Loading presentation...

Present Remotely

Send the link below via email or IM

Copy

Present to your audience

Start remote presentation

  • Invited audience members will follow you as you navigate and present
  • People invited to a presentation do not need a Prezi account
  • This link expires 10 minutes after you close the presentation
  • A maximum of 30 users can follow your presentation
  • Learn more about this feature in our knowledge base article

Do you really want to delete this prezi?

Neither you, nor the coeditors you shared it with will be able to recover it again.

DeleteCancel

Make your likes visible on Facebook?

Connect your Facebook account to Prezi and let your likes appear on your timeline.
You can change this under Settings & Account at any time.

No, thanks

Skills Needed to Manage Personal Finance

Unit 20: Managing Personal Finance
by

Lani Douangchak

on 26 February 2013

Comments (0)

Please log in to add your comment.

Report abuse

Transcript of Skills Needed to Manage Personal Finance

Skills Needed to Manage Personal Finance Unit 20: Managing Personal Finance Recap of what we have learn't so far Personal budgets
Sources of income
Types of expenditure
Why we manage personal finance
Keeping financial records So lets do a quick test to see how much we remember. 1. Describe what a personal budget is?
2. Can you state three types of sources of income.
3. Can you state three types of expenditure.
4. Can you explain how we manage personal finance and provide an example.
5. Can you state two financial records and explain why they are helpful. Quick Test You have 8 minutes to complete the task http://www.online-stopwatch.com/countdown-clock/full-screen/ Can you state three types of expenditure. Can you state three types of income Can you state two financial records and explain why they are helpful. Can you explain how we manage personal finance and provide an example. Describe what a personal budget is?... How many did you get right? and how well did you do?... A Personal Budget is...a list of planned income and expenditure for a particular period in the future. You can compare your actual spending with what you are planned to do. Wages/Salary
Grants & Loans
Bonus
State benefit
Inheritance
Tips
Gifts Accomodation
Food
Household expenses
Clothing
Leisure Activities
Travelling
Mobile phone bill
Loan payments
Credit card payments Avoid getting into debt
Controlling costs
Remain solvent
Controlling cost
Remain solvent
Savings
Maintaining a good credit rating Bank and credit card statements
Cheques
Receipts
Bills
Pay slips Skills Needed to Manage
Personal Finance Aims and Objectives Aims To understand the various skills required to managing your own personal finances, so that they can be used in a real life situation. Aims and Objectives Objectives 1. Identify how you can problem solve a given scenario and compare a number of solutions you have come up with in relation to personal finance.

2. Explain the term risk taking and how this is applied to a given scenario allowing you to make the right choice.

3. Define the term decision making and how you would relate this to when you have had to make a decision about your own personal finance.

4. Explain how time management relates to looking after your own personal finances and providing an example. Starter Activity What types of skills do you think you need to have to manage personal finance? Lets create a mind map Skills required could be as follows... Problem Solving
Risk Taking
Decision Making
Time Management Problem Solving A problem is an unexpected difficulty. This means you need extra money for something unexpected. We will look at each
one in turn Activity You have been provided with a scenario and you are to think of solutions to the problem. Compare the ideas and identify their strengths and weaknesses. You will have 10 minutes to complete this task http://www.online-stopwatch.com/countdown-clock/full-screen/ Risk Taking Sometimes financial decisions involve an element of risk taking.

As you progress in life, you may have to decide how safe different types of investment are. There is no hard and fast rule about how to access this kind of risk. Discussion You lent £10 to a friend who hasn't repaid you and is now avoiding you. What would you do and how would you learn from this?... Can you think of any other financial risks that you may have to take at the moment or in the future?... Write your answers on a post it note and we will share this with the class. Decision Making Decision making means choosing what to do when there is several options. Have you every had to make a decision over your finances?...

e.g. having to stay in instead of going to the cinema. Can you each provide an example of where you have had to make a decision over your finances.

Think about: if you have thought of all the actions possible, do you have to make the decision now or is their time to think and is the decision important? Activity Time Management Managing Personal Finance takes time and should not be rushed. It is good practice to manage your finances. How do you think you would apply time management to your personal finances?...

Think about your bank statements, receipts and budgets, or even spending. Provide your own example of how you would consider time management in your own personal finances.

What approach would you take?... Activity Objectives Check... Objectives
Check Identify how you can problem solve a given scenario and compare a number of solutions you have come up with in relation to personal finance. Explain the term risk taking and how this is applied to a given scenario allowing you to make the right choice. Define the term decision making and how you would relate this to when you have had to make a decision about your own personal finance. Explain how time management relates to looking after your own personal finances and providing an example. Activity Video Clip 1
Advice changing young lives: Scooby's story . Video Clip 2
Advice changing young lives: Adila's story Watch the Citizens Advice Bureau video clips regarding 'changing young lives'.

In groups, identify the points made that link to what we covered so far in this lesson.

* Problem Solving
* Risk Taking
* Decision Making
* Time Management 1. Identify how you can problem solve a given scenario and compare a number of solutions you have come up with in relation to personal finance.

2. Explain the term risk taking and how this is applied to a given scenario allowing you to make the right choice.

3. Define the term decision making and how you would relate this to when you have had to make a decision about your own personal finance.

4. Explain how time management relates to looking after your own personal finances and providing an example.
Full transcript