Managing your money and budgeting
Learn how to budget, save and get money support in Oxfordshire.
Managing money helps you live more independently. Whether you get pocket money, wages or benefits, knowing how to budget and save is an important life skill.
This page explains how to:
- plan your spending
- open a bank account
- save money
- get financial support
- avoid scams
- find help if you’re struggling
How to budget
Budgeting means planning how to use your money wisely.
Start by writing down:
- what money you get (income)
- what money you spend (expenses)
Expenses might include:
- bus fares
- lunch
- phone bills
- fun activities
Try to spend less than you earn. You can use:
- a notebook
- a spreadsheet
- a free budgeting app
Ask a parent or support worker to help you get started. You can also use the Money Helper budget planner.
Opening a bank account
You can open a bank account online or by visiting a branch. You’ll need:
- ID (like a passport or birth certificate)
- proof of address
You’ll get a debit card to pay for things. The money comes straight out of your account.
If you need help, visit Livewell Oxfordshire for advice on accounts, benefits and money.
Saving money
Saving helps you plan for the future. You can:
- open a savings account
- put aside a small amount each week
- save for things like holidays, clothes or a laptop
If you were born between 2002 and 2010, you might have a Child Trust Fund. You can access it when you turn 18.
Financial support and benefits
You may be able to get help with money if you have a disability or health condition.
Support you can apply for
- Personal Independence Payment (PIP) – extra costs from age 16
- Disabled Students’ Allowance – help with study costs
- 16 to 19 Bursary Fund – help with travel, books and college costs
- Access to Work – help with support you need at work
Discounts you can get
- MAX card – free or discounted entry to attractions
- CEA card – free cinema ticket for a carer
- Disabled person’s railcard or bus pass
Spend wisely
Be careful with your money:
- don’t share your bank details
- watch out for scams
- use trusted websites when shopping online
- pay for important things first (like food or travel) before spending on extras
Get help with money
If you find money hard to manage, you can get help:
- ask a trusted adult to help you budget
- some banks allow a parent or carer to help with your account
- use a prepaid card to limit spending
- someone can become your appointee to help manage your benefits or money legally
Talk about money
It’s okay to ask questions. Talk to:
- parents or carers
- teachers or support workers
- money advisers
If you’re worried about money or debt, get help early.