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Managing my money for young adults
Managing my money for young adults

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9 Session round-up

In this session you’ve looked at how you can earn an income from part-time work while you’re still at school. You’ve also looked at the deductions that can be made from gross incomes – although the likelihood is that you should have no liability to these until you move into full-time employment or, at least, work a substantial number of hours each week.

You also explored government benefits and looked at those you could become entitled to when you leave school or college.

You should now be able to:

  • know about the minimum wage and the other employment rights to which you are entitled
  • identify the pros and cons of zero-hour contracts
  • understand Income Tax and National Insurance Contributions, and how these are deducted from earnings
  • understand Income Tax codes and when to make Income Tax returns
  • understand the basics of state benefits, their funding and how means testing works.

To finish the session watch this video where Martin Lewis talks about his first job and a key lesson he learned that helped his future career.

Download this video clip.Video player: mmmft_1_video_week2_lewis_employees.mp4
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In the next session you look at spending and then, by combining your expenditure with your income, you start the process of building a budget for yourself – something that is essential to ensure you keep on top of your finances.

You can now go to Session 3 [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.