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

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13 Applying the model to your decisions

Now, as a final activity, you will think of a recent financial decision that you’ve taken and analyse your own process of financial planning.

This image shows the four stages of the financial planning model.
Figure 10

Activity 7  Applying the model in real life

Timing: Allow about 10 minutes

Try to remember each stage of your decision and have a go at analysing the stages in terms of the financial planning model. The decision could be something to do with acquiring a phone or a tablet, or going on holiday with your friends or buying a car. Another great way to apply the model is in connection with securing a property rental. Think about the different things you have to do – agreeing who to share with, deciding which area of the town to live in, locating a property, signing the tenancy agreement and then deciding whether to renew it at the end of the tenancy term. Where do these actions fit into the four stages of the model?

If you were to make a similar financial decision right now, would you approach it differently?