Managing my money
Managing my money

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Managing my money

1.1.2 The life course game

Table 1 Monthly income and spending for the Penny family

Total income £2500
Mortgage and bills £1150
Cars and other travel £130
Cinema, takeaways, fun! £70
Emergency fund saving £200
Food and household goods £500
Holidays £150
Home contents insurance £0
Life insurance £0
Pension saving £0
Total spending £2200
Budget surplus/shortfall £300

Try to work out what could happen to the Pennys’ financial position in the scenarios given below. Avoid overcomplicating your analysis – just ascertain whether these would be good or bad financial events for Mr and Mrs Penny, and how important they would be.

  • Mrs Penny becomes permanently disabled.
  • Mr Penny is made redundant.
  • The Pennys’ car breaks down.
  • The Pennys’ children move out of the family home after they finish college.

Now look at the Pennys’ spending. In terms of covering the cost of life’s events, are they taking any risks? You might want to draw up a revised budget for them.

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