Information for young people (Easy Read)

Managing your money is an exciting part of being an adult.

You can set up your own bank account from the age of 16.

Your parents and carers can set up one for you when you are younger.

You can use your bank account to pay your household bills.

You can save up for the fun activities like holidays and days out.

A debit card is a way to spend the money you have in your bank account.

A credit card is a way to borrow money. You have to pay the money back at the end of each month.

If you do not pay it back, you have to pay extra money on top of what you have borrowed.

This is called an interest charge.

Be careful if you want to borrow money.

The bank will always ask you to pay interest on anything you borrow.

Contactless cards are a quick way to use your bank cards.

Both credit and debit cards can be contactless.

There is a limit on how much you can spend.

Sometimes you have to use your PIN as a security check.

A budget is a way to plan how to spend your money.

Budgeting helps make sure you don’t spend more money than you have.

It is an important skill.

You can get help with budgeting from family, school or college, or your carers.

There are agencies that can help you if you need more help.

Lloyds Bank have information on how to budget.

Remember - don’t spend more money than you earn.

You can use a Budget Planner.

This will help manage your money.

If you are aged 16 or over, you must pay tax and national insurance.

You will get a national insurance number when you are 16.

You will give this number to your employer if you have a job.

You must give this number if you need to claim benefits and other times you speak to the government.

Watch a video on National Insurance and Tax

Council Tax is a charge based on the value of the property you live in.

Council Tax helps to fund local services.

These may be:

• rubbish collection
• street lighting
• libraries
• police and fire services
• youth clubs
• parks

All adults who own or rent a property must pay Council Tax.

If you have a disability, you can get a discount.

You can also get a discount if you live alone.

Student properties don’t pay council tax.

Find out more about Council Tax.

You may have to pay other bills, such as:

• water
• electricity
• gas
• broadband

You will need a tv license if you watch live television.

PIP can help you with some of the extra costs if you are aged 16 and over and have a long-term health problem or disability.

Find out more about PIP on GOV.UK.

If you would like other support about welfare benefits, visit:

• Benefits Calculator
• Citizens Advice
• Community Law Service - Northamptonshire