Money Management Presentation

Open Ended

What are some essential financial skills that young adults should learn for future success?

Multiple Select

A budget is... (select all that apply)

• Your credit card bill at the end of the month.

• An estimate of income/expenses (spending) for a set period of time.

• The price of your insurance for the year.

• A tool to help manage your money.

Match

Match the following

• Income

• Savings

• Expenses

• Budget

The money a person gets from a job or for performing a service

Money that is set aside for later use

Items that use up one's income

A plan for tracking a person's income and expenses.

• The money a person gets from a job or for performing a service

• Money that is set aside for later use

• Items that use up one's income

• A plan for tracking a person's income and expenses.

Open Ended

Despite these 3 reasons for keeping a budget, do the people you know have a budget. Yes/No, Why do you think this is?

Multiple Choice

Explain the 50/30/20 budgeting rule.

• The 40/30/30 budgeting rule recommends dividing your income into 40% for needs, 30% for wants, and 30% for savings or debt repayment.

• The 60/20/20 budgeting rule recommends dividing your income into 60% for needs, 20% for wants, and 20% for savings or debt repayment.

• The 70/20/10 budgeting rule recommends dividing your income into 70% for needs, 20% for wants, and 10% for savings or debt repayment.

• The 50/30/20 budgeting rule recommends dividing your income into 50% for needs, 30% for wants, and 20% for savings or debt repayment.

Fill in the Blank

Emma works 38 hours per week and earns £12.25 per hour at her job. Her deductions are:

Income Tax: 20%, National Insurance: 12%, Council Tax 8.2%.

What is Emma's net pay?

.

Drag and Drop

Imagine Liam just got his first job! The term used to describe the money he earns before any deductions are taken out is called

Placeholder

. Can you help him figure it out?

Drag these tiles and drop them in the correct blank above

Gross Pay

Net Pay

Deductions

Salary

Multiple Select

This month Mando’s expenses are greater than his income. What are TWO actions Mando can take in order to balance his budget?

• Increase expenses

• Decrease expenses

• Decrease income

• Increase income

Open Ended

What are some strategies for smart spending and saving?

Multiple Choice

What is the difference between needs and wants?

• Needs are essential items for daily living

• Wants provide enjoyment but are non-essential

• Both needs and wants are the same

• Needs can be postponed

Multiple Choice

Imagine you are a recent graduate and have just started your first job. You are trying to manage your finances effectively. Which of the following is NOT a typical reason you would put money into a savings account?

• To build an emergency fund in case of unexpected expenses

• To save for a new vehicle that you plan to buy in the future

• To fund higher education or further studies

• To purchase groceries for the upcoming week

Multiple Choice

Adam is planning his monthly budget. Which of the following would NOT be a reason to save some money in a savings account?

• To be prepared for unexpected expenses

• To buy a new house for his family

• To pay for college for his son

• To keep people from asking you to lend them money

Multiple Choice

Which of the following is not a common feature of a current account?

• Direct Transfers

• High interest rates

• Direct deposit

• ATM access

Multiple Choice

How can setting spending limits help you?

• Increase debt

• Maintain financial control

• Encourage overspending

• Limit savings

Multiple Choice

What are the benefits of online banking?

• Convenient balance checks

• Fund transfers

• Bill payments

• All of the above

Multiple Choice

Why is it helpful to track your spending for 2 months?

• You can receive higher interest rates for your savings account when you can show how you spend your money

• You can receive special discounts at certain stores when you can show how you spend your money

• To identify your spending patterns and then prioritise your needs, wants, and savings goals

• To eliminate all spending on your wants

Multiple Select

What are some budgeting apps mentioned that help track income and expenses?

• Mint

• PocketGuard

• MoneySavingExpert

• BBC Bitesize

Poll

How confident do you feel about this topic now?

• Very confident
• Somewhat confident
• Not confident