Managing Personal Finance – Unit 402. Learning Objectives By the end of the session you will: 1.Create a budget plan to track your finances 2.List the.

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Managing Personal Finance – Unit 402

Learning Objectives By the end of the session you will: 1.Create a budget plan to track your finances 2.List the types of products offered by financial institutions 3.Describe ways of reducing expenditure 4.Describe the pros and cons of borrowing money 5.List organisations that give free financial advice 6.Understand the impact of Universal Credit

Financial Institutions An institution that provides financial services for it’s clients or members. Depositary institutions accept and manage deposits and make loans. Contractual institutions provide contracts like insurance, which pay out to clients under certain terms. Most financial institutions are regulated by government.

Methods of Borrowing Group 1 Family and friends Bank loan Overdraft Credit card Group 2 Building society Payday lender Pawnbroker

Universal Credit A major change to the existing benefits system. Designed to help people on a low income or out of work. Consists of a single monthly payment which is transferred directly to a bank account. Currently being rolled out across the UK in phases. Source: UK Government website

Universal Credit What benefits will Universal Credit replace? Income-based Jobseeker’s Allowance Income-related Employment and Support Allowance Income Support Child Tax Credit Working Tax Credit Housing Benefit Source: UK Government website

Universal Credit Why is it important to manage finances effectively? Housing benefit will be paid directly to you Payments will increase or reduce depending on whether you are working and the hours in work Payments can be claimed singly or as a joint claim where you would get 1 monthly payment All previous credits will be replaced by Universal Credit paid directly to you. Source: UK Government website

Managing Personal Finance – Unit 402