Money management support

Supporting you in making the most of your money

What is the money management service?

Money Management is a new service offered exclusively to JETS participants in Greater Manchester. Once you’ve signed up to JETS you are entitled to receive free information and guidance from a dedicated team of advisors with over 65 years of financial experience. They will invite you to either group workshops or 1:1 sessions where you will receive support tailored to your needs.

The service coversBudgeting and money management

• Borrowing and debt management
• Protecting and insuring the individual and family
• Saving and investing
• Bank accounts
• Pensions
• Taxation
• Social security and Universal Credit
• Over 50s support
• Single parents

Who can benefit from the service?

If you’re struggling to pay your bills or to save for the future, then you are likely to benefit from signing up for this support. Since its launch in early 2021, over 170 people have already used the service to help solve their financial needs. 

You’ll get free advice and support to help you budget, manage your money, and deal with debt problems. Sometimes just being aware of practical tips on managing your money can help you feel more in control and make informed choices. 

Support includes:

• Information and guidance to help you learn about a range of topics including managing a household budget, how credit and debit cards work, debt management, and opening a bank account;
• Better off in-work benefit calculations;
• Using tools and calculators to support with financial wellbeing and life events;
• Dealing with debt management;
• How to make informed choices about next steps for referrals to free regulated debt advice for serious debt issues.

Our team offers a group sessions and workshops, as well as individual sessions with tailored, confidential advice and information. 

"Thank you Ian for your time and experience this morning will give this a try, I found this morning a good morale boost." Christine R - Participant

Do you need a budget plan?

An accurate plan will help you to focus your mind on what you currently spend your money on and where you can make savings. It will let you see where you can make savings around irregular spending.

It will highlight fixed expenditures. Where you may be able to make savings by switching, e.g. utilities, mobile phone contracts.

It gives you all the information you need to hold discussions with your creditors in order to put repayment plans in place: rehabilitation plans, holidays, recovery plans.

It is a constructive plan will give you freedom. It will help you decide what is important to you.

Good & bad debts

Good debts are really investments. When you buy a house, you are purchasing shelter and gaining an asset that will likely grow in value. Paying down a home loan might take decades, but as the equity grows and the value of the house increases, a house can easily become your most valuable investment. 

Other purchases do little financially but drain money. Holidays, fine dining, and expensive cars might boost your ego but do nothing for your net worth. If you start to go into debt to get them, they can lead to financial despair.

It’s important to learn the difference between good and bad debts. You need to learn how to save money for big purchases, emergencies and, ultimately, retirement. It is important to know that taking on frivolous debts can undermine your life goals.

What does the core service cover?

Through 60-90 minute group workshops (1:1 sessions can be requested), you will learn more about:

• Constructive budgeting: why you should budget and how to create your own budget plan.
• Borrowing and debt management: what’s involved in borrowing money and what to do if things go wrong.
• Better off in-work calculations: the potential impact finding employment can have on your Universal Credit.

Additional and more specific workshops are available for:

• Money management for over 50s.

  Money management for single parents.

Personalised 45-60 minute bitesize workshops include:

• Bank accounts: the different types of accounts and how to apply.
• Savings and investments: why and how to save or invest your money.
• Protection: the different types of financial protection and how to get it.
• Pensions: the main types of pensions and recent changes to them.

"Thank you for taking the time to find out this information for me." Gordon E - Participant

How do I sign up?

You must be a participant of JETS to be able to take part in the money management service workshops. If you aren’t, find out more about the jobseeker support available from JETS in Greater Manchester or speak to your Jobcentre Plus work coach for more details. If you are a current participant, contact your JETS advisor and ask to be referred to the money management service.

The money management service is currently only available to Greater Manchester JETS participants.