An introduction to Unit 2: Managing your Money

Unit 2 CATs 2a Complete a personal budget planner using the template provided for a HE or work based route 2b Write an assignment that considers and evaluates the financial implications of continuing your education or starting a job or apprenticeship

Purpose of session Enable students to accurately complete the Unit 2 budget planner (CAT 2a) How? Step by step guidance and instructions provided Why? The activity that most students get wrong

Purpose of Unit 2 Information can support choosing the right path for you Develop your research and assignment writing skills Gain a better understanding of student finance Understand how to access/apply for funding Understand what you are entitled to

Budget planner CAT 2a The activity that most students get wrong – yet one of most important! Must know level of household income (but don't need to disclose this in assignments) Everything you need is in Unit 2 booklet, supported by online resources

Income from financial support (a) Use Page 12 of Unit 2 booklet Loans – max £8,200 (deferred and repayable) Grants – replaced by increased Loan amount For individual estimate of income, use Maintenance Loan Threshold Table or online calculator

Use the BIS website for up-to-date info imoney imoney

Household income Living with parents (£) Live away from home & study outside London (£) Live away from home & study in London (£) £25,000 or less6,9048,20010,702 £30,0006,3227,61210,103 £35,0005,7407,0239,503 £40,0005,1586,4348,904 £42,8754,8246,0958,559 £45,0004,5765,8458,304 £50,0003,9945,2567,705 £55,0003,4124,6677,105 £58,2013,0394,2906,722 £60,0003,0394,0786,506 £62,1803,0393,8216,244 £65,0003,0393,8215,906 £69,8033,0393,8215,330 Maintenance Loan Threshold Table

Income from part time employment (b) Up to 15 hours per week maximum Majority of students have a part time job (some course exceptions) – see case study Example: 10 hours per week = £51.30 Minimum wage at 18 – £5.13

Parental contribution(c) Have you discussed finance with your parents? If yes, can they contribute? If you haven't, have the conversation

Weekly expenditure (d) See Living Costs table on page 10 and Accommodation Table on page 11 of Unit 2 booklet as a guide to budgeting (but don’t just copy these figures) Use websites of 2 Universities of choice – search accommodation pages Make the figures specific to YOU, don't copy from friends or Unit 3 booklet

Points to remember – budget planner Use Unit 2 booklet Use online calculator and loan Threshold table Final figures should be accurate and specific to you, not generic or made up! Be realistic and accurate Complete all fields in budget planner

Use the PM web page as a research tool

Sources of information? Budget Planner template Unit 2 booklet – esp. pages 10/11 and 12 PM webpage = research tool Online calculator/Threshold table to estimate

Points to remember – assignment 2b Refer to budget planner 2a in assignment Use the writing frames, p.7/8 Unit 2 booklet as a guide/headings Use relevant websites and articles to inform your assignment (use online resources and links) Include a bibliography (at least 3 web sources – remember to bookmark your sources during research) Don’t copy and paste info from the web – plagiarism Write at least 500 words and add a word count at end

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