In Strand 2, students will strengthen their understanding of their relationship with money, including examining where their money comes from, their spending habits and considering personal needs versus wants and budgeting accordingly.
Students will keep a spending diary over the course of a week, during which time they will analyse their spending in terms of needs versus wants, to determine where savings can be made.
As life can throw both expected and unexpected events your way, students will consider the possible ‘big’ life events and review their needs and wants in light of these.
Students will look at why they should take time to budget (an important management tool). This can be achieved through goal-setting, which will help students to understand the importance of budgeting and planning ahead. They will be given the opportunities to apply their learning and to design budgeting tools.
Students should be able to:
1. Evaluate spending habits through analysis of their own spending diary
2. Calculate monthly and annual spending relative to categories such as clothes, food and drink, entertainment etc.
3. Review personal needs and wants in the light of major life events
4. Consider how personal needs and wants relate to the financial impacts and consequences of future life events
5. Plan the necessary steps to achieve money goals in the short, medium and long term
6. Carry out a health check on a monthly budget
7. Generate ideas about what can be done when monthly income exceeds monthly expenditure
8. Using a case study, create a budget that will help plan for future events and purchases
9. Reflect on what was learned in this strand