Home - My Personal Finance Skills
My future finances – thinking about my financial future – dream vs. realityLearning ObjectivesBy the end of the session all students will be able to:Understand the value of everyday expenses Consider your personal long-term goals Evaluate your goals according to a range of incomesStarter activity 1: Household Spending Quiz According to Ofgem, what was the average cost of gas and electricity per month for a household in UK as of April 2018? EXT: calculate the average annual cost.?74.83 [ ]Annual bill ?______________?84.83 [ ]Annual bill ?______________?94.83 [ ]Annual bill ?______________As of April 2018 what was the average house price in UK??150,453 [ ] ?228,903 [ ]?319,647 [ ]As of January 2019, what was the average price of a pint of milk?50p [ ] 44p [ ]80p [ ]What was the average household weekly food shopping bill in UK in 2018? EXT: calculate the average annual cost.?60.60 [ ] Annual bill ?_____________?75.60 [ ]Annual bill ?_____________?100.60 [ ]Annual bill ?_____________As of February 2019, what was the average monthly rent in the UK?UK (including London) EXT: calculate the average annual cost?450 [ ]Annual bill ?______________?680 [ ]Annual bill ?______________?934 [ ]Annual bill ?______________What was the average weekly household spend on communications (broadband and phones) in 2018? EXT: calculate the average annual cost.?17.90 [ ]Annual bill ? .?27.50 [ ]Annual bill ? .?37.00[ ]Annual bill ? .Activity 2 – Future aspirations and goalsUsing the space below, describe your personal aspirations and goals for the future. Think about…Where do you want to live and what will you be living in? (house, apartment etc..)How will you travel?What technology do you want?What lifestyle do you want?What leisure activities do you want to be doing?Prioritise and highlight the things that are most important to youPlanning for your financial future can help you to budget for the big events that will happen in your life and may help to think about how much you need to earn to afford the things you want.The future that you want will come at a cost. However, if you start planning your financial needs and wants now, you may be able lead the lifestyle that you envisage. Activity 3 Look at some of your options below and circle your preferred lifestyle choiceChoose your house1-635018288000-20320328295002-135255302895003Choose your car123Choose your phone35560026416000123Choose your leisure activity123Mostly 1, 2 or 3?How much will you need to live your preferred lifestyle?Activity 4: Job roles and IncomeYou now understand some of the expenses that you may incur depending on the lifestyle that you want but how are you going to earn the lifestyle that you want to lead? Have a look at the images below and match up the salary to the job.533409588500-48260165735001)Nurse?2) Electrician ?3) Chef?4) Architect?5)Digital Media Manager?1727209207500-7620187960006)Airline pilot ? 7) IT technician?8) Nursery Nurse? 9) Train driver?10) Financial Advisor?Activity 5: Pick a number between 1-10Number:Job allocated:Salary: Activity 6: Based on your allocated job role, how will your lifestyle and reality differ from what you identified at the start? What educational decisions do you now need to consider?How are you going to achieve this job/salary?If you think your future salary will not match the lifestyle you want, what else could you do to achieve your goals? Tick all that apply…Set up a savings plan[ ]Cut down on spending [ ]Change my goals[ ]Activity 7 – planning in practice What are you currently saving for? How much do you think it will cost?DateI plan to save (?)How will I save this?I still need to save (?)?????Next StepsPrepare your own savings plan for something you want to save forUse your plan, read and review your decisions. Research different career opportunities. You can find out more about what we learnt in this session by looking up the Your Money Matter book.Just type into Google ‘Your Money Matters pdf’ or click here ................
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