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Your money

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Helping you manage your money

Learning how to manage money is an important part of becoming independent. We will help you build the skills, knowledge and confidence to manage your finances, make informed decisions and plan for your future.

Your Personal Adviser (PA) can help you to:

  • open a bank account
  • access your birth certificate, passport and other important identification documents
  • access your Junior ISA or Child Trust Fund
  • apply for benefits, including Universal Credit
  • understand budgeting, bills and household costs
  • access grants, bursaries and financial support
  • avoid debt and get help if you are struggling financially
  • understand payslips, tax and pensions when you start work

Our financial wellbeing promise

As your corporate parent, we will help you develop the skills, confidence and resilience to manage your money throughout adult life. We want you to feel confident making financial decisions and know where to get help when you need it.

Learning money skills

We offer a Tenancy Ready Course to help you prepare for living independently.

The course covers:

  • budgeting and managing money
  • paying rent and household bills
  • Council Tax and utilities
  • understanding tenancy agreements
  • looking after your home
  • knowing where to get help if things go wrong

Please contact Julie Potter at Julie.Potter@cambridgeshire.gov.uk

You can also access:

Information and resources to support financial independence:

Benefits and financial support

We can help you to:

  • set up a Universal Credit claim before your 18th birthday where appropriate
  • understand what benefits you may be entitled to
  • attend Jobcentre appointments if you would like support
  • understand your responsibilities while claiming benefits

Where appropriate, we can continue financial support for up to five weeks whilst your first Universal Credit claim is being processed. This helps reduce the need to borrow money when you first move into adulthood.

Setting up home allowance

The setting up home allowance is money to help you buy the essential things you need when moving into your own home.

All eligible care leavers are entitled to a setting up home allowance of at least £3,000. This is sometimes called a leaving care allowance. The allowance is there to help you create a safe and comfortable home when you become more independent.

You may be able to receive a setting up home allowance if you are an eligible care leaver receiving support from the Leaving Care Team and are moving into your own home.

Your Personal Adviser will discuss your circumstances with you and explain what support you can receive.

To access your setting up home allowance, speak to your Personal Adviser.

Your Personal Adviser will:

  • talk to you about what you need for your home
  • help you plan how to use the allowance
  • explain what items can be purchased
  • help you request support
  • make sure the allowance is used in a way that meets your individual needs

The support you receive will be recorded as part of your Pathway Plan wherever appropriate.

We will work with you to make sure the allowance is used to meet your individual needs.

Support may be provided through:

  • direct purchase of household items
  • payments made on your behalf
  • instalments over a period of time
  • other arrangements agreed with your Personal Adviser

Your Personal Adviser will explain how the allowance is managed and help you make informed choices about what you need for your home.

The allowance is intended to help you buy essential items for your home, such as:

  • a bed and mattress
  • bedding and towels
  • a sofa or chairs
  • a table and chairs
  • kitchen equipment and utensils
  • crockery and cutlery
  • a fridge or freezer
  • a cooker or microwave
  • a washing machine
  • curtains or blinds
  • essential household items needed to set up your home

The allowance cannot be used for rent, utility bills or day-to-day living expenses.

If you think you need a setting up home allowance, speak to your Personal Adviser.

They will:

  1. Discuss your needs with you.
  2. Help you identify the items you need.
  3. Explain the local process for accessing the allowance.
  4. Support you to make requests and purchases.
  5. Ensure support is provided in a fair and transparent way.

In some circumstances, additional financial support may be available beyond the setting up home allowance.

This may include:

  • discretionary financial support
  • emergency financial assistance
  • support while waiting for benefits to be paid
  • help to access grants, bursaries and other financial entitlements
  • budgeting and money management support

Your Personal Adviser can explain what additional support may be available and help you access it if you are eligible.

If you have questions about the setting up home allowance or any other financial support, speak to your Personal Adviser. They will help you understand your options and make sure you receive the support you are entitled to.

Moving into your first home

We can support you with:

  • a Setting Up Home Allowance of up to £3000
  • essential furniture and household items
  • your first food shop
  • moving costs
  • Council Tax support
  • rent deposits or rent in advance where eligible

Your Personal Adviser will explain what support is available to you.

Junior ISA and Child Trust Fund

Many children in care have savings held in a Junior ISA or Child Trust Fund.

If you have savings, we will help you:

  • find out where your account is held
  • understand how much money is in the account
  • access your money when you become eligible

Staying safe with money

As you become more independent, it is important to stay safe.

We can help you understand:

  • debt and borrowing
  • credit scores
  • Buy Now Pay Later schemes
  • scams and online fraud
  • loan sharks and financial exploitation
  • gambling risks

If you are unsure about something, ask your Personal Adviser before making a financial decision.

Further support

You can also get help from:

If you are worried about debt, bills or money that you owe, please ask for help as soon as possible.

Free and confidential advice is available from:

  • Citizens Advice offers free and confidential advice on money, benefits, housing, employment, debt and many other issues that may affect your everyday life.
  • StepChange Debt Charity offers free, confidential advice and practical support to help you manage debt, create a budget and find the best solution for your situation.
  • National Debtline provides free, independent debt advice, helping you understand your options and take control of your finances.
  • Gambling support - If gambling is affecting your finances, wellbeing or relationships, support is available. GamCare provides free and confidential advice and support 24 hours a day, 7 days a week. Telephone 0808 802 0133.

Your Personal Adviser can help you access these services and support you to make a plan.

Additional financial support may be available if you are:

  • at college
  • in training
  • completing an apprenticeship
  • going to university
  • starting a new job

This may include support with:

  • apprenticeship bursaries
  • higher education bursaries
  • university open days
  • computer equipment where eligible
  • interview clothing
  • travel costs to work
  • graduation celebrations

Speak to your Personal Adviser for more information.

Money worries can affect your mental health, confidence, sleep and wellbeing.

If you are worried about money, speak to your Personal Adviser. We will help you access support before problems become a crisis.

You may also be able to access free counselling support through Concrete Rose including:

  • counselling
  • 24-hour wellbeing helpline
  • financial advice
  • wellbeing resources
  • discounts and special offers

If you are struggling with rising living costs, we can help you access support and advice.

This may include help with:

  • food
  • gas and electricity costs
  • essential household items
  • emergency financial assistance
  • local and national cost of living schemes

Speak to your Personal Adviser if you are worried about managing your everyday living costs.

Nobody should go without food or basic essentials.

If you are struggling to afford:

  • food
  • toiletries
  • cleaning products
  • baby items
  • essential household goods

Speak to your Personal Adviser straight away. We can help you access local food support, community resources and emergency assistance where available.

If you are worried about paying for:

  • gas
  • electricity
  • water
  • heating

Tell your Personal Adviser as soon as possible. We can help you explore energy support schemes, budgeting advice and emergency support options.

If you are feeling anxious, stressed or overwhelmed because of money worries, speak to:

  • your Personal Adviser
  • your GP
  • a trusted adult
  • a mental health professional.

You do not need to deal with this alone.

What if I need help urgently?

Please contact your Personal Adviser as soon as possible if you:

  • have no money for food or essentials
  • cannot afford gas, electricity or water
  • are worried about debt
  • cannot pay your rent or bills
  • think you might lose your home
  • have unexpected financial difficulties

If it is an emergency

If you are at immediate risk of homelessness or do not have a safe place to stay:

Remember

As your corporate parent, we are here to help you build the skills, confidence and support network you need to manage your money successfully and live independently. Asking for help is a strength and support is always available.