LO: To learn about managing your money after 6 th form. MANAGING YOUR MONEY POST 6 TH FORM Why bother? Next year you’ll be going it alone. There will be no-one to make sure you eat, no- one to wash your clothes and no-one to manage your money. Not eating and not washing are problems that will sort themselves out, usually without too much difficulty. Getting your money in order is a much more serious issue! For those not going to Uni, this is still a worry – in the workplace you’ll be treated as an adult and you need to know what you’re doing. In this session, we will look at 8 things to think about when managing your own money.

MANAGING YOUR MONEY POST 6 TH FORM 1. Banks are not your friends The sign in front of the member of bank staff may say 'money adviser' but don't be fooled – it should read 'salesperson'. Often their primary job is to sell you their products, and they will only do it from their own, usually poor range. Often the person you're talking to is paid based on how many things they can tie you into. Ask yourself: do you want to be the loyal customer whose business is taken for granted, or the customer whose business is hard won with better deals? Do your own research before getting any financial product. Ask yourself whether you need it, is it worth it, and have you checked whether it's the best deal on the market." LO: To learn about managing your money after 6 th form.

MANAGING YOUR MONEY POST 6 TH FORM TASK 1: These are the best value bank accounts 2015/16. What’s so good about them? QWH7vNq2TjA LO: To learn about managing your money after 6 th form.

MANAGING YOUR MONEY POST 6 TH FORM 2. Be boring. Budget Yes, it's boring, but if you're going to live on the money you've got, and afford a social life too, you need to learn to budget. Make a weekly or monthly budget and stick to it. Try using an online student budget calculator, such as the one on the Ucas website, which allows you to key in all your income and outgoings. Other tips: Try not to use your debit card to pay for things. It's easier to keep track if you pay cash. When going out at night, only take with you the amount you're happy to spend that night, and no plastic cards. Before you buy something, ask yourself: Do I really need it? Can I afford it? Can I get it cheaper elsewhere? If any one answer is no, think again. Don't use cash machines that charge for withdrawals. Find out which ATMs charge and which don't. LO: To learn about managing your money after 6 th form.

MANAGING YOUR MONEY POST 6 TH FORM 2. Be boring. Budget Here is an example of a budgeting sheet. You must write down all of your income and expenditure. The sheet will calculate what you have left. Set your budget at the start of each month. TASK 2: Fill out the budget sheet for your current finances. LO: To learn about managing your money after 6 th form.

MANAGING YOUR MONEY POST 6 TH FORM 3. Don't get a car It's a money pit. Particularly for young males – insurance costs can be crazy (£5,000 a year or more). And if you're off to university, you can't get away with going on mum or dad's insurance, or "fronting" as it's known. In any case, the other costs of car ownership can stack up: vehicle tax (£200+ a year), petrol (who knows), and if you're buying an old banger, the repair and tyre replacement bills can be huge. Then there's the minimum £50 or so for the AA or RAC to rescue you when it goes wrong. TASK 3: Add car expenses to your budgeting sheet to see the difference that a car makes. LO: To learn about managing your money after 6 th form.

MANAGING YOUR MONEY POST 6 TH FORM 4. Don’t buy the best mobile phone. Don't just throw money away – if you've already got a smartphone, or can get hold of one from a sibling who is upgrading, you can save by switching to a sim-only tariff. If you need to buy a new mobile, check out deals first. Use a cashback website (like to earn money on your transaction. LO: To learn about managing your money after 6 th form.

MANAGING YOUR MONEY POST 6 TH FORM 5. Travel bills and food are extortionate One of the biggest surprises students report is how much they have to pay on trains, buses and tubes. So get a Railcard – it costs £28 for one year, or £65 for three, and gives you a third off UK rail fares. Or take the bus – check Megabus for low-cost deals.Megabus Food is another necessary expense. How much will food cost you? It depends on how much you eat and what you eat! It’s also about being a savvy shopper. LO: To learn about managing your money after 6 th form.

MANAGING YOUR MONEY POST 6 TH FORM 5. Travel bills and food are extortionate TASK 4: Which are the best deals below? LO: To learn about managing your money after 6 th form.

MANAGING YOUR MONEY POST 6 TH FORM 5. Travel bills and food are extortionate The 750g and 1kg are identical in terms of value – do you need a big box? LO: To learn about managing your money after 6 th form.

MANAGING YOUR MONEY POST 6 TH FORM 5. Travel bills and food are extortionate TASK 4: Which are the best deals below? LO: To learn about managing your money after 6 th form.

MANAGING YOUR MONEY POST 6 TH FORM 5. Travel bills and food are extortionate The 8 pack is about 38p a can. The 12 pack is about 30p a can. The 2 for £5 deal works out to about 19p a can, so is the best deal. Don’t assume that deals are the best offer – sometimes they’re not! Notice how the supermarket calculation of cost is inaccurate – don’t always trust supermarket systems! LO: To learn about managing your money after 6 th form.

MANAGING YOUR MONEY POST 6 TH FORM 6. Debt isn't bad, but bad debt is Grandparents may tell you never to borrow, but sadly that isn't realistic in this modern world. If you want to go to university or own your own house, you're almost certainly going to need to borrow at some point. Not all debt is the same, and the most important skill is working out the difference between good and bad debt. Work out whether the repayments are affordable, ensure the borrowing is necessary, not just lusted for, keep the amount to a minimum and check that it is at the cheapest rate possible. Debt isn't bad, but bad debt certainly is. LO: To learn about managing your money after 6 th form.

MANAGING YOUR MONEY POST 6 TH FORM 6. Debt isn't bad, but bad debt is LO: To learn about managing your money after 6 th form.

MANAGING YOUR MONEY POST 6 TH FORM 7. Don't pay tax Students in the UK are liable for income tax and national insurance contributions (NICs) on their earnings, like everyone else. If you work for an employer during the term, you'll pay income tax if you earn over a certain amount – £10,600 for the tax year 2015/16 (that works out to £204 a week or £883 a month). You'll also pay NICs if you earn over £155 a week. But if you are a full-time student and only work in the holidays and your total income for the year is below the £10,600 personal allowance, you won't need to pay tax through PAYE provided you fill out form P38(S), available from your employer. Any grant you get, as well as most scholarships and bursaries, are non-taxable so you can get any or all of them and still keep your full personal allowance. When a scholarship comes from your employer, any income for periods of work (eg in the holidays) will be taxable and attract NICs in the normal way. LO: To learn about managing your money after 6 th form.

MANAGING YOUR MONEY POST 6 TH FORM 8. Know your minimum wage! Make sure you are being paid the minimum wage. There are different levels of national minimum wage – the current rate for those aged 18 to 20 is £5.30. For those aged 21 or over it's £6.70. And remember, your employer is obliged to pay you the sum you've agreed – and to pay you on time. LO: To learn about managing your money after 6 th form.

MANAGING YOUR MONEY POST 6 TH FORM FINALLY! This is a talk that Martin Lewis gave on student finances. We won’t have time to watch it all (it’s about 28 minutes) but it’s well worth looking it up yourself! LO: To learn about managing your money after 6 th form.