This term in Maths, Year 9 students have all received a workshop aimed at helping them to understand the importance of planning ahead with their finances. During the session the following key statements were looked at:
·The importance of setting goals and planning ahead;
·How managing your finances can help you achieve your aspirations;
·Why we all need to budget & how to do it;
·Distinguishing between wants and needs.
Students got to visually see a representation of how much of a wage goes on essential costs like income tax, rent, bills. One student said “I can’t believe how little is left after the essential things have gone out!”.
They then got to discuss and put into categories what further expenses they would priorities like broadband, food and clothes.
One thing that really interested students was looking at how much it costs an average person to learn to drive (and that’s before you look into buying a car, insurance, petrol!). A comment made was “I can’t believe how much it will cost for me to learn to drive per hour compared to how much money I will get for working an hour”.
Students left with an appreciation of how much planning and prioritising goes into the daily financial budgeting for a household. It should have also encouraged them to think more deeply about what they want to be able to do with their lives financially and how they can achieve this.