An introduction to Unit 2: Managing your Money2015-16

Unit 2 CATs

2a Complete a personal budget planner using the template provided for a HE or work based route

2b Write an assignment that considers and evaluates the financial implications of continuing your education or starting a job or apprenticeship

Purpose of session

Enable students to accurately complete the Unit 2 budget planner (CAT 2a)

How? Step by step guidance and instructions provided

Why? The activity that most students get wrong

Purpose of Unit 2

Information can support choosing the right path for you

Develop your research and assignment writing skills

Gain a better understanding of student finance

Understand how to access/apply for funding

Understand what you are entitled to

Budget planner CAT 2a

The activity that most students get wrong – yet one of most important!

Must know level of household income (but don't need to disclose this in assignments)

Everything you need is in Unit 2 booklet, supported by online resources

Income from financial support (a)

Use Page 12 of Unit 2 booklet

Loans – max £8,200 (deferred and repayable)

Grants – replaced by increased Loan amount

For individual estimate of income, use Maintenance Loan Threshold Table or online calculator www.gov.uk/student-finance-calculator

Use the BIS website for

up-to-date info www.gov.uk/unimoney

Household income

Living with parents (£)

Live away from home & study outside London (£)

Live away from home & study in London (£)

£25,000 or less 6,904 8,200 10,702

£30,000 6,322 7,612 10,103

£35,000 5,740 7,023 9,503

£40,000 5,158 6,434 8,904

£42,875 4,824 6,095 8,559

£45,000 4,576 5,845 8,304

£50,000 3,994 5,256 7,705

£55,000 3,412 4,667 7,105

£58,201 3,039 4,290 6,722

£60,000 3,039 4,078 6,506

£62,180 3,039 3,821 6,244

£65,000 3,039 3,821 5,906

£69,803 3,039 3,821 5,330

Maintenance Loan

Threshold

Table

Income from part time employment (b)

Up to 15 hours per week maximum

Majority of students have a part time job (some course exceptions) – see case study

Example: 10 hours per week

= £51.30

Minimum wage at 18 – £5.13

Parental contribution(c)

Have you discussed finance with your parents?

If yes, can they contribute?

If you haven't, have the conversation

Weekly expenditure (d)

See Living Costs table on page 10 and Accommodation Table on page 11 of Unit 2 booklet as a guide to budgeting (but don’t just copy these figures)

Use websites of 2 Universities of choice – search accommodation pages

Make the figures specific to YOU, don't copy from friends or Unit 3 booklet

Points to remember – budget planner

Use Unit 2 booklet Use online

calculator and loan Threshold table

Final figures should be accurate and specific to you, not generic or made up!

Be realistic and accurate

Complete all fields in budget planner

Use the PM web page as a research tool

Sources of information?

Budget Planner template

Unit 2 booklet – esp. pages 10/11 and 12

PM webpage = research tool

Online calculator/Threshold table to estimate

Points to remember – assignment 2b

Refer to budget planner 2a in assignment

Use the writing frames, p.7/8 Unit 2 booklet as a guide/headings

Use relevant websites and articles to inform your assignment (use online resources and links)

Include a bibliography (at least 3 web sources – remember to bookmark your sources during research)

Don’t copy and paste info from the web – plagiarism

Write at least 500 words and add a word count at end

Open Days 2015/16

Saturday 24 October 15Friday 4 December 15

Thursday 23 June 16Wednesday 29 June 16Saturday 17 September 16

9.30am – 3.00pm