Your Personal Advisor (PA) can help you understand your money, including any benefits you might be entitled to.
Once you turn 18, you'll manage your own finances - but you can still ask us for help.
You may also be eligible for financial assistance. We will ensure you know how to access it. This could include:
- Benefits - to check if you are eligible for benefits and to receive guidance on how to apply, visit the MoneyHelper online benefits calculator
- External funding - you may be entitled to additional funding, depending on your circumstances
Budgeting
Managing your finances is an important skill when living independently. The budget planner below will help you track your income and expenses. Make sure to regularly review your spending and adjust your budget as needed. You can also ask your Personal Advisor for help in reviewing your budget and managing your money effectively.
- Budget planner tool on the Government's Money Helper website
- Budget planner tool on the Money Saving Expert website
A budget planner is a useful tool to help you plan your finances and track your monthly expenses. It is important to adjust and review your budget as your circumstances change.
Resources for support
There are many resources available to support you as you move into your first home, go to university, or explore other opportunities:
- Student finance - for information on loans, grants and paying for university, visit the GOV.UK website's apply for student finance page
- Young person's housing advice - for guidance on renting and setting up your first home, visit the Shelter Legal England website's care leavers housing options page
- Disability and additional support - for those with learning disabilities or difficulties, Mencap provides helpful advice and resources
These resources are here to help you make important financial decisions and successfully navigate life's transitions. Your Personal Advisor is also available to support you through any challenges you may face along the way.
Debt management
Managing debt can be stressful, but there is support available to help you regain control. It’s important to address any debt early on and explore your options to prevent it from becoming overwhelming. In this section, you’ll find advice on how to manage debt, seek support, and access the resources that can help.
Breathing Space
The Debt Respite Scheme, also known as Breathing Space, is a Government initiative that can help ease the pressure and stress caused by debt. Visit the Breathing Space page on the Peterborough Information Network.
Debt and money management advice
- HAY Peterborough provides debt and money management advice
- Debt Advice Foundation offers free, confidential advice on managing debt - call 0800 043 40 50
- National Debtline offers free debt advice
Additional support
- Hardship / Contingency Fund - for small, one-off costs related to social and community activities, travel and bills
- Clothing allowances - for things like job interviews, work-related clothing, or special occasions
- Foodbank referral - if needed, we can refer you to the Trussell Trust Foodbank network for temporary food support
- Important documents - support with the cost of obtaining two forms of identification - e.g. a passport, provisional driving licence, or birth certificate
These options could be available to help support you in managing your finances and achieving independence.
Crisis Resilience Fund
If you are facing an unexpected crisis or emergency and need short-term financial support, you may be able to get help through the Crisis Resilience Fund.
To apply, please contact the Leaving Care Team (see details below).
How decisions are made - support is considered based on your situation and what is available.
Contact the Leaving Care Team
Phone: 07773 576469
Email: leavingcare@peterborough.gov.uk