The Money and Pensions Service (MaPS) was set up by the UK government to provide one place that covers everything from pocket money to pensions.
Lee Phillips works for MaPS in Wales, so she’s a fantastic person to give us some top tips and advice about finances…
- Some people think they are rubbish at money, but just because you haven’t been good with money in the past doesn’t mean it has to be that way in the future. As you grow and your life changes, so might your attitude towards money.
- You need to think about the difference between the things that you want and need. This will help you budget, which is very important. We all make mistakes with money, but the sooner we can make these mistakes and learn from them, the less chance there is of making a mistake that could have a long-term impact on us.
- Everyone is worried about cost-of-living increases. I would suggest talking about money – the more we talk about it and break the taboo of talking about money, the more we can share our worries and get the support that we need.
- If you’re struggling to keep up with bills and payments, don’t worry – you’re not alone. We help hundreds of thousands of people with money worries every year. You can contact a specialist and find free, confidential advice now using the free MoneyHelper debt advice locator tool.
Lee’s top tips
- If you can sort out the basics with your money now, then you’ll find it easier to hit those big money goals later down the line.
- Start on the right track – understand what money you’ve got coming in, what’s going out and what you’re entitled to and then put a budget together. Making a weekly budget can help you get a clearer picture of the costs you need to cover.
- Read our guide about supporting yourself financially.
- If you can, try to get into the savings habit. Regularly putting money aside for your future life goals is a good habit to pick up and it gives you a pot to fall back on in an emergency, but most importantly it gets you used to saving.
- Check out if you’ve got a Child Trust Fund – there could be over £1,000 waiting for you to claim! Watch this video for more information.
- Be careful of scams – scams can come in many forms, but all are designed to get hold of your money. It’s important to know how to recognise a scam and what to do if you think you’ve been targeted or have fallen victim. Find out more at MoneyHelper.
- Beware of loan sharks – loan sharks seem friendly and helpful when you are in need, but this kind of lending is illegal, and it could cost you a lot more than you think. Remember you are not in trouble if you have borrowed money from a loan shark. Contact Stop Loan Sharks Wales for advice or to report a loan shark.
- Understand your credit score – a credit score is a number that goes up or down depending on how you’ve done in the past and present with money, especially when it comes to loans and credit cards. Building a good credit score is important because it can affect your ability to borrow money or access things such as credit cards or loans. You can check your free score, and if it isn’t the best right now, here are some ways to improve it.
- If you want to talk to someone about your finances, speak to your foster carers, personal advisor or visit the MoneyHelper website.