Money
Savings
When you became looked after, your carers should have arranged for money to be saved for you regularly. You will be able to access these savings when you turn 18.
Any savings you have will be discussed as part of the pathway planning process, so you can think about how to spend it.
Debt
Debt is money you borrow from someone else like a bank, credit card, store card, services like Klarna or a friend that you promise to pay back later, usually with extra fees called interest.
It can be a tool for buying big things that you cannot afford straight away for example a car, motorbike, holiday or laptop (good debt) but can become dangerous if used to buy daily items you cannot afford (bad debt).
If you are concerned about debt, speak to your personal advisor as soon as possible.
Budgeting
A budget is a personal spending plan that helps you track your income (money coming in) and expenses (money going out).
Keeping a budget is important to make sure you do not spend more than you have.
It involves:
- setting goals
- prioritising needs over wants
- saving for the future
It can also help you gain confidence and avoid debt. Your PA can help you with budgeting and making a plan.