The Great Escape Dario the Apprentice’s Lesson. Objective To help Dario save enough money to move out of his parents’ basement and into rented accommodation.

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Presentation transcript:

The Great Escape Dario the Apprentice’s Lesson

Objective To help Dario save enough money to move out of his parents’ basement and into rented accommodation with his friends. Starter What are the main costs when you rent a property? Rank these in order of importance – which ones do you need to make sure you pay first? What might the outcomes be if you cannot pay for each cost?

Dario needs an extra £250 to save for a deposit to move into a flat with his friends. Here are the ways Dario can save money… Ditch the bus and walk to work Saving: £3/day Don’t go out after work on a Friday Saving: £20/week Make sandwiches for lunch Saving: £2.50/day Sell Xbox Saving: £150 Week Money Saved Can Dario save £250 in 6 weeks or less? Should he make smaller sacrifices for a longer time (and end up living with his parents for longer), or should he make more cuts so that he can move out sooner?

Now that he has saved enough for the deposit, let’s see if Dario has enough to afford the monthly costs of renting. His salary is £800 after tax. His rent will be £340 a month. Below are some fixed costs for things Dario has to pay for.. Council Tax £40/month Gas & Electricity £50/month Water £20/month Contents Insurance £15/month How much do you think he will spend on the essentials below? Food ? Travel ? Clothes ? Entertainment ? Can Dario afford to move out of his parents’ house? Would he have any money left at the end of the month for saving?

Group Work Please discuss the following with a partner / group. What are the biggest challenges when saving money? What have you learnt from today’s lesson? How can you transfer some of these budgeting skills to your own life? Would you chose to live independently on Dario’s wage?