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

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Session 3: Being a savvy shopper and building a budget

Introduction

Welcome to Session 3.

In the following video Bobby Seagull introduces the main themes of the session.

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So far you’ve looked at the income you can get from employment. You’ve also looked at the impact of tax and National Insurance contributions – two items you’ll become very familiar with when you move into a full-time job.

In this session the focus turns first to spending and the factors that determine our spending habits.

You then start to build a simple budget. This is going to skill you up to manage your personal finances effectively in the period before you leave home.

By the end of this session, you should 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.