12 Session round-up

This session has shown you how to compile and manage a basic budget – one suitable for you while you’re still at school or college and before you leave home.

You also spent some time looking at spending and the factors that influence it. Then you explored risks and benefits of online spending.

As you reach the age of 18 and complete your school or college studies you meet perhaps the biggest change to your lifestyle in your life.

You could be about to start an apprenticeship or your first job, or you could be going on to more study. Any of these possibilities mean that your skills in managing your money will become a bigger presence in your life.

You should now be able to:

• understand the difference between essential and non-essential spending
• make good decisions about phone contracts – including whether to by phone insurance
• appreciate the behavioural biases that affect the way we spend money
• shop online wisely and without exposing yourself to scams
• understand, draw up and use a simple budget.

The next session looks at the transformation from school to life after school and the greater financial responsibilities this brings.

You can now go to Session 4 [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)] .

If you are a teacher working with young adults, you might find this additional guidance for teachers useful.