Money Mentors

Our Money Mentors programme offers free ongoing support for people in Coventry and Warwickshire and Coventry who are unable or struggling to manage their money.

Every participant has access to a dedicated Money Mentor. This mentor supports them to develop a personalised action plan and provides them with intensive support to deal with debts, maximise household income, manage their household budget, make savings on bills, improve their employability and move towards seeking work, training and further education opportunities. Mentors provide advice, guidance, practical help and skills training.

The programme aims to help people increase their economic wellbeing and increase their confidence in managing their money and any debts.

We have already helped more than 1,000 people across the region, and we are committed to supporting anyone who is struggling in this area.

Read these real stories from people who have already benefited from the Money Mentors programme.

Supporting a Single Mother

We helped a single parent with two young daughters who had moved from the northeast back to Nuneaton to escape emotional, psychological and financial abuse from her partner. After moving, this mother received threats from her ex-partner that he would take the children and she had to take court action regarding residency and contact.

The mother was referred to our programme for support with maximising her income and managing her household finances. She did not feel confident in her abilities as her ex-partner had controlled all their finances. She had little confidence and belief in herself and was struggling with anxiety and stress.

Her Money Mentor worked with her to look at her household income and expenditure, and to help her budget and set up payment arrangements for household bills. She was supported with benefit claims and they looked at how to make savings on household bills, including reducing her water bill by 90% through the Big Difference Scheme and applying for the Warm Home Discount. She was also offered advice on future housing options. This helped to reduce her anxiety and plan for future changes.

The Money Mentor provided a listening ear and support regarding her mental health issues. She felt able to discuss these and explore how to best manage them. Furthermore, the mother was also supported in becoming economically active and pursuing educational interests. The Money Mentor listened to her goals and aspirations, offered encouragement, and discussed options, including voluntary work to help increase her confidence, and use and develop her skills.

“Knowing that someone has been there to talk to about whatever has been going on in my life has made me feel supported and safe, and that has been so important. I would never have thought that when we first started working together, I would be going back to University to do an MA!…..I feel so excited about doing something I love and the future. What has helped get me to this point is having that ongoing support and having someone to speak to that ‘gets me’ intellectually and emotionally and has always offered support and encouragement. Sometimes I feel surrounded by people who only give me negative feedback, so this programme has been great!”

Combatting Anxiety and Loneliness

A single 62 year old man with no dependents, approached the programme for support after he had been unemployed for several months and had long-term mental and physical health issues. The man struggled with feelings of isolation, loneliness and suicidal thoughts. He was aware he was becoming more reclusive, and he was comfort eating for emotional support which was impacting the way he felt about himself.

His Money Mentor initially advised him on welfare benefit claims, looked at his income and expenditure, restructured his finances, and helped him make savings on household bills. In addition to this, the programme discovered that he had always been in full time employment, but he’d had to leave his last management role due to severe stress and anxiety. After several months of unemployment, he found a temporary job as a gardener – a job he thoroughly enjoyed, and which helped to improve his mental health. His Mentor provided practical support and a listening ear and discussed coping mechanisms that worked, focusing on the positives in his life.

“I feel great, feel like I have real purpose to my day, a reason to get up for, and some new structure and point to the day. I am not sure how I would have coped without the support I have received. Knowing there was someone to speak to, especially when I felt really low, has been a real comfort. That support has helped me get to the point where I am now.”