full or part-time) and you have a child, the government may be prepared to pay up to £5000 per year towards childcare.
www.dfes.gov.uk/caretolearn

JobSeekers Allowance - This is available to those under 18 who are in hardship, e.g. single parents, pregnant, unable to live at home, low income families or recently arrived asylum seekers.  Anyone making a claim will be expected to be actively looking for work and/or a training scheme.

Money during training - If you apply for an apprenticeship, your Connexions Personal Adviser will be able to tell you about allowances or expenses.

If you have a learning difficulty or disability, you may be eligible for benefit while on training or looking for training (your Connexions Personal Adviser or Jobcentre Plus office will have the details – you can also pick up a leaflet from the Post Office).

Ask your Connexions Personal Adviser for more information.

Young people with learning difficulties and/or disabilities – you may also claim the following benefits:

  • Incapacity Benefit (IB) – a means tested benefit payable up to 25 years of age
  • Income Support (IS)- you may be eligable for IS if you are continuing in education and also claim Disability Living Allowance (DLA).  IS can also act as a 'passport' to other help such as free prescriptions, dental treatment and hospital travel costs. 
  • Disability Living Allowance (DLA) - DLA is a non means-tested benefit for people who need help with personal care or getting around. 
  • Access to work scheme – this can pay for practical assistance at work, such as a personal reader, travel to work and computer equipment.
  • Freephone Benefit Enquiry Line for information on disability benefits 0800 88 22 00
  • Contact the Disability Employment Adviser at your local Jobcentre Plus for help with benefits
  • www.skill.org.uk (National Bureau for Students with Disabilities)
  • www.disabilitybenefits.co.uk
  • www.direct.gov.uk

Working Tax Credit – for people who are employed or self-employed, work for 16 hours a week or more, are 16 or over and responsible for at least one child, or are disabled.

Child Tax Credit – for people aged 16 or over who are responsible for at least one child.  The amount of tax credits you receive will depend on your annual income.

Working part-time – if you’re still at school or college you can do part-time work to earn extra cash e.g. paper rounds, waiter/waitressing, babysitting or working as an assistant in a shop – legislation applies.  Once you’re 18, working in a bar is an option.

Working full-time – this includes jobs with and without work-based learning.  You’ll be earning more money but it’s worth bearing in mind you’ll be spending more on tax, travel, work clothes and possibly rent too.

Managing your money

Outgoings. The following are examples of your most likely outgoings – important to budget for when managing your money:

  • income tax and national insurance – taken from your total earnings before you’re paid
  • rent – either to parents or a landlord
  • council tax
  • gas, electricity and water bills
  • telephone bills – landline and mobile
  • television licence
  • travel to college/work/training
  • car/insurance/tax/MOTs/fuel
  • food
  • loan repayments
  • socialising, shopping and leisure activities

Getting the balance right:

  • draw up a budget showing all the things you spend your money on and how much you spend each month
  • work out how much you earn each month – if you earn less than you spend, try to cut back your spending or see if you can earn more by getting a part-time job (you may need to ask your employer for permission if you have a full-time job).
  • If you can’t work out your budget ask your Connexions Personal Adviser for help
  • www.youthinformation.com
  • Connexions Direct 080 800 13219

Keeping money safe
The best way to keep your money safe is in a bank or building society account.  There are two types:

  • Current account – this is usually where your earnings go and from where you can withdraw cash or use a cheque or a debit card to pay for goods and services
  • Savings account – this will probably pay you some more interest on the money you save

Credit cards are available to anyone over 18 years old.  Like debit cards, they’re a convenient way to buy things by telephone and over the internet, and save you carrying a lot of cash around when shopping.  However, unlike debit cards which take the money immediately from your bank account, it’s easy to run up high bills which you think you can pay later and you’re charged a lot of interest each month if you don’t pay your balance in full.

Paying bills

  • When a bill comes in, check it’s correct before paying it – never send cash in the post
  • It’s a good idea to pay a bill as soon as it comes so you don’t forget to do it later.  For regular bills you can set up a direct debit with your bank so the money is paid automatically.
  • If you have a problem paying a bill, contact the company and let them know.  Many will be willing to come to an arrangement with you.  Don’t ignore a bill you can’t pay – a company can stop providing a service such as gas or electricity, take back your goods such as a TV or car paid by monthly instalments) or prosecute you.

Loans

Sometimes taking out a loan may be unavoidable, but you need to be aware of the pros and cons:

  • Some companies offer ‘interest free credit’ for a while so there’s nothing to pay immediately – eventually though, they all require some sort of payment (usually at a higher cost to you and sometimes as a lump sum)
  • Other loans (e.g. from banks) are paid back in small instalments, but the total sum of the repayments will be more than the original loan as you will be charged interest.

If you’re worried about money issues, don’t forget you can ask your Connexions Personal Adviser for help

Need advice now?

Find your local Connexions Centre on the interactive map. Don’t forget you can also call Connexions Direct on 080 800 13 2 19 (lines open 8am – 2am, seven days a week), text 07766 4 13 2 19, or click here for a webchat with a Personal Adviser.

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