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 helpful links to websites and advice lines which provide details on all sorts of money matters.
Benefits:
The new coalition government is making changes to many of the benefit payments that are available and how to claim them. We recommend you visit the Directgov webpage here for the latest information.
Other useful contacts are provided below:
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. For further information, contact the housing benefit department of your local council
Funding for education
· For more info on money while you learn for those aged 14-19, visit www.direct.gov.uk/moneytolearn
· 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
· 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.
www.dfes.gov.uk/leagateway (find your local education authority/department)
Care to Learn - If you are under 20 and in learning (full or part-time) and you have a child, the government may be prepared to pay towards the cost of your childcare. Visit www.dfes.gov.uk/caretolearn for details
JobSeekers Allowance - This is only 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, ask 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 local Jobcentre Plus office will have the details – you can also pick up a leaflet from the Post Office).
Young people with learning difficulties and/or disabilities may also be able to claim the following benefits:
· Incapacity Benefit (IB) – a means tested benefit payable up to 25 years of age
· Employment & Support Allowance (ESA) - you may be eligible for ESA if you are continuing in education and also claim Disability Living Allowance (DLA). ESA can be paid on a contributory, non-contributory (if under 20) or means tested basis.
· Claiming ESA 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.
Benefit Enquiry Line for information on disability benefits (free-phone) 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)
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.
To find out if you qualify call the helpline on 0845 3000 39000 or visit www.taxcredits.inlandrevenue.gov.uk
www.inlandrevenue.gov.uk (information on national insurance, tax and wages)
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. See the Work and Training page of this website for more information
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. See the Work and Training page of this website for more information
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 talk to 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:
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, contact the National Debtline 0808 808 4000 or www.nationaldebtline.co.uk
Alternatively, your local Citizens Advice Bureau will be able to advise you. Visit www.nacab.org.uk to find your nearest office.
www.moneymadeclear.fsa.gov.uk is a jargon-free website from the Financial Services Authority
Need advice now? 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. , or visit www.connexions-direct.com for more info.
- May 17, 2011 The latest May apprenticeships list published today
- May 04, 2011 Seventy different apprenticeship opportunities recruiting in Surrey right now!
- April 04, 2011 More new apprenticeships available today
- March 21, 2011 This week's apprenticeship oportunities published today
- March 14, 2011 Latest apprenticeships recruiting now!
- February 28, 2011 Business Admin to Hairdressing...