Managing money
Making ends meet is not easy, but planning ahead can help you make the most of your money, and take the worry out of dealing with debt.
Banks
If you start work, claim benefits or get a student grant, loan or bursary you will need a bank account.
Current accounts allow you to manage your regular income, pay bills and use a debit card. Basic accounts are similar to current accounts but don't allow you to go overdarwn. Savings accounts give you interest on your money.
Each bank offers a range of different accounts with slightly different services, charges and interest rates.
Look at the Direct.gov website for information and advice on choosing the best one for you
Credit cards and storecards
These allow you to spend money and pay all, or part of it, back at the end of the month. You have to be 18 to get a credit card.
If you don’t pay back in full at the end of each month, you will be charged interest and you could find yourself getting into debt very quickly.
Store cards are like credit cards but you use them in a particular shop and they tend to have higher interest rates than general credit cards.
See the Direct.gov website for advice and information on credit and store cards.
Overdrafts and Loans
Overdrafts allow you to spend more than you have in your bank account and pay it back later. You will be charged interest and there may be other charges on top.
Loans give you the chance to borrow a set amount of money over a period of time and pay back monthly. You have to be 18 to take out a loan.
Loans vary in the amount of interest they charge. Always check out how much you will repay in total when comparing costs of loans.
Short term loans, sometimes known as pay day loans, can be quite cheap if they are repaid on time but very expensive if they are not.
See the direct.gov website for information and advice on loans and overdrafts and information on how to avoid loan sharks
Budgeting
Budgeting can help you to stay out of, or get out of, debt. Its all about keeping track of and how much money you get and how much you spend. All you have to do is make sure that you don’t spend more money than you have coming in.
See the Direct.gov website for information and advice on budgeting.
Managing Debt
If you borrow money and can't afford to pay it back you can quickly get into debt. There is help and advice to help you get out of debt. See the Direct.gov website for information and advice on debt or call one of these local organisations:
Leicestershire County Debtline
0844 2480 040
Leicester Money Advice Centre
0116 2421120
National Debt Line
0808 808 4000
Gambling
Whether it’s fruit machines, Lottery scratch cards, or the local betting shop – gambling can get out of control. If you are concerned about your ‘habit’ seek some help. Call the GamCare Helpline on 0845 6000 133
