Managing your money: Financial Planning & Budgeting

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Presentation transcript:

Managing your money: Financial Planning & Budgeting GCSE ECONOMICS: UNIT 11 Managing your money: Financial Planning & Budgeting Mr Tarn

Aims of today’s lesson … Identify and analyse the benefits of… Financial planning Budgeting Debt management

Planning, Budgeting & the personal life cycle… Planning is the basis of every activity you undertake in your life At each stage of the personal lifecycle the form in which financial planning and budgeting takes place, will change For example Young Adults may be planning how they will financially support a young family and a new home, budgeting for what they can afford each month An ideal financial plan should incorporate short term gains as well as long term security There are many factors that one has to consider while creating a proper financial planning and a well devised plan can reap unlimited benefits in future.

Financial planning & budgeting…will you make the grade!? Open the document called ‘Junior Football Manager’ See if you can successfully plan, budget and run a football team!

Over to you...Paired Research In pairs research the benefits to people of producing financial plans and budgets over their personal lifecycle Try to relate the information to the personal lifecycle where possible Using the results of your research produce a PowerPoint illustrating the benefits of financial planning and budgeting You have 20 minutes - Good luck! They might want to structure the PPT so that each slide represents a separate stage in the personal lifecycle and what benefits planning and budgeting can bring them!

Managing debt… As part of financial planning and budgeting, it’s important that people are able to manage the debt they experience during the different stages of their personal life cycle What is debt? A. Debt is where something (usually money in the form of a loan) is owed, where there is an obligation to pay it back (i.e. to the bank) Q. What kind of debt might a person have? A. Mortgage, Car loan, Personal Loan, High-priced electronic and white goods

Over to you...the Debt Test Open and complete the document called ‘Case Study Managing debt’ from the SSA Will she pass the debt test….? The link sometimes doesn’t work: search on the website for the debt test When entering 30 years of age it changes to 18, this is only to indicate you are an adult (i.e. 18 or older). Some students received a server error: get them to retry If there is time students complete a WW and EBI

Plenary…think, pair & share! Topic: planning, budgeting & managing debt