An introduction to Unit 2: Managing your money

Unit 2 CATs 2a Complete a personal budget planner using the template provided for a HE or work based route 2b Write an assignment that considers and evaluates the financial implications of continuing your education or starting a job or apprenticeship.

Purpose of session Enable students to accurately complete the Unit 2 budget planner (CAT 2a) How? Step by step guidance and instructions provided Why? The activity that most students get wrong

Purpose of Unit 2 – why it’s important? Gain a better understanding of student finance/finance in general Understand what you are entitled to Understand how to access/apply for funding Information can aid HE and career research and decision making/choosing the right path for you Develop your research/assignment writing skills

Budget planner CAT 2a The activity that most students get wrong – yet one of most important! Must know level of household income (but don't need to disclose this in assignments) Everything you need is in Unit 2 booklet, supported by online resources

Income from financial support (a) Page 12 and 13 of Unit 2 booklet Loans – max £5,740 (deferred and repayable) Grants – max £3,387 (non-repayable) For individual estimate of income, use online calculator or ‘ready reckoner’ table, page 12/13

Income from part time employment (b) Majority of students have a part time job (some course exceptions) – see case study p.16 Up to 15 hours per week maximum Minimum wage at 18 – £5.03 Example: 10 hours per week = £50.30

Parental contribution(c) Have you discussed finance with your parents? If yes, can they contribute? If you haven't, have the conversation

Weekly expenditure (d) Use websites of 2 Universities of choice – search accommodation pages See Living Costs table on page 10 and Accommodation Table on page 11 of Unit 2 booklet as a guide to budgeting (but don’t just copy these figures) Make the figures specific to YOU, don't copy from your friend/Unit 3 booklet

Points to remember – budget planner Use online calculator/online resources – web links Use Unit 2 booklet Final figures should be accurate and specific to you, not generic – or made up! Complete all fields in budget planner – and make sure they add up Be realistic – if you are left with a balance/deficit of £200 a week, something is wrong!

Sources of information Budget Planner templates online Unit 2 booklet – esp. pages 10/11 and 12/13 Online resources and links to: –Online calculator –A Guide to completing CAT 2a (under Tutor Resources Tab)

Points to remember – assignment 2b Use the writing frames, p.7/8 Unit 2 booklet as a guide/headings Refer to budget planner 2a in assignment Use relevant websites and articles to inform your assignment (use online resources and links) Write at least 500 words and add a word count at end Don’t copy and paste info from the web – plagiarism Include a bibliography (at least 3 web sources – remember to bookmark your sources during research)