Finances

[BigBlueBookcase]

I've just been approved as a Foster Carer by my LA. I was just wondering what people do about the finances...do you have a separate bank account that you get your fostering allowance paid into? Is it necessary to keep your normal household finances separate, or ok to have it all together? Do any parts of the fostering allowance need to be accounted for therefore making it easier to keep things separate?

I don't know if I should be receiving information about this kind of thing from the LA? I think I'll get a handbook so it might all be in there...but thought I'd ask whilst waiting...

Thanks.

[Candycoco]

I just have mine paid into my regular account as part of the allowance goes towards food etc so it's easier for me that way. I don't know anyone that keeps it separate.

My LA does not ask us to submit receipts however I keep all mine in a folder for things I have bought for the children like clothes, toys, equipment etc just incase I was ever asked to demonstrate what it's been spent on.

[Candycoco]

Forgot to say our handbook is online on the LA website, you could look and see if yours is too as we aren't given a physical copy we just look online so that is the most up to date version

[BigBlueBookcase]

Thanks Candy. Good to know.

I'll see if I can find a copy of the handbook online.