1. Moving Out
Learning Objective: To gain an understanding of the costs involved in moving out.
I can identify what money will be needed to move out and the importance of paying bills.
I can begin to create a monthly budget.
I can understand the importance of saving money.

2. Joey and Bills http://www.youtube.com/watch?v=NcFYIGQBHNQ
Introduce students to the idea of the money needed to pay monthly bills by showing the clip from Friends.

3. Bills, Bills, Bills Monthly Bills and Expenses
You are about to move out of your family home to rent with two friends...
What are you going to need money for each month?
Mind map what you will have to spend your money on.
Monthly Bills and Expenses

4. Bills, Bills, Bills Monthly Bills and Expenses TV Licence
Home Insurance
Rent
Food
Monthly Bills and Expenses
Utility Bills – gas, electricity, water
Toiletries
Phone Contract
Ask students for feedback on what they have included on their mind map. Show students the list on the PPT of suggestions. Ask students how much they think each one will cost each month.
Council Tax
Travel
Socialising
Hobbies, e.g. gym membership
Broadband

5. Based on 3 people sharing…
TV Licence = £5
Home Insurance = £5
Rent = £350
Food = £160
Monthly Bills and Expenses
Utility Bills – gas, electricity, water = £50
Toiletries = £20
Phone Contract = £30
Explain that these are just estimated costs and will depend on where in the UK you live and how economical you are with your spending. Give the group with the closest estimations green e-refs.
Council Tax = £50
Travel = £100
Socialising
Hobbies, e.g. gym membership = £40
Broadband = £15

6. Bills, Bills, Bills
One of the biggest challenges of living independently is keeping on top of regular bills.
Why is it important you don’t get behind with bill payments?
Why are the consequences if a bill isn’t paid?

7. Bills, Bills, Bills
If you don’t have the money to pay all of these bills, which ones are a priority?
A = Most important and must be paid immediately.
B = Not quite as important and can wait.
Show students the list of bills and ask them to think of possible consequences for not paying them. You might like to give small groups a couple each and get them to feedback. Then ask them to label them A and B – A = most important and needs to be paid immediately, B = not quite so important and can wait.

8. Bills, Bills, Bills

9. Moving Out
Learning Objective: To gain an understanding of the costs involved in moving out.
I can identify what money will be needed to move out and the importance of paying bills.
I can begin to create a monthly budget.
I can understand the importance of saving money.

10. Budgeting
A budget is a plan of your spending so you can keep track of your finances and manage your money responsibly.
Each group is going to be given a different job title and monthly salary. You need to create a monthly budget for living with two friends in a rented house in Hedge End.

11. Group 2: Police Community Support Officer
Budgeting
Complete your monthly budget template based on the monthly salary you have been given…
Group 2: Police Community Support Officer
Annual Salary: £26,012
Approx. Monthly Salary after tax etc.:
£1,625
Group 3: Electrician
Annual Salary:
£30, 345
Approx. Monthly Salary after tax etc.:
£1,896
Group 4: Accountant
Annual Salary:
£38, 692
Approx. Monthly Salary after tax etc.:
£2,418
Group 1: Receptionist
Annual Salary: £12, 543
Approx. Monthly Salary after tax etc.:
£888
Please note the monthly salaries only an estimation and haven’t been worked out completely accurately! I have taken around 25% off each salary to take into account tax and national insurance etc. - source for annual salaries
Students can have a look on right move for rent prices but they don’t need to spend too long on this as they will do that more in the rent/mortgage lesson.

12. Budgeting – Emergencies!
How many of you have left money over for the unseen emergencies or non-monthly costs that might happen?
Group 1: Receptionist
Annual Salary: £12, 543
Approx. Monthly Salary after tax etc.:
£888
Group 2: Police Community Support Officer
Annual Salary: £26,012
Approx. Monthly Salary after tax etc.:
£1,625
Group 3: Electrician
Annual Salary:
£30, 345
Approx. Monthly Salary after tax etc.:
£1,896
Group 4: Accountant
Annual Salary:
£38, 692
Approx. Monthly Salary after tax etc.:
£2,418
Ask whether students have budgeted for emergencies and non-monthly expenditures. Now tell each group they each have two more costs they need to budget for in a month. Have they left themselves with enough money to pay for them?
Your car has failed its MOT - £175 to make it road safe
You are invited to a wedding a buy a gift for £80
Your attend a family reunion and are asked to pay £110 for a joint gift
You lose your keys and have to pay £75
Parking Fine £35
Emergency Dentist appointment £69
Washing machine breakdown £105 repairs
Hair cut £40

13. Moving Out
Learning Objective: To gain an understanding of the costs involved in moving out.
I can identify what money will be needed to move out and the importance of paying bills.
I can begin to create a monthly budget.
I can understand the importance of saving money.

14. How does Martin Lewis say we can save money on energy bills?
Saving Money
There will always be unexpected things that you need to spend money on throughout the year from weddings to your boiler breaking down. So when you are thinking about moving out it is important to have some back up money in a savings account to help you manage these situations.
It also important to make savings on things like energy bills so you know you are getting the best deals.
Explain to students the importance of having a savings account to help them deal with unexpected emergencies but also tell them they need to be savvy when it comes to finding the best deals on things like energy bills. Watch all or some of the Martin Lewis clip explaining how we can save money on energy bills. Then ask students whether they can think of any other ways they can save money on other items in their budget, e.g. home insurance using a price comparison site.
How does Martin Lewis say we can save money on energy bills?

15. Moving Out
Learning Objective: To gain an understanding of the costs involved in moving out.
I can identify what money will be needed to move out and the importance of paying bills.
I can begin to create a monthly budget.
I can understand the importance of saving money.

16. Your Budgeting Top Tips!
Imagine you are Chandler giving Joey some tips on budgeting his monthly expenses now that he is living independently. Use what you have learnt this lesson to create 5 top tips. 1. 2. 3. 4. 5.
Students now need to create 5 top tips to give to Joey from Friends on budgeting for his monthly expenses based on what they have learnt this lesson. If students have Chomebooks you could do this on a shared document so they can see each others’ suggestions.