Preparing Lifelong Learning Personal Finance:.  Imagine you are 25 years old describe your life. - What is your job? - Where do you live? - What do you.

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Presentation transcript:

Preparing Lifelong Learning Personal Finance:

 Imagine you are 25 years old describe your life. - What is your job? - Where do you live? - What do you own? - What do you like to do after work? - Do you go on holiday? Where?

 To examine the importance of saving  To calculate how much you could save  To explore the cost of living

 You want to buy a house it costs £180,000  You need 10% deposit. How much is this?  What if you wanted to put down 15%. How much?  What if your house cost £123,000

 What sort of savings can people have?  Why is it better to save your money in a savings account?  Are all savings on a no risk basis?  What type of savings carry risks?

 If you were to save your money in a savings account at 6% interest and you saved £20 pounds a week how much money would you have after one year? What about 3 years?  Plot a line graph showing savings over a 20 year period.  Plot another line graph for £40 a week over 20 years

 Under 16 your savings will be interest free.  Your savings after this maybe taxed at around 22%  How much of your totals over £20 years will be taken away in tax?  ISA’s are tax free. You can save a certain amount in different ways over a year and not pay tax

 What should you try and do each month?  Why?  Name a type of savings account?  Why is an ISA a different type of savings account