Financial Stability
We are here to give you all the support you need to manage your finances
Accessing and Managing Benefits:
1. Understanding Universal Credit: Universal Credit is a payment to assist with living costs, available to those on low income, out of work, or unable to work due to health or other reasons. If you’re recently homeless or an immigrant, you might still be eligible, especially if you’re seeking work or cannot work due to health issues. For detailed eligibility criteria and more information, visit the Universal Credit guide. https://www.gov.uk/universal-credit
- How to Apply: Apply for Universal Credit online. https://www.gov.uk/apply-universal-credit. The process involves filling out details about your situation, income, and needs. If you’re having trouble, such as language barriers or lack of internet access, the staff at Your Place can provide support, including access to computers and guidance through the application steps.
- Important Documents: You’ll need some key information to apply, such as bank account details, an email address, and your National Insurance number. If you do not have a National Insurance number or are unsure how to find it:
– If you’ve never had a National Insurance number: You can still apply for Universal Credit. You’ll be guided through the process of getting one as part of your application. It’s a crucial step for working and receiving benefits in the UK.
– If you’ve lost or forgotten your National Insurance number: You can find it on official paperwork like your payslip, P60, or letters about tax, pensions, and benefits. Alternatively, you can find a lost National Insurance number using the UK government’s service. https://www.gov.uk/lost-national-insurance-number
Remember: At every step of the way, Your Place staff are ready to help you. Speak to your key worker if you need help.
Financial Stability Guide
Keeping Your Money Balanced:
1. Making a Budget: Start by jotting down what money comes in from work or benefits. Then, list your must-pays like rent and food. What’s left? That’s your spending or saving money. Check out the Money Helper Budget Planner https://www.moneyhelper.org.uk/en/everyday-money/budgeting/budget-planner for an easy way to see how you can plan your spending.
2. Saving Money: Every little bit counts. Try setting aside a small amount regularly. Think of it as your emergency fund or savings for something special down the line.
3. Handling Debts: If you’re in debt, talking about it is key. Contact your creditors to discuss a manageable repayment plan. For free advice, check out StepChange https://www.stepchange.org or National Debtline. https://www.nationaldebtline.org
4. Getting Around for Less:
– Buses and Trains: Look into travel cards like the Oyster card, which can make each trip cheaper than buying a single ticket. If you’re under 30, the 16-25 and 26-30 Railcard gives you 1/3 off rail fares across Britain for a year. Railcards are also available for disabled people. https://www.railcard.co.uk
– Oyster Cards: If you’re traveling by bus or Tube in London, an Oyster card can make each journey cheaper. You can get an Oyster card at any Tube station or order one online at the Transport for London website. https://tfl.gov.uk/fares/how-to-pay-and-where-to-buy-tickets-and-oyster/pay-as-you-go/oyster Just top it up with money and tap in and out.
– Carpooling: Sharing rides can be a cost-effective way to travel. Apps like BlaBlaCar connect drivers with people heading the same way, allowing you to split fuel costs. It’s a good option for longer journeys or when public transport isn’t available.
5. Learning About Money: Understanding money management can make a big difference. For starters, The Money Charity https://www.themoneycharity.org.uk/adults/ offers simple guides and workshops to get you savvy about spending, saving, and budgeting.
Building a Strong Work Foundation:
1. Crafting Your CV: Your CV is your personal highlight reel. Focus on clear, simple language that showcases your skills, experiences, and any work you’ve done, even if it’s volunteering or informal jobs. Need help? Your Place offers CV workshops, and you can also find easy-to-follow tips on National Careers Service. https://nationalcareers.service.gov.uk/careers-advice/cv-sections
- Ace the Interview: Interviews can be nerve-wracking, but practice makes perfect. Prepare by thinking of answers to common questions and practice speaking clearly and confidently. Your Place might run mock interviews, and websites like Reed.co.uk https://www.reed.co.uk/career-advice/interview-techniques/ offer great advice on handling interviews.
- Be Punctual: Arriving on time for your shift is crucial. Plan your journey in advance, considering any potential delays. If you’re ever running late, inform your employer as soon as possible.
- Communicate Well: Good communication is key in any job. If you don’t understand something, it’s okay to ask questions. If you’re facing issues that might affect your work, talk to your employer. Most employers appreciate honesty and will try to support you. The Mind website https://www.mind.org.uk/workplace/mental-health-at-work/taking-care-of-yourself/ offers advice on communicating in the workplace, especially about mental health.
- Embrace Learning: Every job is a chance to learn something new. Show eagerness to take on new tasks and learn new skills. This can lead to more opportunities and even promotions. Websites like FutureLearn https://www.futurelearn.com and Coursera https://www.coursera.org offer free courses that can help you gain new skills and knowledge relevant to your job.
- Stay Healthy: Your health affects your work. Eat well, get enough sleep, and find ways to manage stress. This will help you stay focused and perform well at your job. The NHS Live Well https://www.nhs.uk/live-well/ site provides tips on healthy living, covering everything from diet to exercise and mental well-being.
Practical Steps to Financial Independence:
1. Engage with Support Services: Utilise the resources and support available at Your Place. From financial counselling to employment workshops, these services are designed to equip you with the necessary tools for independence.
2. Build a Support Network: Connect with peers and mentors within and outside Your Place. Sharing experiences and advice can provide valuable insights and encouragement.
3. Set Clear Goals: Define what financial independence means to you. Whether it’s saving a certain amount, securing stable employment, or moving into your own place, having clear goals can guide your actions.
4. Track Your Progress: Keep a journal or a log of your financial milestones, no matter how small. This not only helps you stay on track but also boosts your morale by highlighting your achievements.
5. Learn Continuously: The path to independence is paved with learning. Take advantage of free online courses and resources to enhance your skills and knowledge. Websites like OpenLearn https://www.open.edu/openlearn/ offer a wide range of subjects to explore.
6. Practice Financial Discipline: Develop healthy financial habits such as budgeting, saving, and prudent spending. Tools like the Money Advice Service’s Money Navigator Tool can provide personalised guidance based on your situation. https://www.moneyhelper.org.uk/en/money-troubles/coronavirus/money-navigator-tool
7. Seek Opportunities for Growth: Be on the lookout for job opportunities, promotions, or side gigs that align with your skills and interests. Platforms like Indeed https://www.indeed.co.uk and LinkedIn https://www.linkedin.com can be useful for job searching and networking.
8. Stay Informed: Keep up-to-date with news and information related to financial health, employment laws, and benefits. Understanding your rights and opportunities can significantly impact your financial journey.
9. Focus on Health and Wellbeing: Remember that your physical and mental health are foundational to achieving financial independence. Utilize resources like the NHS’s Every Mind Matters for tips on maintaining mental wellbeing. https://www.nhs.uk/oneyou/every-mind-matters/
10. Be Patient and Persistent: The journey to financial independence is a marathon, not a sprint. Celebrate your successes, learn from setbacks, and stay committed to your goals.
