Ways to manage your money What is this? How can it help me with my There are six different suggested ways to manage your support plan? Planning for anything in life is always easier when we know Personal Budget (money that how much we actually have to spend. This is just as relevant has been allocated to you) which in developing your support plan - you can make a better can help you look after your plan, which truly reflects who you are and how you can use support money. your money to be in control of your life, when you know how much money you have to spend. Generally, when you start your support plan, you will know up front how much money for support you are likely to get. Once you know how much money has been allocated to you and you have started planning, you will then need to think about what support you £ may need to manage your money. in g on your behalf, spends the money They can do this through an ett st on the support outlined in your Individual Service Fund. They will G art support plan and keeps a record need to be very clear about how ed of how the money is spent. much of your money will be spent 3 A Legal Trust. An Independent on management costs and must Living Trust can be set up to act negotiate this with you. How can I use this? on your behalf. A group of people you know well become your 6 Care Manager. A Care manager or health professional can You can choose from any combination of these ways to Trustees and they work together commission support on your support you to stay in control: to manage, arrange and pay for behalf, either from existing in- 1 You. Your money gets paid straight the services and support you house services, or pre-contracted into your bank account - usually need. services. This can work well where this is an account that you have 4 Broker. You could pay for an you are happy with a service you set up just for your support independent broker to co- already receive and would like it to money. You then manage your ordinate and negotiate the continue. If you would like to spend money independently to spend support services you want and part of your Personal Budget on on the support you need. You will need. This can be helpful where existing services, your council need to keep a note, or record, no-one is available to act as a should be able to provide you with of your costs. If you need any Representative, or when no group the cost of these, to enable you to assistance with this, your council of people can form a Trust. work out your budget. should be able to provide you with 5 A Provider. You can ask a provider information on services that can organisation to manage your You need to choose a way (or a help you manage recruitment, Personal Budget, or money combination of ways) of managing payroll, tax and insurance matters. allocated to you on your behalf. your money that works best for 2 Your Representative. Your They will need to make sure that you and make sure this is clearly money could be managed by a your budget is clearly separated identified in your support plan. representative who agrees to act from within their larger budget.
Pages to are hidden for
"Ways to manage your money"Please download to view full document