Module 4Personal Money Management

Learning Outcomes

4.1 Explored attitude towards money

4.2 Identified sources of income

4.3 Identified expenditure

4.4 Identified how to budget effectively

4.5 Researched credit and debt

4.6 Explored financial goal setting

How good are you with money?

Why young people need to become better money managers video

http://www.youtube.com/watch?v=JOt3Apl7qBA

Income

Gross

Net

Payslips

Tax

Expenditure

Now that you

have worked out

what money you

have coming in it

is time to start

thinking about

your outgoings.

Essential and Non-essential Spending

Some spending is

essential. This includes

the basics such as food,

fuel bills, rent or other

housing costs.

Can you work out your

non-essential spending?

Budgeting

Steps in managing money

include identifying the

amount of income available

and the expenses that need

to be covered, and prioritising

short and long term goals.

Individuals, households,

government, businesses, and

other organizations all budget

with these ideas in mind.

Credit and Debt

Almost everyone borrows

money at some time.

Borrowing can be a real

help in managing household

income. It can help to deal

with emergencies or

unexpected events.

Borrowing can however, be

a risk, particularly for people

on low incomes

Financial Goal Setting

Learning Outcomes

4.1 Explored attitude towards money

4.2 Identified sources of income

4.3 Identified expenditure

4.4 Identified how to budget effectively

4.5 Researched credit and debt

4.6 Explored financial goal setting