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Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

Launch Chat

Chat to the Money Advice Service
Monday to Friday, 8am to 6pm
Saturday, 9am to 1pm.

 

Did you know?

Congratulations for completing the Money for Life E-learning module one. Think you know it all now? Let’s check out how much you picked up during our videos.

Question 1

What could happen if you spend more than your ‘available balance’?

Get hit with some serious overdraft fees

WRONG... The answer is Get hit with some serious overdraft fees

Your 'available balance' is the amount you have left in your bank – spending more than this could result in overdraft fees so keep an eye on this number.

Question 2

What do you plan to do to keep track of your finances?

Use a banking app and check my bank statement regularly

WRONG... The answer is Use a banking app and check my bank statement regularly

Using a banking app to check your bank balance regularly helps you to know if you’re about to head into your overdraft and keep an eye out for any fraud.

Question 3

How would you plan for unexpected expenses?

Cut back on every day spends and build a ‘rainy day fund’

WRONG... The answer is Cut back on every day spends and build a ‘rainy day fund’

Even it’s just a few pounds here and there, cutting back on every day spends can really help for those times when life bites you in the…! Like Helen, start off by cutting down on the chicken wings and you’ll be surprised how much it all adds up

Question 4

What have you got to keep an eye on when borrowing?

APR – basically, how much you have to pay back

WRONG... The answer is APR – basically, how much you have to pay back

Borrowing can be really costly so make sure you can afford to pay back whatever you borrow. The bigger the number, the more you have to pay back.

Having your stuff taken away by bailiffs is unlikely, especially if you seek help early on.

Question 5

Who is it OK to give your pin to?

Absolutely no one

WRONG... The answer is Absolutely no one

Only you should be the one to know your pin, don’t give it out to anyone, not even a friend.

Your bank will next ask for your pin over the phone or face to face. If this happens, contact your bank immediately.

Well done for completing Money for Life’s e-learning. It looks like you’re pretty money savvy now! Keep an eye out for more videos just like these, designed to help you make the most of your money.

Remember to download our Pennies to Pounds app for FREE from the app stores. Whatever it is you want to save for, Pennies to Pounds will help you get there faster!

Chat

Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

Launch Chat

Chat to the Money Advice Service
Monday to Friday, 8am to 6pm
Saturday, 9am to 1pm.