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Tips for handling money / awgrymiadau at gyfer trin arian

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Tips for handling money / awgrymiadau at gyfer trin arian

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For young people / i pobl ifanc

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Our personal budget planner can help you to keep track of money coming in and out, but there's lots of other ways that you can make your money go further.

Hey big saver! Whether its £100 or £1, saving money every month is a good habit to get into. If you're disciplined enough to transfer it automatically into a separate bank account every time you're paid, not only will it feel easier, but will also help you work towards your goals. Whether it's a house, car or providing for your family, having that little bit extra gives you security.

Bills bills bills. No one enjoys opening bills, but it's important not to get behind. Reading into how you're spending your money - whether that's electricity, phone usage or shopping -will also highlight areas where you can pull back and start saving.

Shop around. To find the best price on items takes time and organisation, so do both and enjoy the rewards.

Do I really need it? Asking yourself this question will help you to think about your purchases and potentially save money. For example, if you're buying a coffee at the station every day, why not make your own in the mornings a few days a week to avoid falling into a spending trap. Prioritise. If you have debts to pay, speak to a professional about how these can be streamlined into easy payments and make sure these are one of the first things to be done each month

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Spending and saving | Money management | The Prince's Trust

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Our personal budget planner can help you to keep track of money coming in and out, but there's lots of other ways that you can make your money go further. Hey big saver! Whether its £100 or £1, saving money every month is a good habit to get into.

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How universal credit work / sut mae sut mae UC yn gweithio 

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How universal credit work / sut mae sut mae UC yn gweithio 

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For young people / i pobl ifanc

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UNIVERSAL CREDIT - How it works & What you need to know

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For young people / i pobl ifanc

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If you find yourself drawn to big brands in the supermarket, you could be paying over the odds for your groceries and household essentials. While we all know that switching to own-label products can slash your monthly spend and add up to some serious savings over the course of a year, most of us worry about compromising on quality.

The good news is that you don't have to! We've put together a shopping list of seven products that have been taste tested by the GHI and either scored higher than similar branded products or carry the GHI Approved logo. We've also worked out how much you'll save each month by switching to these products and your yearly total saving.

Cereal

Breakfast is the most important meal of the day. Make it the thriftiest meal, too, by serving up Tesco Wheat Biscuits (£1.30 for a box of 24) instead of a similar cereal from a well-known brand. When we tested them they scored 76/100! If your household gets through four boxes a month you can save £4.80 on your monthly grocery bills - that's a whopping £57 annual saving!

Spreads

Chocolate hazelnut spread

On the subject of breakfast, spread Lidl Choco Nussa (£1.09 for 400g) on your toast instead of a branded chocolate spread and pocket just over £3.20 every month. That works out at almost £40 a year. The dangerously moreish Lidl spread still packs a decadently rich punch that testers preferred to well-known brands in our blind taste tests.

Peanut butter

There are also savings to be made on other family staples, such as peanut butter. Stock up on M&S Crunchy Peanut Butter (£1.30 for 340g) instead of a better-known brand and enjoy an extra £1.25 a month in your wallet, or £15 a year.

Chilled juice

It's not just store-cupboard essentials that you can save a packet on, if you'll pardon the pun. Our testers favoured the zesty flavour of Tesco Finest 100% Orange Juice Freshly Squeezed (£2 for 1 litre) to branded juices. Switching to the Tesco juice will save you roughly £1.50 a month (almost £18 a year).

Fresh soup

A warming, aromatic soup really hits the spot at this time of year. Ladle Co-op Carrot & Coriander Soup (£1.80 for 600g) into your bowl instead of a similar branded soup and shave £1.20 a month, or £14.40 a year, off your grocery bill.

Laundry detergent

Don't forget about the contents of the cupboard under the sink - there are big savings to be made here, too. Lidl's Formil Biological Gel laundry detergent (£1.99 for 630ml) cleaned up in our recent detergent tests, with a winning score that put it ahead of branded rivals. It will save you 25p per wash compared to a liquid from a big brand. If you do five washes a week, that adds up to a saving of at least £5 a month, or £60 a year.

Washing up liquid

Use Aldi Magnum Original Washing Up Liquid (49p for 500ml) to do the dishes instead of a branded liquid and save £2 a month or £24 a year. It cuts through grease and dried-on food residue with ease but is still gentle on hands - and it's approved by the GHI!

Bathroom cleaner

Also from Aldi (and also GHI approved), the Power Force Bathroom Cleaner (75p for 750ml) works out £2.25 cheaper than a branded spray that does the same job. Assuming you scrub your way through a bottle every other month, you'll save £13.50 a year.

TOTAL YEARLY SAVING: Over £240!
If you'd like more great money content, sign up for our fortnightly Financially Fabulous newsletter!

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How to save hundreds on your supermarket shop

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If you find yourself drawn to big brands in the supermarket, you could be paying over the odds for your groceries and household essentials. While we all know that switching to own-label products can slash your monthly spend and add up to some serious savings over the course of a year, most of us worry about compromising on quality.

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For young people / i pobl ifanc

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Money management is essential whether you're in debt or just juggling your household costs. These are our top money management tips, to help you stay in control of your finances.

Make a budget

Making a budget is the first step to managing your money. It clearly shows you your income and what you need to spend money on each month.

Budget for one-off expenses

Some expenses only happen occasionally, like Christmas and holidays. Work out how much you spend over the year on these then divide that amount by 12. You can put this money away each month until the expense or bill is due.

Save your money

You should consider saving some money every month as this will help you budget for any emergencies, or will help you plan for a secure financial future. Even if you only save a small amount each month you'll find that it quickly adds up.

Monitor your bank account

Make sure you're checking your bank account regularly. By doing this you'll be able to check that there's enough money to cover your direct debits or bills. Check your direct debits If you pay things by direct debit make sure you know what you're paying for. Check you aren't still paying for any services you don't use any more.

Use cash

Using cash will help you control your spending. If you're going shopping or having a day out, take the amount you can afford to spend with you in cash and leave your debit card at home. This way you won't go over budget as you can only spend what you've got.

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Managing A Budget. Free Money Advice From StepChange

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Money management is essential whether you're in debt or just juggling your household costs. These are our top money management tips, to help you stay in control of your finances. Making a budget is the first step to managing your money. It clearly shows you your income and what you need to spend money on each month.

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For young people / i pobl ifanc

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For young people / i pobl ifanc

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For young people / i pobl ifanc

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From the age of 16, we'll all have some money taken from our wages - and you'll see how much on your payslip. Your employer takes these deductions off for you, without you having to do anything. But that means what you take home (your net pay) will be less than the total you've earned (gross pay).

Sounds a little depressing doesn't it? Well, it does at first. But when you take the time to understand where your money is going, and why, you start to realise that these deductions are there to help you now - and in the future.

Payslip basics

There are three things your employer must put on your payslip:

1. Your gross pay (what you've been paid before tax and other deductions)

2. All deductions (what's been taken out)

3. Your net pay (what you'll take home after the deductions)

Now, where do these deductions go? And why are they good for your future? Let's take a closer look at the ones you might see on your payslip...

PAYE

This stands for 'Pay As You Earn' - it shows how much you're paying in income tax. This money goes towards government services, like education and the NHS.

You're allowed to earn a certain amount of money tax free before you start paying income tax. This is called your personal allowance. The example below is based on the (2019-20) with a personal allowance of £12,500 per year, check Gov.uk for the most updated figures around personal allowances and national insurance.

When you start working, you'll get a tax code that decides how much is taken from your wages. The basic rate of tax is 20% for salaries up to £37,500. So, how does this all add up?

So if you earned £24K you would take £12,500 away from that, and be left with £11,500. Therefore, you'd pay the 20% basic tax rate on £11,500.

NICs

A compulsory tax you pay if you're 16+ and earn over £166 a week. This contributes to state benefits such as the State Pension and the NHS. The amount you pay depends on how much you earn, as well as your current employment status.

Your National Insurance number (NINO) will be sent to you just before your 16th birthday. It's unique to you and makes sure there's an accurate record of how much you've paid in National Insurance contributions.

Check out the most up to date tax and national insurance thresholds. There are also plenty of online calculators which you can use to help you work out how much you will take home.

Private pension

When you're young, the last thing you're probably thinking about is your retirement. But it pays to plan ahead. Your state pension (supported by National Insurance contributions) will give you some money later in life - but you may want to put some extra money away so you're even more comfortable. And that's where a private pension comes in.

If you pay into a private pension, you'll see these deductions on your payslip. This money will stay with your pension provider until you're allowed to access it - which is usually when you're 55 or over (but they're all different).

Student loan

If you study after school, you'll probably need a student loan to help you pay for your tuition fees and/or living expenses. You can get a student loan at any age - but you'd normally get one when you start further education at 16 or 18.

Then once you earn a certain amount, you have to start paying it back - plus interest. Each month you pay back a percentage of any income over the earning threshold detailed on the repayment plan you are on. So the more you earn, the more you'll pay back. You'll be able to see what you're paying back on your payslip.

Visit the Student Finance on the government website to review the details of the different plans.

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Payslips Explained | Understanding your deductions | LifeSkills

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From the age of 16, we'll all have some money taken from our wages - and you'll see how much on your payslip. Your employer takes these deductions off for you, without you having to do anything. But that means what you take home (your net pay) will be less than the total you've earned (gross pay).

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For young people / i pobl ifanc

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Some benefits and tax credits are ending and being replaced by Universal Credit.

Universal Credit is a single monthly payment to help with your living costs and provides support if you are working and on a low income or are looking for work

Find out more about Universal Credit.

The following benefits and tax credits are ending and being replaced by Universal Credit:

Child Tax Credit

Working Tax Credit

Housing Benefit

Income Support

Income-based Jobseeker's Allowance (JSA)

Income-related Employment and Support Allowance (ESA)

Look out for a letter called a Universal Credit Migration Notice from the Department for Work and Pensions (DWP) explaining what you'll need to do and when. You can find out when you're likely to be asked to move to Universal Credit.

When you receive your Migration Notice letter, it's important you check the date that you will need to claim by as you won't be moved automatically. Do not worry, your letter will give you instructions to follow. Meanwhile, you can start to prepare for your move to Universal Credit.

Find out how much you're likely to get on Universal Credit.

Your current benefits will end as soon as you submit your claim for Universal Credit. You will not be able to go back to your existing benefit once you have claimed.

Find out about the support available to you and who to speak to for independent advice.

If you are in Northern Ireland, please visit NI Direct.

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Move to Universal Credit explains if you'll be moving to Universal Credit with information on when and how to apply and the support available

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For young people / i pobl ifanc

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Essential support for under 25s

Banks sometimes hand credit cards out like sweeties. Which is all very exciting until you're suddenly stuck with a hunking great dollop of debt, and no idea how to get out of it. Here's our simple guide to paying off credit card debt.

Which credit card should I pay off first?

If you've got multiple credit card debts, you need to work out which one's costing you the most money. Then you need to focus on blitzing that one first. Look at the interest rates on your cards - the one with the highest is the one you want getting rid of. Any extra cash you have should go towards this turkey of a debt.
However:

Always prioritise paying rent and bills over debt. Keeping warm and eating come first.

Keep paying the minimum repayments on your other cards to keep everyone happy.

Try and transfer your debt to 0% interest

Keeping your debt at an eye-watering interest rate is going to a) cost a lot, and, b) take a lot longer to pay off. It's best to transfer the money to a lower interest deal. You can do this in two ways:
1. Switch to a balance transfer credit card
These cards offer a period of time where there's no interest on your debt. This means all your payments go towards cutting down your actual debt rather than interest. However, there is a fee to transfer your debt over, usually about 3%. And you need a good credit rating to be eligible. Make sure you can pay off your debt in the interest-free period though, otherwise you'll be stung with high interest on the remaining debt.
2. Switch to a low-interest credit card
Need a bit longer to pay off your debt than a balance transfer card gives you? It may be better to switch to a low-interest credit card, which will still make it easier to pay off than your existing bill. Plus, you don't usually get charged for switching. There are loads of credit card comparison websites so try a couple to see which cards might be right for you.

Pay more than the minimum repayments

It's not fun, we know. But paying off more each month than the minimum repayment is the only way to get rid of your niggly debt. If you just stick to the minimum, you could be 30 by the time you've paid the debt off. Even if it's just a tenner or two extra, do put whatever you can towards your bill.

I'm really overwhelmed with my credit card debt - help!

If your credit card feels like such an overwhelming monster of doom, it sometimes seems easier just to hide all your bills down your trousers and pretend they don't exist. It may even seem like you'll ever get out of all this debt. But there are helpful lovely people out there who can help you feel less suffocated and sort out a repayment plan.

Good places to go for debt advice

Debt advice charities like Step Change, National Debtline, and the Debt Advice Foundation can all help you with your money worries. Give one of them a call for free, impartial advice.

Beware of dodgy debt-help companies though, and only stick with registered charities. If they ask you for any money, run away with your arms flailing.
If you need further support on this, give us a call on 0808 808 4994. We're unable to give specific money advice but can guide you to the best places for expert support.

Next Steps

The Money Advice Service offers free, unbiased and independent advice about all financial matters. 0800 138 7777

StepChange offers free advice on your debt problems, basing it round what's right for you. 0800 138 1111

Chat about this subject on our Discussion Boards.

Need help but confused where to go locally? Download our StepFinder iPhone app to find local support services quickly.

Please enable JavaScript to view the comments powered by Vanilla.

The Mix. Registered charity number: 1048995

Welcome to The Mix, a support service for young people. There are loads of ways you can get support from us, including our articles, videos, helpline, counselling, forums, apps and more. To find which service suits your needs use the drop down menu below.

Welcome to The Mix, offering essential support for under 25s.

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Welcome to The Mix, the online guide to life for young people in the UK.

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The impact of coronavirus has put many young people at risk.
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Essential support for under 25s Banks sometimes hand credit cards out like sweeties. Which is all very exciting until you're suddenly stuck with a hunking great dollop of debt, and no idea how to get out of it. Here's our simple guide to paying off credit card debt.

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Bank accounts for 11 to 16 years old/ cyfrif banc 11-16 mlwydd oed

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Bank accounts for 11 to 16 years old/ cyfrif banc 11-16 mlwydd oed

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For young people  / i pobl ifanc

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Main content of page below

Life can be complicated. That's why we've created FlexOne - our straightforward current account for teenagers and young people.

FlexOne has everything you need. Plus a bit more.

† Available on selected Apple devices only and compatible Android devices using Android 4.4 and higher. Apple and Apple Pay are trademarks of Apple Inc., registered in the US and other countries. Google Pay is a trademark of Google LLC.

Samsung Pay is available on selected Samsung devices. Samsung and Samsung Pay are trademarks or registered trademarks of Samsung Electronics Co., Ltd. Use only in accordance with law.

Jargon explained

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Gross p.a. is the interest rate without tax deducted.
Net p.a. is the interest rate after the deduction of tax.

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Nationwide FlexOne Current Account | Children's Bank Account

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Main content of page below Life can be complicated. That's why we've created FlexOne - our straightforward current account for teenagers and young people. FlexOne has everything you need. Plus a bit more. † Available on selected Apple devices only and compatible Android devices using Android 4.4 and higher.

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Bank accounts for 11 to 16 years old/ cyfrif banc 11-16 mlwydd oed

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Bank accounts for 11 to 16 years old/ cyfrif banc 11-16 mlwydd oed

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For young people / i pobl ifanc

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Main content of page below

Life can be complicated. That's why we've created FlexOne - our straightforward current account for teenagers and young people.

FlexOne has everything you need. Plus a bit more.

† Available on selected Apple devices only and compatible Android devices using Android 4.4 and higher. Apple and Apple Pay are trademarks of Apple Inc., registered in the US and other countries. Google Pay is a trademark of Google LLC.

Samsung Pay is available on selected Samsung devices. Samsung and Samsung Pay are trademarks or registered trademarks of Samsung Electronics Co., Ltd. Use only in accordance with law.

Jargon explained

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Gross p.a. is the interest rate without tax deducted.
Net p.a. is the interest rate after the deduction of tax.

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Nationwide FlexOne Current Account | Children's Bank Account

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Main content of page below Life can be complicated. That's why we've created FlexOne - our straightforward current account for teenagers and young people. FlexOne has everything you need. Plus a bit more. † Available on selected Apple devices only and compatible Android devices using Android 4.4 and higher.

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Debit and credit card explained / esboniad cerdiau

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Debit and credit card explained / esboniad cerdiau

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For young people / i pobl ifanc

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Student bank account / cyfrif ban myfyrwyr

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Student bank account / cyfrif ban myfyrwyr

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For young people / i pobl ifanc

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Main content of page below

At Nationwide, we're committed to helping you control your finances - especially when it comes to student life.

Your flexible interest-free and fee-free arranged overdraft

£1,000

We'll start you off with an arranged overdraft limit of £1,000.

£2,000

In your second year, you can request an increase to £2,000.

£3,000

In your third year, you can request an increase to £3,000.

FlexStudent Arranged Overdraft Representative Example

0% APR representative (variable). Based on an assumed arranged limit of £1,200 and an interest rate of 0% a year (variable).

How does our overdraft compare? A good way to compare the cost of our overdraft with other overdrafts or other ways of borrowing is to look at the representative APR. The APR shows the cost of borrowing as an annual rate.APR stands for Annual Percentage Rate. It includes all the costs of borrowing including certain account fees and promotional rates. It's for comparing costs between different products and providers. It doesn't include fees or promotional rates. The arranged overdraft limit is optional, and you don't need to request the full amount each year. So long as you stay in control of your finances, we'll increase the arranged overdraft amount you can ask for by £1,000 each year, to a maximum of £3,000. If your course is two years long, you'll only be eligible to request a maximum of £2,000 by the end of the second year. To remain eligible for the arranged overdraft, you'll need to pay in at least £500 per term from the date the account is opened. This can include your student loan, money from family members or any other income.

Are you eligible?

You're aged 18 years or over.

You've been accepted onto a full-time UCAS course at a UK institution for at least 2 years.

You don't already have a student account with another provider (or if you do, you agree to move it to Nationwide).

You have an unconditional offer and be no more than 5 months before your course start date or no more than 2 months after your course start date. If you have a conditional offer, you'll need to wait until your place has been confirmed following your results before applying.*

* You can apply up to 18 months after your course starts if you're already a Nationwide member, and have been with us for at least 12 months. You're a member if you have a savings, mortgage or current account with us. If it's been more than 2 months since your course started, you'll need to pop into branch or give us a call to apply.

What else do you get as standard?

Completely fee-free, even when using your card abroad

Mobile payments and contactless
You can make payments with your Nationwide debit and credit cards on compatible devices using Apple Pay, Google Pay™ and Samsung Pay anywhere that contactless payments are accepted.†

Applying online is quick and easy

Ready to get started?

About to Graduate?

Unless you make alternative arrangements with us, we'll move your account to a FlexGraduate account. We'll also ask you to start paying back your arranged overdraft in clear and steady steps.
What happens when I graduate?

Switch your current account to us in just 7 working days

See how it works

Moneyfacts consumer award

Not living in the UK?

If you live in a country that's part of the European Union (EU) or European Economic Area (EEA), you can apply for one of our current accounts.

Find out more

† Available on selected Apple devices only and compatible devices using Android 4.4 (KitKat®) and higher.

Apple Pay is a trademark of Apple Inc. registered in the U.S. and other countries.

Google Pay is a trademark of Google LLC.

Samsung and Samsung Pay are trade marks or registered trade marks of Samsung Electronics Co., Ltd. Use only in accordance with the law. Samsung Pay is available on select Samsung devices.

Nationwide adheres to The Standards of Lending Practice which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk

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Student Bank Account | FlexStudent Account | Nationwide

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Main content of page below At Nationwide, we're committed to helping you control your finances - especially when it comes to student life. £1,000 We'll start you off with an arranged overdraft limit of £1,000. £2,000 In your second year, you can request an increase to £2,000.

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For young people / i pobl ifanc

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For young people / i pobl ifanc

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What is Universal Credit (UC), and how will it change the way you get benefits?

What is Universal Credit (UC), and how hange the way you get benefits?

Universal Credit is gradually replacing other benefits including Jobseeker's Allowance (JSA) and Housing Benefit. It's means-tested, meaning the amount of money you get depends on your income, savings and other factors.

Universal Credit is not just for people who can't find a job or are unable to work; many people have to top up their income using benefits because their jobs don't pay enough.

Which benefits are affected?

Universal Credit replaces six benefits: income-based JSA, income-related Employment and Support Allowance (ESA), Income Support, Child Tax Credit, Working Tax Credit and Housing Benefit.

These six benefits are called legacy benefits. If you live in an area of the country where Universal
Credit is being rolled out, you cannot usually claim any of these legacy benefits. You can claim
Universal Credit instead, but if you do you will lose any legacy benefits you are currently getting.
You can find out if you live in a Universal Credit area by visiting the Universal Credit Info website and
entering your postcode

Universal Credit claimants will be put into one of four groups depending on how much they're expected to do to prepare for and find work:

This means you don't have to be seeking work or do work-related activity to prepare you for work to
get benefits. Examples of people in this group include a worker working 35 hours per week at
national minimum wage level; a parent who is the responsible carer for a child under one; a full-time
carer of a severely disabled person; or severely disabled people who have limited capability for
work-related activity.

Some people who are caring for a child will be put in this group where the only requirement is to attend work-focused interviews. If you are the responsible carer for a child aged between the ages
of one and three, you will fit into this group.

If your capability for work is limited by sickness or disability, but you can do work-related activity, you'll need to undertake 'preparation activities', such as training or work experience, but you won't have to hunt for work.

If you don't fit into one of the above groups, and you're not working at all, you'll need to spend 35 hours a week looking for and preparing for work in order to get your benefits.

If you're already working but your earnings are low you could be required to hunt for more work, or better paid work, in order to get UC.

Find out more about the four groups on the Turn2us website.

When will it happen?

Universal Credit is being phased in gradually across the country. If you live in a Universal Credit area
and are not receiving any of the following legacy benefits or you try to make a new claim for any of
them you will be required to claim Universal Credit instead:

Income-based Jobseeker's Allowance
Income-related Employment and Support
Income Support
Working Tax Credit
Child Tax Credit
Housing Benefit

For example if you move home and your new home is in a Universal Credit area, and you try to claim
Housing Benefit you will be told to claim Universal Credit instead.

A claim for Universal Credit will mean losing any of the above legacy benefits you are currently
getting.

You can find out if you live in a Universal Credit area by visiting the Universal Credit Info website and
entering your postcode.

You won't have to go on to Universal Credit in a Universal Credit area, unless you make a new claim. From July 2019 onwards the DWP started moving people from the existing legacy benefits to Universal Credit - this is expected to continue until 2023.

What will change under UC?

In most cases, UC will be a single monthly payment, like a salary (although there are some exceptions if this is likely to cause you hardship). You'll need to budget to keep track of your spending - try using a budgeting tool like these ones.

It will normally take five weeks before you can receive your first payment of UC, though advance payments are available for people struggling with the wait for the first payment, However, these advance payments are loans which have to be paid back out of your future Universal Credit payments.

Help with your rent is included in your Universal Credit payment. Housing Benefit could be paid straight to your landlord, but the housing element in Universal Credit will be paid to you (although, again, there are some exceptions), so you'll need to budget to pay your rent.

The new system is going to be mainly online. This means you need to check your emails regularly and use one email address for your benefit claim. Set up folders and save benefit emails in one place to help you keep track. You will also be given an online journal to manage your claim and work search.

The idea of UC is to 'make work pay'. This means that you should get more money from taking on a bit of extra work than you would lose in benefits. The number of hours you work does not affect your entitlement to Universal Credit.

The conditions for claiming UC will be harsher, so you might well need to do more to show that you're looking for work (even if you already work part-time) or risk losing your benefit.

How do I claim UC?

You need to claim UC online, and will then have a face-to-face interview. You can go to your local Jobcentre to claim online if you don't have internet access at home.

If you need help with your claim, call 0800 328 9344 (Textphone 0800 328 1344).

What do I have to do to get UC?

To get UC you need to sign a Claimant Commitment, setting out what you'll do to prepare for and find work. Even if you already have some work, you might have to set out what you'll do to find more work and/or money.

If you're making a joint claim with a partner, you'll both have to sign a Claimant Commitment.
Find out more about the Claimant Commitment
Sanctions

To get UC, you need to make sure you do everything in your Claimant Commitment and follow all the directions that your advisor gives you. If you don't then you risk your benefit being cut for a number of months. This is called a sanction. Universal Credit sanctions can be harsh.

Under certain circumstances you could be sanctioned for three years if you break some claimant
commitments on three or more occasions.

How much money will I get?

The calculations for working out how much UC you get are complicated. They will depend on:

Your age

Whether you live with a partner

Your income and savings (and your partner's if you live together)

Your housing costs

Any mental or physical health issues that limit your capability for work

Any children that you have responsibility for

Childcare costs

Caring responsibilities (for example for a disabled family member)

There will also be a benefit cap for UC, which again is quite complicated! Basically, if your income from UC and certain other benefits exceeds £1517 a month for a single person or £2167 a month for couples or lone parents, then the amount of UC you get will be reduced. There are various exceptions to this, especially if you're disabled. Find out more about the Universal Credit Benefit Cap.

You can get a rough idea of how much UC you might be entitled to using this online benefits calculator.

Can I still get paid UC if I'm working?

You can still claim UC if you're working and on a low income. Lots of people on low incomes don't claim benefits they're entitled to, so it's worth checking if you're entitled to UC.

Studying and claiming UC

There are a few circumstances where students can claim:

If you're under 21, in non-advanced education and have no parental support

If you're a foster parent or have children

If you're disabled and meet certain requirements

If you have a partner who is entitled to UC

I'm aged 16 or 17, can I claim UC?

If you're 16 or 17, you can only claim if you:

Have limited capability for work through illness or disability,

Have no relationship with your parents/guardians, or have no parents/guardians,

Have caring responsibilities for a child or disabled person, or

Are pregnant and 11 weeks or less before the due date, or within 15 weeks of giving birth

How can I appeal a decision about UC?

If you're refused UC, or there's a change in how much you get paid, you should get a decision letter. This will tell you what to do next if you want to challenge the decision. It's important that you do this as soon as possible, as you'll only have one month from the date of the letter to challenge the decision.

You can find out more about the appeals process from our guide on Benefits Appeals.

Where can I go for help with UC?

Getting benefits is often a frustrating process. But there are lots of places you can go for help:

Citizen's advice volunteers know all about the benefits system and can help you understand your rights. You can visit your local bureau to get face-to-face advice and support. You must remember to bring along details of your benefits and general financial situation.

This benefits calculator from Turn2us shows you how much benefit you should be getting - many people don't realise how much they're entitled to.

Remember, if you want to challenge a decision about your benefit, you can appeal.

Unfortunately we are unable to offer benefits advice at The Mix, but we can give emotional support and guide you to the best places for expert advice if you give us a call on 0808 808 4994

Important!

Remember to tell your benefits advisor if your circumstances change - for example, if you get a pay rise, new job or move in with a partner. If you don't you could face a £50 fine, as well as having to pay back any extra benefit. See GOV.UK for more information.

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What is Universal Credit (UC), and how will it change the way you get benefits? Universal Credit is gradually replacing other benefits including Jobseeker's Allowance (JSA) and Housing Benefit. It's means-tested, meaning the amount of money you get depends on your income, savings and other factors.

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The cost of becoming a student / cyllid i fod yn myfyrwyr

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The cost of becoming a student / cyllid i fod yn myfyrwyr

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For young people / i pobl ifanc

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What is Universal Credit (UC), and how will it change the way you get benefits?

What is Universal Credit (UC), and how hange the way you get benefits?

Universal Credit is gradually replacing other benefits including Jobseeker's Allowance (JSA) and Housing Benefit. It's means-tested, meaning the amount of money you get depends on your income, savings and other factors.

Universal Credit is not just for people who can't find a job or are unable to work; many people have to top up their income using benefits because their jobs don't pay enough.

Which benefits are affected?

Universal Credit replaces six benefits: income-based JSA, income-related Employment and Support Allowance (ESA), Income Support, Child Tax Credit, Working Tax Credit and Housing Benefit.

These six benefits are called legacy benefits. If you live in an area of the country where Universal
Credit is being rolled out, you cannot usually claim any of these legacy benefits. You can claim
Universal Credit instead, but if you do you will lose any legacy benefits you are currently getting.
You can find out if you live in a Universal Credit area by visiting the Universal Credit Info website and
entering your postcode

Universal Credit claimants will be put into one of four groups depending on how much they're expected to do to prepare for and find work:

This means you don't have to be seeking work or do work-related activity to prepare you for work to
get benefits. Examples of people in this group include a worker working 35 hours per week at
national minimum wage level; a parent who is the responsible carer for a child under one; a full-time
carer of a severely disabled person; or severely disabled people who have limited capability for
work-related activity.

Some people who are caring for a child will be put in this group where the only requirement is to attend work-focused interviews. If you are the responsible carer for a child aged between the ages
of one and three, you will fit into this group.

If your capability for work is limited by sickness or disability, but you can do work-related activity, you'll need to undertake 'preparation activities', such as training or work experience, but you won't have to hunt for work.

If you don't fit into one of the above groups, and you're not working at all, you'll need to spend 35 hours a week looking for and preparing for work in order to get your benefits.

If you're already working but your earnings are low you could be required to hunt for more work, or better paid work, in order to get UC.

Find out more about the four groups on the Turn2us website.

When will it happen?

Universal Credit is being phased in gradually across the country. If you live in a Universal Credit area
and are not receiving any of the following legacy benefits or you try to make a new claim for any of
them you will be required to claim Universal Credit instead:

Income-based Jobseeker's Allowance
Income-related Employment and Support
Income Support
Working Tax Credit
Child Tax Credit
Housing Benefit

For example if you move home and your new home is in a Universal Credit area, and you try to claim
Housing Benefit you will be told to claim Universal Credit instead.

A claim for Universal Credit will mean losing any of the above legacy benefits you are currently
getting.

You can find out if you live in a Universal Credit area by visiting the Universal Credit Info website and
entering your postcode.

You won't have to go on to Universal Credit in a Universal Credit area, unless you make a new claim. From July 2019 onwards the DWP started moving people from the existing legacy benefits to Universal Credit - this is expected to continue until 2023.

What will change under UC?

In most cases, UC will be a single monthly payment, like a salary (although there are some exceptions if this is likely to cause you hardship). You'll need to budget to keep track of your spending - try using a budgeting tool like these ones.

It will normally take five weeks before you can receive your first payment of UC, though advance payments are available for people struggling with the wait for the first payment, However, these advance payments are loans which have to be paid back out of your future Universal Credit payments.

Help with your rent is included in your Universal Credit payment. Housing Benefit could be paid straight to your landlord, but the housing element in Universal Credit will be paid to you (although, again, there are some exceptions), so you'll need to budget to pay your rent.

The new system is going to be mainly online. This means you need to check your emails regularly and use one email address for your benefit claim. Set up folders and save benefit emails in one place to help you keep track. You will also be given an online journal to manage your claim and work search.

The idea of UC is to 'make work pay'. This means that you should get more money from taking on a bit of extra work than you would lose in benefits. The number of hours you work does not affect your entitlement to Universal Credit.

The conditions for claiming UC will be harsher, so you might well need to do more to show that you're looking for work (even if you already work part-time) or risk losing your benefit.

How do I claim UC?

You need to claim UC online, and will then have a face-to-face interview. You can go to your local Jobcentre to claim online if you don't have internet access at home.

If you need help with your claim, call 0800 328 9344 (Textphone 0800 328 1344).

What do I have to do to get UC?

To get UC you need to sign a Claimant Commitment, setting out what you'll do to prepare for and find work. Even if you already have some work, you might have to set out what you'll do to find more work and/or money.

If you're making a joint claim with a partner, you'll both have to sign a Claimant Commitment.
Find out more about the Claimant Commitment
Sanctions

To get UC, you need to make sure you do everything in your Claimant Commitment and follow all the directions that your advisor gives you. If you don't then you risk your benefit being cut for a number of months. This is called a sanction. Universal Credit sanctions can be harsh.

Under certain circumstances you could be sanctioned for three years if you break some claimant
commitments on three or more occasions.

How much money will I get?

The calculations for working out how much UC you get are complicated. They will depend on:

Your age

Whether you live with a partner

Your income and savings (and your partner's if you live together)

Your housing costs

Any mental or physical health issues that limit your capability for work

Any children that you have responsibility for

Childcare costs

Caring responsibilities (for example for a disabled family member)

There will also be a benefit cap for UC, which again is quite complicated! Basically, if your income from UC and certain other benefits exceeds £1517 a month for a single person or £2167 a month for couples or lone parents, then the amount of UC you get will be reduced. There are various exceptions to this, especially if you're disabled. Find out more about the Universal Credit Benefit Cap.

You can get a rough idea of how much UC you might be entitled to using this online benefits calculator.

Can I still get paid UC if I'm working?

You can still claim UC if you're working and on a low income. Lots of people on low incomes don't claim benefits they're entitled to, so it's worth checking if you're entitled to UC.

Studying and claiming UC

There are a few circumstances where students can claim:

If you're under 21, in non-advanced education and have no parental support

If you're a foster parent or have children

If you're disabled and meet certain requirements

If you have a partner who is entitled to UC

I'm aged 16 or 17, can I claim UC?

If you're 16 or 17, you can only claim if you:

Have limited capability for work through illness or disability,

Have no relationship with your parents/guardians, or have no parents/guardians,

Have caring responsibilities for a child or disabled person, or

Are pregnant and 11 weeks or less before the due date, or within 15 weeks of giving birth

How can I appeal a decision about UC?

If you're refused UC, or there's a change in how much you get paid, you should get a decision letter. This will tell you what to do next if you want to challenge the decision. It's important that you do this as soon as possible, as you'll only have one month from the date of the letter to challenge the decision.

You can find out more about the appeals process from our guide on Benefits Appeals.

Where can I go for help with UC?

Getting benefits is often a frustrating process. But there are lots of places you can go for help:

Citizen's advice volunteers know all about the benefits system and can help you understand your rights. You can visit your local bureau to get face-to-face advice and support. You must remember to bring along details of your benefits and general financial situation.

This benefits calculator from Turn2us shows you how much benefit you should be getting - many people don't realise how much they're entitled to.

Remember, if you want to challenge a decision about your benefit, you can appeal.

Unfortunately we are unable to offer benefits advice at The Mix, but we can give emotional support and guide you to the best places for expert advice if you give us a call on 0808 808 4994

Important!

Remember to tell your benefits advisor if your circumstances change - for example, if you get a pay rise, new job or move in with a partner. If you don't you could face a £50 fine, as well as having to pay back any extra benefit. See GOV.UK for more information.

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What is Universal Credit (UC), and how will it change the way you get benefits? Universal Credit is gradually replacing other benefits including Jobseeker's Allowance (JSA) and Housing Benefit. It's means-tested, meaning the amount of money you get depends on your income, savings and other factors.

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Extra ways of Earning money / ffyrdd ychwanegol o enill arian 

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Extra ways of Earning money / ffyrdd ychwanegol o enill arian 

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For young people / i pobl ifanc

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BeMyEye - The Mobile App To Earn Money On The Side

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Join the 2,000,000+ people that have already downloaded the app and earn money by completing short mystery shopping missions in the stores near you.

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For young people / i pobl ifanc

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Essential support for under 25s

Overdrawn again? Here's the lowdown on overdrafts and how to keep on the right side of your bank.

The basics on being overdrawn

An overdraft is an agreed cash-borrowing limit arranged with your bank. It gives you a flexible way of managing your cash flow and can provide you with short-term funds if you don't have enough money, but it's not a loan.

Overdrafts can help you if, for example, you have an urgent phone bill to pay today, but the funds won't go into your account until next week. The overdraft enables you to pay off the bill, without having the actual money in your account.

How do I arrange an overdraft?

As with all forms of credit, you must be over 18 years of age before you can apply for an overdraft. You should talk to someone at your local bank branch. Some banks or building societies can arrange an overdraft through their telephone or internet banking service. However, not all bank accounts offer overdraft facilities.

It is crucial to avoid going overdrawn if you haven't arranged it with your bank, or if you are about to go over your overdraft limit. If you do not arrange to have an overdraft or an extension before the money leaves your account, you may be charged steep penalty fees as well as a much higher rate of interest. The bank could also continue to charge you extra fees every time it sends you a letter telling you you are overdrawn. The fines could add up to hundreds of pounds.

What are the benefits of an overdraft?

Overdrafts are ideal for borrowing money you know will be replaced quickly when your salary or regular funds are paid into your account.

However, it doesn't work out as good value if you are borrowing thousands of pounds in this way and never clearing your debts.

What are the disadvantages?

Some banks charge a fee for setting up an overdraft

Overdraft facilities can be withdrawn or reduced by banks or building societies at any time

If you go overdrawn before agreeing a limit with your bank you will have to pay additional high charges

If you go overdrawn above the limit agreed with your bank you will also face higher charges

If you are overdrawn and decide to transfer your bank account you must pay off your overdraft first because you are, in effect, in debt to the bank.

Free or cheap overdrafts

It's worth checking if your bank has a buffer zone that allows you to go slightly overdrawn each month without incurring the high charges usually associated with unauthorised overdrafts. There may be a small annual charge for this facility. Some banks and building societies also offer preferential terms to students, which could mean that overdrafts attract reduced interest rates or are free up to a certain amount.

Unfair charges?

If you go over your agreed overdraft limit, you may be charged a 'default charge', which can be anything from £20 to £40 for a single charge. Many people believe this is a rip-off.

However, if you are in hardship and you have outstanding overdraft charges, you can claim against your bank. See MoneySavingExpert's guide to Bank Charges for people in Hardship. The law is different in Scotland and, as a result, some Sheriff courts are allowing cases to be heard.

Paying off your overdraft

Ideally, you shouldn't live constantly in your overdraft - though it is very common. Try and reduce how much you're overdrawn by each month, so eventually you're back in the black.

Graduates! One thing to watch out for is your interest-free overdraft being reduced once you leave university. Most students enjoy a large interest-free overdraft, but the minute you graduate it can be reduced aggressively and methodically, usually by about £500 each time.

Changes to overdraft charges

From April 2020, banks can only charge for overdraft users a simple annual interest rate - without additional fees and charges.

All users of unarranged overdrafts will be better off or see no change. In most scenarios, a majority of consumers using an arranged overdraft will also see an improved outcome or no difference.

Thanks to the Citizens Advice Bureau for help with this article.

Next Steps

The Money Advice Service offers free, unbiased and independent advice about all financial matters. 0800 138 7777

Chat about this subject on our Discussion Boards.

Need help but confused where to go locally? Download our StepFinder iPhone app to find local support services quickly.

Please enable JavaScript to view the comments powered by Vanilla.

The Mix. Registered charity number: 1048995

Welcome to The Mix, a support service for young people. There are loads of ways you can get support from us, including our articles, videos, helpline, counselling, forums, apps and more. To find which service suits your needs use the drop down menu below.

Welcome to The Mix, offering essential support for under 25s.

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Essential support for under 25s Overdrawn again? Here's the lowdown on overdrafts and how to keep on the right side of your bank. An overdraft is an agreed cash-borrowing limit arranged with your bank. It gives you a flexible way of managing your cash flow and can provide you with short-term funds if you don't have enough money, but it's not a loan.

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For young people / i pobl ifanc

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A few facts about this account

You'll get Visa Debit Card with International contactless capability

Withdraw up to £500 (subject to account conditions)

Access to 24-hour Online Banking

Credit Interest on your account of 0.50% AER/ 0.50% Gross variable on balances between £1 and £2,499.99. No interest will be paid on any part of your balance over £2,499.99

Send and receive payment with Pay a Contact

Tailored security and financial education available as part of the Online Banking experience (in association with Childnet and the Money Advice Service)

Free mobile alerts service.

Access to Telephone Banking (from age 16)

For more information and terms & conditions for this bank account read the Bank Account Getting Started Guide (PDF).

For more information about the fees associated for Payment Services with this account please see the Fee Information Document (PDF).

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You'll get Visa Debit Card with International contactless capability Withdraw up to £500 (subject to account conditions) Access to 24-hour Online Banking Credit Interest on your account of 0.50% AER/ 0.50% Gross variable on balances between £1 and £2,499.99.

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For young people / i pobl ifanc

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If you are a teenager you can open a bank account, but you usually have to find one designed for people your age.

Most normal bank accounts only accept people over 18, but if your looking for bank accounts for 16 year olds, you do have options.

If you are 18 and over, you can get most bank accounts for adults. Here is how to work out what kind of bank account you should choose and where to find one.

You get most of the features that come with adult bank accounts, so you can:

Receive money into the account, including your wages, bank transfers from other people, cheques and cash

Pay by debit card in person, online or by phone, or use it to make a withdrawal at a cash machine

Set up automatic payments like direct debits and standing orders to cover bills like your mobile phone

Manage your account online through your bank's website or mobile app to check your statements or send a payment to a person or company

However, these accounts do not offer an overdraft because you have to be 18 years old or more to borrow money through your bank account.

1. Compare accounts that accept people your age using this comparison

2. Check which accounts offer the features you need like internet banking or a debit card

3. If several are suitable, look into what benefits they offer and apply for the best account

Last updated: 25 August, 2020

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If you are a teenager you can open a bank account, but you usually have to find one designed for people your age. Most normal bank accounts only accept people over 18, but if your looking for bank accounts for 16 year olds, you do have options.

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For young people / i pobl ifanc

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Understanding Money and Finance | Resources | MoneySense

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Don't know where to start learning about finance? MoneySense offers fun, interactive activities and games to help you learn as you play. Explore now!

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Quiz for managing money / cwis rheioli arian

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Quiz for managing money / cwis rheioli arian

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For young people / i pobl ifanc

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Want to take control of your financial future? Start by exploring our interactive activities and games.

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For young people / i pobl ifanc

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For young people / i pobl ifanc

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Use the Benefits Calculator to find out which welfare benefits you may be entitled to.

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For young people / i pobl ifanc

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Get help early

Don't be afraid to air any money worries you might be feeling early. This can resolve issues before they become overwhelming and keeps emotional and financial strain to a minimum.

Either way, impartial, expert advice is crucial. Start with:

Many lenders will be able to support flexible repayment or pause harsh penalties, so it's worth contacting them, too. Whatever you do, don't suffer in silence.

Tackle common student debts

The UK government student loan or Student Universal Support Ireland grant aren't really debts. They work more like a graduate tax, making it a far safer way to borrow.

This isn't the case with other lenders. As well as extra interest or penalty charges, falling behind on repayments can affect credit scores (making it harder or more expensive to borrow in future). In extremes, it can involve debt collectors or the courts.

This is more than most students can cope with. A better tactic is to stay on top of things from the start as much as possible. Here are a few key points to consider:

Rent and bills

Pay essential costs first from your student loan, or set the money aside in a separate account until needed. If problems arise, talk to your landlord or bill provider asap, or see Shelter or Citizens Advice.

Overdrafts

The 0% student overdraft (available with student bank accounts) is completely free if used right. But don't forget to stay within your credit limit and repay in full before the 0% deal ends - usually some time after graduation.

Credit cards and store cards

Always repay the balance in full every month to avoid expensive interest. Store cards are rarely worth hanging on to. Use intro offers, then repay in full and close the account.

Buy Now, Pay Later

More of us are using Buy Now, Pay Later schemes such as Klarna and Clearpay*. They very simple to sign up to but have all the usual consequences if you fall behind: late fees, debt collectors and credit score damage. Budgeting and calendar alerts are a must.

Private loans

Taking on commercial loans without a steady income is a huge risk, so should never be your first port of call while studying. They're also usually far more expensive than other types of credit, so it's vital to get advice before signing up - and at the first sign of trouble.

Lastly: try not to worry!

For many of us, going to university is the start of our financial life, too. It's easier to get credit, yet it's wise to reserve it for stuff that really matters. As you become more financially independent and familiar with budgeting, you can start to appreciate its positives - while keeping a firm eye on its possible negatives.

Source: *Klarna and Clearpay are only available in Great Britain

Image credits: iStock

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Student living: Dealing with debt at university | Parents | MoneySense

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Don't be afraid to air any money worries you might be feeling early. This can resolve issues before they become overwhelming and keeps emotional and financial strain to a minimum. Either way, impartial, expert advice is crucial. Start with: Many lenders will be able to support flexible repayment or pause harsh penalties, so it's worth contacting them, too.

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For young people / i pobl ifanc

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When you visit any website, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences or your device and is mostly used to make the site work as you expect it to. The information does not usually directly identify you, but it can give you a more personalized web experience. You can choose not to allow some types of cookies. Click on the different category headings to find out more and change our default settings. However, blocking some types of cookies may impact your experience of the site and the services we are able to offer.

For more information, see our cookies policy

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Free Debt Advice and Support | National Debtline

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Get free, confidential debt advice from an independent England and Wales debt charity. Call, chat online, or use My Money Steps for expert support today.

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For young people / i pobl ifanc

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Join more than 50,000 teachers who are using MoneySense resources to help 5-18 year-olds towards a better financial future. Our free workshops are supported by over 7,000 bank employee volunteers.

Not yet registered?

MoneySense is free and impartial

MoneySense is curriculum linked

MoneySense makes learning about money feel real, relevant and fun

MoneySense is created by education experts and accredited with the Financial Education Quality Mark by Young Money

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Video: When might I need to borrow money? | Teachers | MoneySense

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Join more than 50,000 teachers who are using MoneySense resources to help 5-18 year-olds towards a better financial future. Our free workshops are supported by over 7,000 bank employee volunteers.

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Opening a bank account / agor cyfrif banc

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Opening a bank account / agor cyfrif banc

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For young people / i pobl ifanc

# data[].attributes.headline
How to open a bank account / suit i agor cyfrif banc

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How to open a bank account / suit i agor cyfrif banc

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For young people / i pobl ifanc

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How to open a bank account - Money Advice Service

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For young people

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If you carry on applying, it means you're happy with what's in these documents, including the FSCS information sheet, and you're happy to view bank statements online, instead of them being posted to you. Please take some time to review, print and/or save the important information

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Child and Teen Bank Account | NatWest Bank Accounts

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If you carry on applying, it means you're happy with what's in these documents, including the FSCS information sheet, and you're happy to view bank statements online, instead of them being posted to you. Please take some time to review, print and/or save the important information

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For young people / i pobl ifanc

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If you're a teenager, you are in a very powerful position. Starting good money habits now will put you ahead for the rest of your life. Here are 8 money tips for teenagers.

I was not good with money when I was a teenager. I spent it on stuff like clothes and eating at the mall.

If I knew as a teenager even a fraction of what I know now about money, I'd probably be retired. So let us help you avoid the mistakes we made with our money by giving you 8 money tips.

1. Understand The Power Of Time

You probably aren't making a ton of money right now, but that doesn't matter. What matters is time. And your money has a lot of it. Let's look at an example:

At the end of your summer job, you have $1000. You invest it at a rate of return of 5%. You don't contribute another cent for 50 years. At the end of those 50 years, you will have $11,467.49.

If you did the same but only had 30 years for that money to grow, you would just have $4,321.99 at the end of those 30 years.

Of course, you will be investing much more over those years than just that initial $1000 so imagine how fast your money will grow if you start early.

Time is rarely on our side but it's on your side now if you start now.

2. Start A Money Saving Habit

How long have you been brushing your teeth? Hopefully, by the time you're a teenager, for many years. And because you have been doing it for so long, it's just a habit.

The power of habit is almost as important as the power of time when it comes to money. A habit is something you do automatically; you don't have to think about it too much.

If you start the habit of saving money now, that habit will always be with you. Every dollar you get, whether it's a gift, an allowance, or pay from a job, get into the habit of saving a portion of it.

Half of it would be ideal and now is the time to start because you don't have a lot of expenses.

The older you get, the harder it can seem to save even 10% of your money, but if you started saving much more than that at an early age, it wouldn't seem hard to you because it's just a habit.

3. Track Your Spending

This can be hard because as a teenager you might be earning money by doing things like babysitting or mowing lawns and those kinds of jobs are usually paid in cash.

And cash is the hardest thing to track.

There are all kinds of great money budgeting tools online, Mint, You Need A Budget, Quicken, and they're all easier to use when you're not dealing with cash.

Cash also tends to burn a hole in our pockets, so it's better to have it stashed away somewhere, so it's less tempting.

It's a good idea to establish a relationship with a bank when you're young. In fifteen years when you want a loan to buy a house, a long track record with a bank can be helpful.

Be sure to research the various types of accounts banks offer. Some will charge fees if you don't keep a minimum balance. You should never pay a penny in fees to a bank for any reason.

Take your cash and open two accounts, a checking and a savings account. Remember, you're saving half of every dollar you get so half goes into checking and half into savings.

It's essential to separate your money. Money that should be saved tends to disappear when it's mixed around with money that gets spent.

You can get a debit card for the checking account. You can now spend money via your debit card rather than cash so you can easily track your spending.

The card will also allow you to deposit cash into your accounts at the ATM rather than having to go to a teller every time.

4. Get Educated

You probably aren't getting much education about personal finance in school, maybe none at all. I have a whole conspiracy theory built around this.

The more you know about money, the less you are tied to a job for decades making someone else money and the less consumer crap you buy.

So you can see what it's in the interest of certain groups to keep you in the dark when it comes to handling money.

But they don't control the internet (yet), the bastards! This is the best place to start. I mean, it's where you found this awesome article for a start.

LMM is a great resource and of course, there are many others, but I don't work for them!

We have so much information available on this site. There are podcast episodes on everything from Launching a Successful Kickstarter Campaign to The Anatomy of a Well-Balanced Portfolio.

There are articles reviewing Betterment and articles that will teach you how to make $100 fast.

We have a Toolbox Page where you will find resources to help you invest, pay off debt, and create an online business.

There are so many personal finance books to choose from that it's hard to know where to start.

Books like I Will Teach You To Be Rich, The One Page Financial Plan, Level Up Your Life, The Boglehead's Guide to Investing, and A Happy Pocket Full of Money.

LMM was designed to be a one-stop-shop for everything personal finance related which means whether you're just starting out as a teenager, or you're 50 and have been investing for thirty years, there is information here that can help you.

Talk to your parents about money. Some families don't like to talk about money, they think it's rude or vulgar, or just none of your business.

But they're wrong, and those attitudes are why so many people leave home without the first clue about how to handle money or anything related to it.

You don't have to poke around in your parent's bank balances to have a discussion about money. You can speak and ask questions, in general, terms.

One of the best ways to open the conversation is to ask what is the most important piece of money advice they can give you. Parents love to give advice and asking such an open-ended question can help to start a deeper conversation.

5. Make Smart Decisions About College

A smart decision about college can include the decision not to attend, or to delay attending for a few years and work full time to help pay for it.

A smart decision might be attending a local college for two years and then transferring to a more expensive, prestigious school. It means applying for every grant and scholarship you are evenly remotely qualified for.

A smart decision is choosing to major in something that people actually get paid to do.

Lots of us would have enjoyed majoring in history or literature, but those aren't really well-paying fields. Taking out tens of thousands of dollars in loans for these kinds of degrees is a poor financial decision.

Crippling yourself with a debt that can almost never be discharged is going to color the rest of your life for decades to come.

You may have to delay things like buying a home and starting a family for years if you come out of college with monumental debt. Overall, college is still a good decision but the days of going to the best school that will have you on loans are over.

6. Establish A Credit History

Ideally, parents would help you start a credit history before you leave home.

Handing an 18-year-old their first credit card the day they get dropped off at college and telling them to "use it responsibly" and leaving it at that is a recipe for disaster.

It's better if the process starts while you still live at home, and your decisions can be monitored.

Speak to your parents about adding you as an authorized user to one of their credit cards. They don't even have to give you access to the card but adding you to the account will open a credit file in your name.

Once you have a credit file, get into the habit of checking your credit score. Credit Karma is great for this, it's free to use. Understand what makes up your credit score.
The biggest factor is payment history, and anything less than a 100% score gives you an F in this category. Always pay your bills on time!
Understand why you need a good credit score. Having one will make many aspects of your life easier and cheaper. Your credit score can affect everything from renting an apartment to getting a job.

7. Use Your Student ID

You can get so many discounts using your ID; Amazon Prime, tickets to museums, concerts, sporting events, restaurants, groceries, movies, train and bus travel, hotels, restaurants, newspaper and magazine subscriptions, clothing, electronics, shipping and lots more. Anytime you buy something, ask if there is a student discount.

8. Avoid FOMO

FOMO is fear of missing out. It's easy to think everyone is having more fun than you are when you're a teenager. And sometimes, people are having more fun than you. That's true no matter how young or old you are. It's important, though, to not give up what you want most for what you want now.

What you want now is to take the money you made at your summer job and go on Spring Break. What you want most is to graduate debt free. Or to retire at forty instead of 65. Or to be able to quit a job you hate because you have a big emergency fund to see you through to your next job. It might not seem like it when you're eighteen, but all of that will be true in time.

It's So Early

If you ask people older than you what their biggest financial regret is, a lot of them will tell you that they wished they had started getting serious about money much earlier than they did. Because doing it only gets harder the older you get. Start now so you don't have that same regret a few decades down the road.

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Money Tips For Teenagers: Your Future Self Will Thank You

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If you're a teenager, you are in a very powerful position. Starting good money habits now will put you ahead for the rest of your life. Here are 8 money tips for teenagers. I was not good with money when I was a teenager. I spent it on stuff like clothes and eating at the mall.

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For young people / i pobl ifanc

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Banking 101: What is a Savings Account? Easy Peasy Finance for Kids and Beginners

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providing information and guidance on the financial help available to higher education students, living in Wales.

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for young people / i pobl ifanc

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Martin Lewis' Student Money Advice | This Morning

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Help to Save is a type of savings account. It allows certain people entitled to Working Tax Credit or receiving Universal Credit to get a bonus of 50p for every £1 they save over 4 years.

Help to Save is backed by the government so all savings in the scheme are secure.

How payments work

You can save between £1 and £50 each calendar month. You do not have to pay money in every month.

You can pay money into your Help to Save account by debit card, standing order or bank transfer.

You can pay in as many times as you like, but the most you can pay in each calendar month is £50. For example, if you have saved £50 by 8 January you will not be able to pay in again until 1 February.

You can only withdraw money from your Help to Save account to your bank account.

How bonuses work

You get bonuses at the end of the second and fourth years. They're based on how much you've saved.

What happens after 4 years

Your Help to Save account will close 4 years after you open it. You will not be able to reopen it or open another Help to Save account. You'll be able to keep the money from your account.

You can close your account at any time. If you close your account early you'll miss your next bonus and you will not be able to open another one.

Sign in

Sign in to your Help to Save account if you already have one.

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Get help with savings if you're on a low income (Help to Save)

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Help to Save is a type of savings account. It allows certain people entitled to Working Tax Credit or receiving Universal Credit to get a bonus of 50p for every £1 they save over 4 years. Help to Save is backed by the government so all savings in the scheme are secure.

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For young people / i pobl ifanc

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We'll email you copies, but you should read and consider these documents before you apply (you can also print or save them). If you have any questions or need further information, please contact us. To see these documents, you may need to download Adobe Reader

Paper-free

We'll send your statements and other important information to your e-Documents section in Online Banking.

You can ask to receive your statements and important information by post using Online Banking, in one of our branches or by phone.

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We'll email you copies, but you should read and consider these documents before you apply (you can also print or save them). If you have any questions or need further information, please contact us. To see these documents, you may need to download Adobe Reader We'll send your statements and other important information to your e-Documents section in Online Banking.

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For young people / i pobl ifanc

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For young people / i pobl ifanc

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Grab The Meic: I Need To Manage My Money Better

This week is Talk Money Week and that's exactly what Tom did. He Grabbed the Meic to ask us for advice on how to manage his money better so he could stop borrowing from family.
Grab the Meic is your opportunity to ask us about anything that's worrying you. We're here to listen and give advice. If you want to #grabthemeic then check out this page, but remember this advice is not instant. If you need advice quickly then please contact the helpline. This article is also available in Welsh - clicia yma
Hi Meic,

I never have any money and keep borrowing from mum at the end of the month - how can I manage my money better?

Tom (*name changed to protect their identity)

Meic's Advice

Hi Tom,

Thanks for getting in touch with us here at Grab the Meic. Sorry to hear that you are experiencing some money difficulties but the good news is that it is never too late to take steps to improve your finances.

Where is it going wrong?

Borrowing from the bank of mum can really put a strain on what can be an important relationship. What's more, not having financial independence can also negatively impacting your self-confidence. So, what are your options?

It sounds like you need to work out where it is going wrong. The fact that you need to borrow money from mum at the end of the month suggests that the money that you have coming in (incomings) is not enough to cover all the payments and expenditures you have going out (outgoings).

Make lists

A good place to start is to write a list of your incoming money and your outgoing money.

Incoming money - this could be wages, an allowance from family, a benefit payment or a student loan allowance.

Outgoing money - all money that needs to be paid out each month, this could be anything from rent, a bag of dog food or your Netflix subscription.

Ok so now you have made your lists you basically need to compare your incoming and outgoing spending. It's likely that these don't currently match up but to manage your money well, they need to.

Budget

If your outgoings are higher than your incomings then you don't have enough money coming in to be able to afford everything you're spending on. So what next?

This is when you should think about introducing a budget. This is a great tool to help you manage your money. It can help you get greater control of where your money is going and allows you to look at where to make savings. It's important to try and think of all your weekly/monthly costs when making a budget, as this will give you a clearer picture of what you need to spend.

The Money Advice Service has a great budget planner with some great tips and a free template.

Time to start cutting back

You've made your budget but you're still spending more money that you're getting in. Now's the time to look at your spending and see where you can cut back.

Have a look at where you're overspending and think about how you might be able to reduce your outgoings. This could be anything from finding a cheaper food shop to being more careful to budget your monthly clothes allowance. With contactless card spending and paying with your phone, it can be easy to spend money but not so easy to track. This makes it hard to work out where you're overspending.

Try keeping a weekly spending diary. It may help to make it clearer where you're over-spending those precious pounds. You may have some difficult decisions to make about how you're spending your money, but try to remember that financial independence will definitely be worth it in the long term.

Saving

It's not always easy to cut back on the things that you enjoy but one benefit of better money management is that you will eventually be able to start saving.

When you want something think about whether you really need it. If you find that you're overspent at the end of the month because you've bought something you wanted but couldn't really afford, then it might be time to challenge your own thinking. Spending money in this way is often called living outside your means and can lead to problems such as debt, so it's a bad habit to get into.

If you really want something then why not try saving for it first? Getting into the habit of saving means you could be in a better position when you're ready to buy your first car or first house. Saving can also give you great satisfaction and a feeling of achievement. This would also mean not having to borrow from the bank of mum.

Check out the advice that the Money Advice Service has on their website.

We hope these tips have been helpful if there is anything that you don't understand or you'd like some more information, support or help to start with that budget, then contact us on the Meic helpline every day between 8am and midnight.

Take care

The Meic Team

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Grab The Meic: I Need To Manage My Money Better - Home - Meic

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Grab the Meic is your opportunity to ask us about anything that's worrying you. We're here to listen and give advice. If you want to #grabthemeic then check out this page, but remember this advice is not instant. If you need advice quickly then please contact the helpline.

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For young people

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Many people have received payments totalling £400 direct to their energy bills or via vouchers, if they are named on an account. However, for those who pay their costs differently a new scheme is open until 31 May 2023.

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Money Advice Cardiff - Cardiff Money Advice Service

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Many people have received payments totalling £400 direct to their energy bills or via vouchers, if they are named on an account. However, for those who pay their costs differently a new scheme is open until 31 May 2023.

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It's time to find out where digital skills can take you. Whether it's improving your career options or staying in touch with loved ones half the world away - we'll equip you with the skills you need.

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For young people / i pobl ifanc

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Are there bank accounts for children and teens?

Many banks and building societies will let children open current accounts from the age of 11, although some are restricted to those aged 16 or over.

Children's bank accounts don't have overdraft facilities, so this can be a safe way to learn the basics of financial management before moving on to an adult account.

In the past, banks offered children incentives such as piggy banks and free school bags. Today, the most common perk is credit interest, although many children's savings accounts can beat these rates.

Once children turn 18 they can access a much wider range of current accounts - you can find the best here.

Here are the best accounts for children and teenagers, ranked by provider customer score:

How do I open a bank account for my child?

Many banks will let 16-year-olds apply independently but for children under 16, a parent or guardian will usually have to open the account in-branch.

You will need to provide a birth certificate or passport, plus a recent household bill or bank statement to prove that you live at the same address.

In some cases, the application can be started online, although you or your child will still need to pop into a branch with proof of ID and address.

How do I manage a children's bank account?

There's no overdraft facility available but otherwise the features are very similar to an adult account.

Your child can set up direct debits and standing orders - useful if you want them to start paying off their phone bill - or make one-off bank transfers.

Banks will ask for parental permission before giving under 16s a debit card, as these can be used in shops, online or at cash machines.

You may prefer to ask for a cash card instead, as these can only be used to withdraw cash and won't be accepted as payment online, over the phone, or in shops.

Can my child get into debt?

Overdrafts aren't available on accounts for under 16s, so payments will usually be declined if there isn't enough money in the account.

If a payment does go through, and the account balance falls below zero, the bank shouldn't apply any fees or interest.

However, using the card abroad will incur fees so make sure your child knows this if they travel outside of the UK.

Remember that your child can use their bank card to withdraw as much as £500 per day from an ATM (some cash cards have a much lower daily limit e.g. the BarclayPlus cash card limits daily withdrawals to £50).

Most of the big banks offer free text alerts and mobile banking apps to help keep track of money going in and out.

Are prepaid cards for under 18s safe?

There are many prepaid cards on the market targeted at children as young as six - such as Nimbl, Osper, RoosterMoney and Go Henry.

A parent or adult must open the account and they can usually set spending limits or restrict how the card is used.

All prepaid cards must be loaded up with cash first and are typically linked to a smartphone app that both the child and the parent can download.

Non-suitable retailers are automatically blacklisted (such as adult stores, gambling sites and off-licences) but parents may also be able to restrict features such as ATM withdrawals or online transactions. Most providers also offer text alerts or app notifications to keep track of spending.

Unlike children's bank accounts, prepaid accounts can't be used to set up direct debits, but the cards can be used in shops, online and for cash withdrawals.

Watch out for annual or monthly service fees and charges to use the card at ATMs or abroad.

Avoid keeping a high balance on a prepaid card

While banks such as Starling and Nationwide are covered by the Financial Services Compensation Scheme which protects deposits up to £85,000 if a firm goes under, prepaid cards aren't covered by the scheme.

However, all of the prepaid cards listed here are backed by e-money firms which must adhere to e-money regulations. This means your money can't be lent out and must be held in a segregated account so that it is protected against claims made by creditors.

Your money should be protected by the bank holding your cash, however, if the bank or building society holding that segreated account fails, your cash won't be protected.

More on children's prepaid cards

Do children pay income tax?

Like adults, children are entitled to income tax allowances, including the personal savings allowance.

During the 2020-21 tax year, children are eligible for the £12,500 personal allowance, the £5,000 starting rate for savings and the £1,000 personal savings allowance. This means children will only pay tax if they earned more than £18,500 a year.

One sticking point is money gifted by parents - if this money generates more than £100 interest a year, before tax, it would be taxed as if it were the adult's, not the child's.

The £100 rule only applies to parents, step-parents and guardians, not other family members, such as grandparents, or friends.

Read more about taxes in the full guide to children and income tax.

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Are there bank accounts for children and teens? Many banks and building societies will let children open current accounts from the age of 11, although some are restricted to those aged 16 or over. Children's bank accounts don't have overdraft facilities, so this can be a safe way to learn the basics of financial management before moving on to an adult account.