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Ways to manage your money

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Ways to manage your money

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									     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.

								
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