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

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15 Session round-up

You’ve covered a lot of ground in this session.

You examined the variety of directions that school-leavers can take and the things that they need to know as they move into adulthood and the next stages of their lives.

You also examined how controlling personal finances through effective budgeting becomes both more important and more complex. More important because, on leaving home, you have greater responsibility for running all aspects of your life including financial management. More complex as the items on both the income and expenditure sides of your budget grow in number and complexity. More complex, too, because as a young adult living away from home you are likely to experience social pressures that will impact on the way you live and spend your money.

You looked at the finances of going into further and higher education – studying for a degree is likely to mean accumulating a large debt courtesy of the student loans advanced to you. Getting your head around how student finance works is essential for those planning to study after leaving school.

You should now be able to:

  • understand the choices available to you when you finish secondary education
  • understand how you can finance further and higher education studies
  • take advantage of the deals and discounts that are available for young adults
  • build a more detailed budget that you can use when living away from the family home
  • understand the budgetary pressures that can arise when you live away from home, and how to manage these.

To finish the session watch this video where Martin Lewis talks about the importance of being financially and socially savvy when you leave home.

Download this video clip.Video player: mmmft_1_video_week4_lewis_getsavvy.mp4
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When you leave home to go to university or to move into a job away from your home town the likelihood is that you will, for some time at least, be living in shared rental accommodation. This situation brings with it particular financial responsibilities and pressures. For many it is a problematic time financially as you get the hang of having your own home. So in the next session you focus on how to manage your finances in shared rental accommodation.

You can now go to Session 5 [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 helpful.