Money: managing your money

Here is a basic overview of how to manage your finances. It is aimed at people with an autism spectrum disorder (ASD) and may also be useful for their friends and family. For further information on any of the topics covered, please see the details and contacts in the 'Resources' section, which is linked to below.

Introduction

Not every piece of advice in this information sheet will be relevant to everyone who has an ASD, as each person and situation is unique. At times, financial matters can be quite straightforward but at others can be quite complex. Some of you may feel able to cope with most money matters on your own, but many of you may need some help and support in dealing with them.

At the end of this document we've put together a list of some commonly used financial terms, phrases and abbreviations in a glossary which you can refer to if you're unsure what they mean.

This is a large document. Don't feel you have to read it all in one go.

What do we mean by 'managing money'?

By managing money, we mean keeping your money safe, making sure you have at least enough to pay for your needs, and staying in control of any payments you have to make. We'l explain a few ways of doing this, including using a bank account, budgeting, paying bills, saving, borrowing money and taking out insurance. These are the basic activities that most people in the UK carry out to keep in control of their finances.

Why manage your money?

For many people, managing money is not very interesting. But it is important. Here's why.

• It helps you avoid stressful situations, such as getting into debt, or running out of money so you can't pay for things.
• It helps keep your money safe - for example, in a bank account.
• It helps you get the most out of your money - for example, by making sure you do not pay more than you need to for services, by shopping around.
• It can help you do things more simply - for example, setting up automatic payments of bills rather than having to remember to pay them each time.
• It enables you to plan ahead - for example, booking a holiday several months in advance, when you know you will have sufficient money to pay for it.
• It can be satisfying to feel in control of this part of your life, and perhaps to watch your savings grow. Saving even small amounts of money as regularly as you can will help give you the security of knowing that you have some you can use if an emergency arises.

Also in this section:

Written by Eleanor Stanley.

The National Autistic Society created this information and the Financial Services Authority paid for this work as part of the National Strategy for Financial Capability.