Learn about banking, saving your money and loans.
It is the main way to receive payments from benefits and work.
It is a good way of keeping track of your money.
It is a way to keep your money safe from loss or theft.
You will have multiple ways of accessing and using your money from the comfort of where you are.
Consider the ways you can and need to be able to access your money:
For example, not all banks have physical bank branches.
It is important you choose the right bank and the right bank account type based on your circumstances.
Click here for a guide on how to do this.
It is important that you keep your account information such as your login details, account number, indentifying information safe. This makes it less likely for you to be a victim of financial abuse and fraud.
Having a memorable and secure password ensures you are always able to access your account and that it cannot be easily guessed.
Click here to take a look at the guidance on passwords and storing secure information.
Being able to understand your bank statements will allow you to know what your incoming and outgoing payments are. You can also identify if there is anything unusual on your statement.
Being able to use your debit card is a big part of managing your money and your account. It allows you to withdraw money, make payments in shops and online.
Make sure to report it to your bank immediately. You can either call them, pop into the branch or report it online. You can also freeze your card to prevent it from being used.
Make sure you update the following information:
When you borrow money there may be a charge or interest applied for the amount you have borrowed.
You are expected to repay any money you borrow within the time you have agreed.
If you don't make regular payments you can end up paying more overall.
Loan sharks are illegal lender who tend to target people who are unable to get credit elsewhere. The interest rates are high and you might be harassed if you fall behind on payments.
Click here to find out more information.
Watch this video on how to spot a loan shark:
They may be easier to get but the interest rates are high. If you fall behind on payments you will end up paying more.
You need to shop around for the best interest rates.
Click here for more information.
Make sure you can afford any repayments! Click here for more information.
Don't worry, you are not alone!. There is plenty of support, advice and guidance on how to manage debt.
Click here to explore the managing debt resources.
You can put money aside for the things that you want without affecting the things you need.
You can plan for one off expenses that you have every now and again.
You can be better prepared for unexpected costs such as an increase in price or an unexpected bill.
Plan your budget to see where you can make some adjustments so you can save.
Click here for guidance on making your money go further.
Ensure you are receiving all the benefits you are entitled to.
Click here for guidane on maximising your income.
Set yourself a target of how much you would like to save in the short and long term.
The 50 – 30 – 20 Method
The 80 – 20 Method
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