PARENTLINE FACTSHEET NO.8
MONEY
Looking after a family isn’t easy and
money worries can make it even harder.
We have put together some information
you might find helpful.
Banking
It is really important to have a bank account. If you don’t have a
bank account you end up paying more for things. For example,
you have to pay extra to pay bills and cash cheques. You also pay
more for things like gas and electricity because you can’t make
monthly payments through a bank.
In 2011 Citizens Advice Scotland found that one in ten Scots
don’t have a bank account and in some areas that rose to one
in five. There can be many reasons for this. People worry about
building up an overdraft, there might not be a branch nearby,
they worry about bank charges, they think they don’t have any
official identification documents.
After pressure from the Government all the major banks
introduced new accounts called ‘Basic Bank Accounts’.
These are much easier to manage and you can’t take out
money you don’t have. You will find information about these
accounts on the Money Advice Service website at:
www.moneyadviceservice.org.uk
If official identification paperwork is a worry the Money Advice
Service has information about that too. Most banks accept the
Young Scot Card as Photographic ID.
Once you have opened one of these accounts you can use your
local Post Office to do your banking.
Budgeting
Money is tight for everyone these days. It is really important to
make good use of the money you have.
Do you know off the top of your head how much money you
have spent over the past three days? Write down a guess
without thinking too hard. Now work it out. There will probably
be a big difference between the two numbers. You may be
surprised at how much you spent on stuff that isn’t important.
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It is really good to get into the habit of keeping a written record
of your money that goes out and comes in.
Citizens Advice Adviceguide www.adviceguide.org.uk has
an online budgeting tool to help you get started and a budget
sheet you can use to get you started if you prefer to do it
on paper.
Borrowing money
It can be really tempting to borrow money from the big lenders
who advertise on television and radio. They make it very easy
and sometimes people have no other option.
Pay close attention to the APR which will be written in very small
print at the end of the advert. APR stands for annual percentage
rate – how much you will be paying in interest on top of the
actual loan.
Make sure you know what you will actually be paying. The
Money Advice Service has a lot of information about borrowing
money (credit) so have a look at that before you make any
decisions to borrow money.
Credit unions
We would like to encourage everyone to join their local Credit
Union. These are non profit-making organisations set up by
people with something in common to benefit their community.
They provide savings accounts and low-cost loans. Some are
small but some are very big.
The big ones provide cards to use in cash machines and even
provide mortgages. One in four people in the Glasgow area is a
member of a Credit Union.
Once you have saved with a Credit Union for a few months you
will be able to borrow money. You can join by paying in as little
as £1 a week. Most Credit Unions have children as members.
You would be giving your children a great start in life by getting
them into the habit of saving through a Credit Union from a
young age.
The Association of British Credit Unions www.abcul.org has a
search facility for local Credit Unions.
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PARENTLINE FACTSHEET NO.9
Debt
If you are worried about debts get help as soon as you can.
You can make an appointment with your local Citizens’ Advice
Bureau to talk things through.
They can make suggestions about options and can sometimes
come to an arrangement with organisations you owe money to.
You can find contact details of your local CAB from the website
www.cas.org.uk
The National Debtline can be found at
www.nationaldebtline.co.ukor call 0808 808 4000 for advice
on debt problems.
Other sources of help with
money problems
In the Glasgow area services belong to Glasgow Advice and
Information Network (GAIN) You can contact them on their free
helpline 0808 801 1001 or visit www.gain4u.org.uk.
Many but not all local councils have their own Welfare Rights or
Money Advice services. You can find contact details on your local
council website.
Money Advice Scotland www.moneyadvicescotland.org.uk is
the national umbrella organisation which promotes the provision
of free, independent, impartial and confidential money advice.
On the website is a link to help you find a money adviser in your
area. You can also call them on 0141 572 0237.
The Money Advice Service provides clear money
information. They have a very informative website www.
moneyadviceservice.org.uk and a helpline 0300 500 5000.
They also provide face to face advice through local Citizens
Advice bureaux. To book an appointment call 0808 800 0118 or
book online.
Benefits and welfare reform
The child Poverty Action Group has a wide range of current information
on Benefits and Welfare Reform, visit www.cpag.org.uk.
For information on what benefits youmight be entitles to claim
there is a benefits adviser tool on the Government website
https://www.gov.uk.benefits-adviser
Contact us
The helpline can be contacted on:
t: 08000 28 22 33
e: [email protected]
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The helpline opening hours are: E
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Monday to Friday: 9am-10pmTAKE
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Saturday and Sunday: 12noon-8pm
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ParentLine
AC also put you straight through to the MoneyT TIO
Advice Service.
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We can help you take action to achieve change where it is needed.
For further information about CHILDREN 1 please contact:
CHILDREN 1ST, 83 Whitehouse Loan, Edinburgh EH9 1AT
t: 0131 446 2300
f: 0131 446 2339
e: [email protected]
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For more information on family group conferences or to find out how you can help
and to order any of our publications, visit our website www.children1st.org.uk
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CHILDREN 1ST Registered Office
83 Whitehouse Loan Edinburgh EH9 1AT
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www.children1st.org.uk
Registered
Scottish
Charity No. SC016092
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