Getting help to manage your money
Where can I find out about opening a bank account?
With your own bank account you can:
- save money
- check what money you have and see what you are spending
- pay your own bills
- take out your own money when you need it
You could have a look online for information or speak to your parent/carer, a family member or friend for advice. They can help you research banks and find out which would best meet your needs.
It's best to visit the bank so you can chat to a member of staff. You could bring a family member or friend with you for support.
See the Money Advice Service guidance on opening a bank account. This includes advice on choosing the right account and how to manage it.
Help to manage your money
What happens if I am struggling to manage my own money?
If you are struggling to manage your money, speak to your parent/carer or your social worker and they can organise support.
This could include:
- your parent/carer
- a family member
- independent financial advocate. This is an independent person who will help you manage your money and will act in your best interest
- your service provider (if you are eligible)
Tools to support you
To help you budget your money, use the Money Advice Service budget planners. These can help you:
- work out what money you have left after paying your bills/expenses
- see a detailed breakdown of your spending. This will show you where your money is going to help you save costs
Services to support you
Organisations that can offer you more support:
What if I cannot manage my own money?
Not everybody has the capacity to make decisions about and manage their own money. If you've had a mental capacity assessment and you don't have capacity, you will need somebody to manage your money for you. If you have the capacity to choose who this is, it is called appointeeship. If you don't have the capacity to choose who this is, it is called deputyship. This person could be:
- your parent, carer or relative
- a trusted friend
- an independent financial advocate - such as DOSH or The Money Carer Foundation
- a solicitor
This will be decided by a court. Some people will charge you for this service.
All the decisions that this person makes will have to be in your best interest.