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

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11 Session round-up

To end this session, watch the following from Bobby.

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This has been a session with a single focus – the financial realities of living in shared rented accommodation. Even if you don’t go on to college or university after school it’s fairly likely that at some stage of early adulthood you’ll be in a house share.

Be alive to the reality that during a house share there will be issues that you’ll have to tackle and resolve.

  • A number of things (hopefully only a small number) are likely to go amiss with the property – perhaps a breakage of a piece of furniture or the malfunction of a kitchen appliance. This is just the way life goes.
  • Tensions in the relationships between some housemates are common even if everyone was best friends at the start. This can happen simply through living life together at close quarters, often in accommodation that might not be spacious.
  • Some surprises might occur that affect people’s budgets – perhaps a larger than expected heating bill due to a cold winter or a breakage that has to be paid for.

The information and checklists in this session should help you face any glitches when you’re in a house share and help to keep your finances in order.

You should now be able to:

  • make good decisions about choosing a rental property
  • understand the financial costs of renting a property
  • know what responsibilities you will have as a tenant
  • understand how to deal with issues that might arise during the tenancy
  • understand the impact living in a shared rental property has on your budget.

You can now go to Session 6 [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.