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SECTION 1 MONEY Managing your money: Financial Planning & Budgeting Mr Tarn GCSE ECONOMICS: UNIT 11

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SECTION 1 MONEY Aims of todays lesson Identify and analyse the benefits of Financial planning Budgeting Debt management

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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

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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!

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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!

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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

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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.?

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SECTION 1 MONEY Plenarythink, pair & share! Think Pair Share