It is important to keep your money safe, make the payments that you need to and that you have enough money to meet your needs. Managing your money can help you avoid getting into debt or running out of money. It can help you feel in control and you may be able to save for the future.
Find out about your rights, budgeting, bank accounts, and borrowing money. Try out our free managing money training module.
Your rights
Under the Equality Act 2010, or the Disability Discrimination Act 1995 in Northern Ireland, banks and other finance companies mustn’t discriminate against anyone on the grounds of disability or treat people with disabilities less favourably because of their disability. They must also make 'reasonable adjustments' for people with disabilities.
This means that they have a duty to change any practice, policy or procedure that makes it difficult for autistic people to use their services.
Talk to your bank or service provider about how they can help you. If they can’t or refuse to, contact the Equality Advisory Support Service or the Equality Commission for Northern Ireland for advice.
Some autistic people feel they need additional support in managing their money. Citizens Advice has information about this in England, Scotland and Wales.
Budgeting
The first step to managing your money is to work out a budget and stick to it. Budgeting will help you:
- keep track of what you are spending
- help you to avoid going overdrawn on your bank account by spending money that you don't have
- decide whether you can afford to buy something that you would like
- deal with debt by planning repayments that you can manage
- work out how much money you may have to save.
You can work out how much money you have coming in and going out using a budget planner. Remember that the amounts shown in your budget should be either monthly or weekly amounts. Once you have the results of your budget planner, you can decide what changes you need to make. If you have some money left each month then you could use that to repay debts or save.
If you end up with £0, then you will not have enough money to cope with an emergency.
If you end up with a minus figure, then you have more money going out than coming in.
Check your amounts carefully to be sure this is correct. This will mean that you will not have enough money to meet your basic living expenses or cope with an emergency, meaning that you will be getting into debt. In this situation you could try:
- checking that you are claiming the benefits you are entitled to
- looking at a price comparison website to see if you can get services such as gas, electricity or insurance cheaper
- finding ways to spend less – compare prices online, make shopping lists and stick to them, shop at a cheaper supermarket, decide which non-essential items you could manage without (eg leisure activities, treat food)
- seeing if you can reduce your gas and electric bills by saving energy
- avoiding paying estimated bills by giving your gas and electricity supplier regular meter readings
- keeping track of what you are spending on utility bills by asking your supplier to fit a smart meter.
If you are an older person, check to see if there are any age-related discounts that can help.
Re-do your budget every year, or whenever you have a change such as a pay rise, reduction in benefits, a new baby, or a move to a new home.
Bank, building society or post office accounts
Most people now have one of these types of account. The benefits of these are:
- it will keep your money safe
- you can pay bills more simply by direct debits or standing orders
- internet banking is now widely available. This reduces the need to visit banks and other services that autistic people may find difficult
- benefit payments can only be paid into an account
- you can have a debit card, making it easier to pay for purchases and you can shop online
- you may be able to earn interest on the money you have
- you can pay bills by direct debit or standing order, which are sometimes rewarded by a reduction in what you pay for services
- you can use your cashpoint card to access money easily from cash machines in the UK and sometimes abroad
- your bank or building society may be able to give you an overdraft or loan.
Having a bank account will help you to develop a credit record . This helps if in the future you want to borrow money from a bank, credit card company or mortgage lender as they are able to check your credit report.
Debit, credit and store cards
There are a number of different cards that you can use to make a payment. These include:
- cashpoint and debit cards
- credit cards
- store cards.
Using a card to pay for something is very simple, particularly if you use the contactless system. It's also now possible to make contactless payments from your smart phone. You need to register your debit or credit card with an app. It’s important to take account of what you have spent in your budget. Credit and store cards can attract large interest rates.
Saving
Saving money is a good way to protect yourself for the future, for example you may have an unexpected bill you need to pay.
Borrowing money, making payments and debt
It's easy to think of a loan or overdraft as free money, but it’s actually expensive as you have to pay back the original amount plus interest. Try to only borrow money when you need to and repay it as soon as you can. There are many ways of borrowing money, including:
- borrowing money from family or friends
- having an overdraft
- taking out a personal loan or secured loan
- applying for a credit card.
When you borrow money, you are entering into an agreement to repay it in the agreed way. If you don't do this, the lender is entitled to take steps to get the money back. If you are in debt and need support, there are some organisations that can help you:
You should avoid companies that will offer to deal with all of your debt problems and talk to lenders on your behalf, as they often charge large fees.
Payday loans also attract large interest rates and should be avoided. There may be some alternative ways to deal with money problems.
Insurance
Insurance is a way of protecting yourself against unforeseen circumstances. Here are some examples of the kind of incidents you may need insurance for:
- a driving accident
- a flood in your home or being burgled
- treatment at a vets for a pet
- going on holiday.
To find insurance, you can use a price comparison website.
More information
Money Advice Service was set up by government to provide free, impartial, money advice. The website includes information on debt and borrowing, insurance and a beginner's guide to scams
Citizens Advice has information on debt, money including benefits and budgeting.
Everyday banking an easy read guide published by The Financial Conduct Authority with input from our charity.
Step Change is a charity offering free and confidential advice on debt and money.
Advice Now has guidance on How to make a Living Together Agreement (England and Wales only).
United Response's website includes Making money easier, an easy picture guide to banking.
Try out our free managing money training module.
