In addition to basic money skills, your child will need to learn fundamental money management. Some individuals will live independently as adults and make all of their own money decisions. Many (living at home or in a group-home setting in the community) need to budget personal expenses, but not housing costs.

Money Management Assistant

Regardless of the living arrangement, your child may benefit from a money management assistant. A money management assistant may be:

• Parent or other relative

• Designated worker in group home

• Vocational rehabilitation counselor

Money management assistant is not a formal job title. Rather, it is someone who can answer financial questions, help create a budget, and offer general advice on money.

Budget for Independent Living

If your child is going to live independently, he will need to budget for “household” expenses. If he lives in an apartment, some of the items may already be included in his rent. The household budget may include some or all of the following:

HOUSEHOLD BUDGET

• Savings

• Rent or house payment

• Gas and electricity

• Water

• Garbage

• Insurance

• Furnishings (furniture, linens, kitchenware)

• Emergency funds

• Food

• Personal expenses

As with any budget, funds are not unlimited. Work with your child to manage the money in his budget so that all of the necessities are covered and extras are provided for within reason. Some amounts of money, such as savings, should accumulate over time.

Personal Expense Budget

Every individual needs a personal expense budget. Again, a money management assistant can help set up the amounts and monitor whether or not the budget is followed and if adjustments should be made. A personal expense budget plan may look like the following:

PERSONAL EXPENSE BUDGET

• Toiletries (soap, shampoo, hair spray, razors, shaving cream, toothpaste, toothbrush)

• Medical supplies (thermometer, pain relievers, Band-Aids, antiseptic, sunscreen)

• Special equipment not funded by outside source

• Medical and dental care

• Clothing

• Laundry (soap, dryer sheets, washer/dryer money)

• Transportation (including car insurance)

• Entertainment

• Recreation

• Leisure travel

Wants and Needs

Your child will need to distinguish between wants and needs. Perhaps your child loves going to baseball games. He may not be able to attend every game, but by saving a small amount regularly in an entertainment fund, he will be able to afford a trip to the game periodically.

There are also different ways to plan purchases in each area. A pair of blue jeans can cost one amount at a family clothing store and a completely different amount at a popular teen/young adult clothing store. Work with your child to budget and live within his means. Obtaining pricier items can be a savings goal, added to a gift wish list, or something to purchase when he is making a little more money.