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Session 3b: Budgeting

Session 3b: Budgeting. Scene: Westfield Shopping Centre Task 1: The Imaginarium Task 2: Priorities Priorities Task 3: The Big Budget MISSION:CALCULATE: The Best Budget. AT THE END OF THIS SESSION...

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Session 3b: Budgeting

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  1. Session 3b: Budgeting Scene: Westfield Shopping Centre • Task 1: The Imaginarium • Task 2: Priorities Priorities • Task 3: The Big Budget • MISSION:CALCULATE: The Best Budget

  2. AT THE END OF THIS SESSION... Your team will help your young person by researching their current budget, and creating a future budget which helps them do/buy what they really, really want, and then share/compare these with the other teams.

  3. BUDGET

  4. BUDGET Definition: A budget is a list of all planned expenses and revenues. It is a plan for saving and spending

  5. Priorities Priorities • Sort the images into two categories: • Place the images on a continuum like this:

  6. Zak’s Big BudgetCASE STUDY “I need some help ... Money just seems to be falling out of my pockets. I have no idea where it all goes. Can you please help me work out where I am spending my money? ZAK

  7. Zak’s Big Budget • Look at Zac’s Bank Statement • Write down how much he is getting a month. • Write down how much he is spending a month. • Calculate the difference. ZAK

  8. Zak’s Big Budget ZAK

  9. Now it’s your turn! • Choose your young person • Read their case study • Find out what their real money situation is by creating a ‘current’ budget for them... look through all the evidence (their accounts and receipts) and fill in the budget planner • Then CUT THEIR BUDGET to swap some things for their savings goal! ZAK TASHA BILAL

  10. Zak’s Big BudgetCASE STUDY ZAK “I decided to live in halls and really love it. Living away from my parents is so much fun, Leeds is a really cool city and there’s always so much to do. The music scene here is really great and I’ve even managed to do some performances at clubs in town. At school and clubs there is great quality equipment, the music sounds amazing but at home I’m still listening to my music from my rubbish little computer speakers – I want to invest in a subwoofer and some good speakers but this is going to cost me about £300. I would like to do it in the next 6 months, what could I cut back on which would let me do this? ”

  11. ZAK MONEY Maintenance Loan 7,675/ year From Savings £50 /month Socialising £100 / month Bills £26 / month Rent £355 / month Clothes & Shoes etc £50 /month Bike stuff £80 /month Books & stationary etc £20 / month Food & toiletries etc £70/month

  12. Tasha’s Big BudgetCASE STUDY TASHA “I’m living in Bristol, studying medicine and I'm having a really great time. Probably too much fun because I’m cutting it a bit fine with my finances and because I’m completely exhausted. I would really like to be able to go on holiday over the summer, it would be good to have a chance to relax in the sun somewhere. I think it will cost me around £250 so I need to get saving – I’ve got 6 months. What should I cut back on so that I can go on holiday?”

  13. TASHA MY MONEY Maintenance Loan £4,784 / year Maintenance Grant £1,432 /year Bursary £1,000 / year Food & toiletries etc £70/month Rent £350 / month Transport £32.20 / 3 months Books & stationary etc £20 / month Bills £25 / month Socialising £100 / month Shopping (clothes, shoes) £50 / month

  14. Bilal’s Big BudgetCASE STUDY BILAL “I decided to live with my mum so that I could save money while I’m studying. But somehow I don’t seem to be able to save anything. I’ve had a few good business ideas with a friend of mine from Uni and we thought we should save some money to help us start it. It would be good to do it while we were still studying so that we could get some help from our tutors. We’ve agreed to save £1,500 each over the next six months. This is going to mean that I have to seriously cut back on my spending. How can I save this much money in such a short amount of time?

  15. BILAL MONEY Maintenance Loan £3,150 / year Part time job £500 / month Socialising £160/ month Rent to Mum £100 / month Clothes & shoes etc £125 / month Books & stationary etc £40 / month Transport (student oyster travel card 1-6) £135 /month Computer gadgets & games £200

  16. Your team will help your young person by researching their current budget, and creating a future budget which helps them do/buy what they really, really want, and then share/compare these with the other teams.

  17. OSCAR REWARDS

  18. A store card works like a credit card, but can only be used in the store that issued it. Usually these types of cards have astronomically high interest and should be avoided.

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