Transcript of SECTION 1 MONEY Managing your money: Financial Planning & Budgeting Mr Tarn GCSE ECONOMICS: UNIT 11.
- Slide 1
- SECTION 1 MONEY Managing your money: Financial Planning &
Budgeting Mr Tarn GCSE ECONOMICS: UNIT 11
- Slide 2
- SECTION 1 MONEY Aims of todays lesson Identify and analyse the
benefits of Financial planning Budgeting Debt management
- Slide 3
- SECTION 1 MONEY 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
- Slide 4
- SECTION 1 MONEY Financial planning & budgetingwill you make
the grade!? Open the document called Junior Football Manager See if
you can successfully plan, budget and run a football team!
- Slide 5
- SECTION 1 MONEY 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!
- Slide 6
- SECTION 1 MONEY Managing debt As part of financial planning and
budgeting, its important that people are able to manage the debt
they experience during the different stages of their personal life
cycle Q.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
- Slide 7
- SECTION 1 MONEY 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.?
- Slide 8
- SECTION 1 MONEY Plenarythink, pair & share! Think Pair
Share