Your Money- How to Handle it

No matter what you decide to do, money is going to be very important in work or education.

Setting yourself up for the world of work

Getting paid for the work you do is a pretty important part of having a job.  An employer may send you money once a week, every two weeks, or once a month, but no matter how often you’ll need the following:

  • A bank account – the money has to go somewhere!  Your employer should pay directly into your bank account.  There are lots of different banks and bank accounts out there, so it’s worth doing some research to find the best one for you.
  • Your national insurance number – you have to pay national insurance on your wages, but this shouldn’t be a lot of money if you’re under 18.  You’ll get your national insurance number close to your 16th birthday, it’ll come in the post so you’ll want to make sure your address is correct with the Council.

Every time you’re paid you’ll get a payslip.  These can be digital or paper copies, depending on who you work for.  It’s your responsiblity to make sure your payslip is correct and let your employer know about any mistakes.  Getting paid too much one month might seem great, but your employer is allowed to ask for that money back.  If you’ve not been paid enough, or think you’ve paid too much tax, you can ask for the money in the same way.

16-19 bursary fund

If you’re aged between 16 and 19 years and think you might struggle with the costs for education or training you may be eligible for a bursary.

Students in the following groups may receive a bursary of £1,200 a year:

  • Young people in care
  • Care leavers
  • Young people claiming income support in their own name
  • Disabled young people who receive both employment support allowance and disability living allowance in their own name

If you are in one of the above groups and your course is shorter than 30 weeks, or you are studying part-time, you may receive less than £1,200.

 

Schools, colleges and training providers are responsible for awarding bursaries to students. They also set conditions for students to receive a bursary, for example, linked to behaviour or attendance.

Student Finance

Planning to go into higher education? There’s financial support from the government to help you cover the costs. Finding out what’s available in advance means you can concentrate on preparing for university or college.

Not sure if you’re eligible? Visit the Government website to see if you are Eligible for Student Finance

What support is available?

Students will be able to apply for:

  • Student loan for tuition fees
  • Student loan for maintenance or maintenance grant/ special support grant

In addition there are some bursaries and scholarships available.

You can apply for student loans before you have received your exam results.

For further information on student finance and to Apply for Student Finance apply online at Student Finance Direct.

Care to Learn

As a young parent Care to Learn can help pay for your childcare and travel costs while you are learning. Phone the helpline on 0800 121 8989 or see your Adviser or Officer for more information.

 

Last Updated: 28th January 2020

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