Advice on managing your money for young people
Find out about accessible banking services, university or college funding, advice on sticking to a budget, or gadgets and equipment to help you manage your cash.
Looking after your own money is perhaps one of the most defining steps towards increasing your independence. There may be benefits you could be entitled to and lots of resources that can help you budget. So read our tips and start managing your cash flow today.
Banking and financial services
Banking services are covered by the Equality Act 2010 which means that your bank or building society must provide their services to you in a way that you can access. You can find information on banks, banking and paying for goods and services, as well as details of our campaign to get more talking cash machines in the UK in money, benefits and finance. The RNIB shop has lots of useful gadgets that can help you to identify coins and notes and produces a useful guide called Managing Money which offers advice about chip and pin, managing foreign currency and getting financial advice.
Benefits and welfare rights
It is important to make sure you are receiving all of the benefits and welfare rights that you are entitled to. The type or sum of benefits you can get may change depending on your age, circumstances, living arrangements or learning or working status. Find information on the types of benefits available to people with a visual impairment, including Disability Living Allowance (DLA), Personal Independence Payments, Tax credits and more in money, benefits and finance.
If you would like to speak to one of our trained benefits advisers about applying for DLA on behalf of a blind or partially sighted child, or how to appeal if you are unhappy with the result of your claim, please call our Helpline on 0303 123 9999 or email [email protected].
You can also discuss your claim with the DWP by calling their DLA Helpline on 0845 712 3456.
Budget advice
If you are living independently for the first time, or have had problems getting into debt in the past, budgeting is a great way to try and keep within your limits. Budgeting well follows the very simple principle of knowing what your income and outgoings are, either on a weekly or monthly basis. Follow these tips to create your own budget:
- Work out your total income each month (from benefits, grants, pay from work etc.)
- Work out your fixed or regular outgoings, such as accommodation costs, energy bills, phone or broadband bills, regular charitable giving. Set these up as Direct Debits if possible, then you don't need to worry about making late payments.
- Work out your regular but variable outgoings, such as phone bills, travel and transport. If you review your spending over the last three or four months, you can estimate roughly what these things cost you.
- Hopefully so far your outgoings are less than your income! The money you have left is what you can spend on "food and fun", clothes, music, gadgets, entertainment or even for saving if you are doing really well!
- Divide up your "spending" money into a weekly amount.
- Keep an eye on your budget during the first few weeks and months of using it – if you have over or under-estimated any of your spending, adjust your "food and fun" allowance accordingly.
- Be careful of building up debt on credit or store cards, they may have high interest rates and it is more difficult to keep track of your spending if you only receive a monthly statement
Debt advice
Getting into debt can be a worrying experience, and is increasingly common in the current financial climate. Support is available to help.
Student funding
Various support is available to help with the cost of a college or university course. Visit Funding at College or Starting University to find out more.
Other money and finance publications
RNIB has several free publications packed full of impartial information on many aspects of money and finance.
- National Talking Newspapers and Magazines produce copies of Business and Finance, Money Observer, Moneyweek and Moneywise.
- Money, benefits and finance
Further support
Our team of regionally-based Children, Young People and Family Support Officers are here to help. If you can't find what you're looking for, or you'd like to talk further about any of the above, please get in touch with us by emailing [email protected] or call us on 0303 123 9999.
