1. Careers, Finance and Welfare Team
Money Management
Careers, Finance and Welfare Team

2. Aims and Objectives By the end of the session, you will be able to:
Identify the meaning of key financial terms
Plan a simple monthly budget and be able to identify if you have a positive or negative amount left over at the end of the month
Identify why it is important to manage your money

3. Activity
You have 2 minutes in your team to think of as many terms for ‘Money’ as you can! These can be words you use, words you’ve heard on TV or that you’ve heard.
Money is something that we hear and talk about a lot, and so it is important to understand how it works so we can make it work for us, rather than against us!

4. Why is it important to manage your money?
Money Management
Keep out of debt
Get the best deal
Avoid CCJs and court
Pay your bills
Credit ‘rating’
You can afford the things you want
Know where your up to
Save for the big things
Mental Health and debt

5. What could happen if you don’t manage your finances?
Key terms
Activity – Match the key terms to the description
What could happen if you don’t manage your finances?
If you fail to pay or miss a payment, this will go on your credit record. This might make it more difficult to get other financial products
You could be taken to court which could lead to county court judgements
Bankruptcy
It can stop you getting a job. Some companies will do credit checks before offering you a job

6. Bank Accounts
Most people use a current account to manage their money day to day. With these you can set up standing orders and direct debits, withdraw and pay in money and access an overdraft.
Packaged accounts offer extra features at a price such as special rates, insurance or breakdown cover. Ask yourself can you get these cheaper else where before signing up for an account.
Basic bank accounts are often used as a way to build up your credit rating. It doesn’t have an overdraft but you can set up direct debits and receive payments.
Student or graduate accounts are for higher education students and often come with freebies or low interest overdrafts to help you manage between loan payments
Banks can offer incentives to get you to sign up such as a cash incentive, high rate of interest or a monthly credit. This may depend on how much you pay in each month or on your income.
If you need to use your overdraft, check the fees you will have to pay and your overdraft limit. Some accounts may offer better deals or rates

7. Future Finances
In the future there will be many different financial products you may wish to access, such as:
Mortgages
Loans
ISAs
Stocks, shares and Premium bonds
Pensions
Insurances (Life, home, contents, car, redundancy, critical illness, breakdown, pet and more)
Store cards
PCP agreements
Credit card

8. Money pitfalls Pay day loans
Pay day loans should be the absolute last resort!
The idea is you borrow the money for a short period of time at a very high rate of interest. If you don’t pay back quickly then the money you owe can grow very quickly in to huge amounts
Phone and speak to the companies you owe money to first and see if you can agree a payment schedule
Check out the local credit union and see if they can help
Speak to friends and family
Speak to debt management charities (avoid the debt management companies!)
Budget and reduce your out goings. Do you really need that daily costa or to buy your lunch?
Ask yourself do you need it? Can you get it cheaper elsewhere?

9. Budgeting
By budgeting your money, you know you have enough to pay for your bills and what you have left over to spend.
Ask yourself do you need it?
Shop around for the best deal
Check out price comparison websites to find the best price for you
Check out cash back websites like quidco or top cash back
Don’t be afraid to switch providers if you can get a better price elsewhere. This could be with your mobile, utility bills or bank account and more
Activity – Plan your budget

10. Shopping Activity
Supermarkets have lots of little tricks to get you spending more money!
Shop around, you may be able to get a better deal elsewhere!
Ask yourself do you need it, can you afford it and is it the best price before buying anything
If you sign up for s from companies they may send you vouchers or money off codes. You could always set up a separate address for this
Check out websites like to see if you can get a discount or a code for free delivery when buying online
Are the offers actually worth it? Will you use the 2nd one in a buy one get one deal?
Activity: can you work out the best deal?

11. Useful Resources Money advice: http://www.moneysavingexpert.com/
Price Comparison:
and

12. Financial Support at College
Check out our Careers, Finance and Welfare page on the intranet for lots of useful information.
Learner Support Fund and other sources of help at College

13. Careers, Finance and Welfare Team
Find us in the student services area on the ground floor at Ellesmere Port or the 2nd floor at Chester.
Phone:
Facebook: WCC Careers
VLE: Careers, Finance and Welfare