Managing my money

3/12/2019 11:12:30 AM

1. Money

Money and how to manage it are one of the things that most worries young people leaving care. Your PA can help you to sort out your money and how to budget it.

Budgeting is really important as it means you can make sure you have enough money to pay your bills, with enough to buy your food and clothes. If you don’t budget you could end up overspending and owing money. You should always avoid spending more than you have.

Some of things you will need to spend money on include:

  • Rent
  • Water, electricity and gas bills
  • Council tax
  • Mobile phone bill (either monthly payments or Pay As You Go)
  • Landline/broadband
  • TV licence
  • Food/toiletries
  • Clothes
  • Car insurance, road tax and fuel if you own a car
  • Public transport – bus and train fares

Some things you could spend money on include:

  • Books/DVDs
  • Netflix/Amazon Prime or a similar streaming service
  • Going out – restaurant, cinema, etc.
  • Holidays
  • Christmas/birthdays
  • Hobbies – gym membership, swimming, cycling, etc.

It's a good idea to work out how much you will spend each month, so you know how much you can spend. You can find online budget calculators to make this easier.

Print entire guide

Last updated: 12 March 2019

Was this page helpful?

Very poor
Neither good nor poor
Very good