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Managing your money

Budgeting and saving

Budgeting and saving is important, it allows you to build up your money to help you to pay for your bills or days out.

Setting up a budget means you’re:

  • less likely to end up in debt
  • less likely to get caught out by unexpected costs
  • able to spot areas where you can make savings
  • in a great position to save up for a holiday, a new car, or another treat.

It's a good idea to get a family member or a friend to support you with setting up a budget. You can sit down together to make a plan, where you can stick to it to help you to work out how much money you have.

Find more tips to help you budget.

Open a bank account

A bank account can help you to become independent. It means that you can save and access your money to help you to pay for bills, shopping and days out.

Every bank offers you different ways they can support you and work towards your goals. They also may have special offers for new customers and discounts on shops or railcards.

There are different kinds of accounts.

  • A current account which you mainly use to pay in money and pay bills or buy things with.
  • A savings account where you want to save money and do not want to take money out as often. This account may give you a higher interest rate, which is the amount of money you are paid for saving with them.

You should talk to the bank in person if you can. To find out what questions to ask when you go to the bank, visit Scope's website.

Read an easy read guide to banking.

Paying your bills

Once you understand how to budget for your day to day activities, it should be easier to pay your bills.

Paying bills allow you to live independently in your own home. But, if you're unsure or feel worried about any decisions, never be afraid to ask for help.

Examples of bills you need to pay are:

  • rent
  • water
  • Council Tax
  • gas and electricity
  • phone
  • TV and internet
  • subscriptions.

Who you pay your bills to and when, will depend on your provider. You can pay your bills online, via direct debit, through the phone or sometimes in person.

Find out about discounted bills. You may also be able to get benefits to help you pay for your bills, see what benefits you can get.