The Money for Life Challenge

What is the Money for Life Challenge? The Money for Life Challenge is a national competition to find the most successful and innovative ways that you can improve your money management skills and those of your friends, families and communities. More than ever, being good at managing your money is one of the most important skills that you’ll learn. So, whether you’re earning it, saving it or borrowing it, it helps to have some inside knowledge so you can make the best choices – right now and for your future.

How does it work? You and your team apply for one of 80 Welsh grants to run a money management activity in your community. Once approved, we’ll send you £200 to spend on bringing your project to life. Once you’ve submitted your project summary at the end of the Challenge, we’ll send a further £300 to cover the costs incurred by your organisation.

What’s in it for you? Once all the project submissions are in, the top eleven projects in each nation are shortlisted and the top five compete for the national title, and all eleven compete for the national People’s Prize. The national final winners will win a donation to charity and shopping vouchers.

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UK Grand Final Representatives from the national winning team and the People’s Prize team also win an all expenses paid trip to London to attend the UK Grand Final where they will have the opportunity to win a further donation to the charity of their choice, as well as a Lloyds Banking Group mentor and more shopping vouchers.

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What next? To take part in the Money for Life Challenge, first off you need to get a team together and find your project sponsor. Your team can be made up of between three and ten 16 to 24 year old learners from your organisation – and your organisation can enter up to five teams in total. Your project sponsor can be any adult employed to work with young people at your learning organisation.

Your first step is to submit your idea online before the 21st November. The website has everything you need to help you.

Get inspired Your project can address any aspect of money management you like, as long as you can show how it helps the group in your community you’ve chosen to support. Last year’s teams tackled all sorts of issues, from devising a money board game to raising awareness of credit unions instead of payday loans in their community. All of our finalists were successful because they had an original idea that was based on their experiences and the needs of their community. Look around you for inspiration.

Get Thinking! Now let’s consider some topics which you can use for inspiration. Shop ‘til you drop Got green fingers? Team up with others Preparing for life’s little shocks … Bargain hunter Planning ahead Strike a pose Becoming a money whizz kid

Get Thinking! Now start thinking about your community. Who makes up your community? What issues are there surrounding money for these people? Could you help them with a money management project? Good Luck!!!!