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The Importance of Managing Personal Finance

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Lani Douangchak

on 25 February 2013

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Transcript of The Importance of Managing Personal Finance

The Importance of Managing Personal Finance Unit 20: Managing Personal Finance Aims and Objectives Aims Objectives Starter Activity There are several good reasons why it is important to be in control of your personal finances. As previously mentioned there are several good reasons why it is important to be in control of your personal finances.

Therefore, what ways can you think of that will help you stay in control of your money?... Write your idea on a post it note and we will make a class mind map. Lets look at the ways you can help control your personal finances Avoid getting into debt Controlling Costs Remain Solvent Saving Maintaining a good credit rating Activity In your pairs, you will be producing your own fact sheets about the ways you can control your own personal finances.

These fact sheets will be shared amongst your peers. You have 10 minutes to complete the task Impulse buys Gok Wan proved that most of us have a lot of clothes we never wear. What about you?...
Choose something you hardly ever use or wear and think back to when you bought it and work out why you did so. Is there a lesson for you about how you could avoid making the same mistake again? Are you a spender or a saver? If your uncle won £10,000 on the lottery and gave you £500, would you... a) Immediately buy an iPhone or some new clothes
b) Save it for something special, like a holiday
c) Save half and spend half?
or should your uncle make it a condition what you spend it on? In pairs, choose one of the main high street banks, access their website and check the interest rates offered on their saving accounts.

Find the best one and see if MoneySupermarket agrees with you. You have 10 minutes to complete this task http://www.online-stopwatch.com/countdown-clock/full-screen/ http://www.online-stopwatch.com/countdown-clock/full-screen/ Get a credit score Go to the loan section on the MoneySupermarket website and carry out a credit check by answering ten questions.

You can choose to be fictitious person if you want. Read the explanation with each question to learn what factors are taken into account to get a credit rating.

Make a note of these because they tell you how to keep a good credit rating, for example, only have the minimum number od credit and store cards. If someone has credit cards they do not use, they are still considered to have that amount of credit available. To understand the importance of being in control of your own personal finances and how these can be maintained to help you in your future. 1. To be able to state the way you can control your personal finances.
2. To be able to state the five ways you can control your personal finances and explain these with examples.
3. To be able to provide your own answers to impulse buying and whether you are a spender or saver.
4. To be able to examine savings interest rates and explain
factors are taken into account to getting a credit rating. Objective Check You will be able...

To be able to state the way you can control your personal finances. Objective Check You will be able...

To be able to state the five ways you can control your personal finances and explain these with examples. Objective Check You will be able...

To be able to provide your own answers to impulse buying and whether you are a spender or saver. Objective Check You will be able...

To be able to examine savings interest rates and explain
factors are taken into account to getting a credit rating. Objective Check Today you will be able to... 1. To be able to state the way you can control your personal finances.
2. To be able to state the five ways you can control your personal finances and explain these with examples.
3. To be able to provide your own answers to impulse buying and whether you are a spender or saver.
4. To be able to examine savings interest rates and explain factors are taken into account to getting a credit rating. Throughout this unit we will be using the Natwest Money Sense website for further activities and information.

Please register yourself as a student on the Natwest MoneySense Website.

http://moneysense.natwest.com/schools/vle/common/register

The passcode is: A34HY7

Complete the activities that have been added to the course. Activity Following the information from the first activity, you were to create a fact sheet about the ways you can control your personal finances.

Individually you are now to create a poster about 'The ways to managing your personal finance'.

Use the fact sheets to help you with this. Areas you must cover:

Avoid getting into debt
Controlling Costs
Remaining Solvent
Saving
Maintaining a good credit rating Things to include on your poster Preparation for next lesson: 05 February 2013 Have a look at the following pieces of information, so we can discuss these in the next lesson:

Receipts
Bank Statements
Pay Slips
Bills

Annotate them and advise what type of information is showing. Keeping Financial Records NatWest MoneySense - Modules to complete The modules you are to complete on the NatWest MoneySense website are:

Budgeting
Understanding Debt
Money Lending
Planning your future - Going into further education Think about why it is important to keep these pieces of information.
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