1. Decision Making-Budgeting
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2. Learning Outcomes
2.5 Assess the importance of making informed and responsible decisions in everyday life.
2.10 Apply consumer decision making skills in management of personal, family and household resources for everyday living.
2.13 Apply financial literacy skills in the preparation and evaluation of a budget for independent living.
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3. What will I learn
Factors that influence our decisions when buying goods and services
Money management and budget planning.
Saving institutions and points to consider when choosing a place to save.
Advantages of saving.
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4. Key Skills
Working with orders - cooperating with others while working through a management system.
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Being numerate- making informed financial decisions when planning budgets.
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Managing myself- working through the decision making process when choosing a product or service
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5. Key Words Goal Management System Budget Ergonomics Net Income
Gross Income
Evaluate
Deductions

6. Money Management Making decisions about money.
Ensures you have enough money for all your expenses.
Budget- is a plan for spending money.
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7. Applying the management system to budgeting
Identify the goal i.e. divide your income to pay all expenses
Identify your resources i.e. money, time & skills.
Plan i.e. work out your income and expenses . Allocate a % to each expense
Action- put your budget into action
Evaluate- Did the budget work? Were all the areas of expense covered? If not, consider the alterations you will need to make.
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8. Income Income is the money you receive.
Can be weekly, fortnightly or monthly
Gross Income- total amount you earn before deductions
Net Income- total amount you earn after deductions.
Wages- weekly payment for work
Salary-monthly payment for work..

9. Deductions- money taken away
Statutory Deductions
Voluntary Deductions
Pay As you Earn
Pays for roads, schools, nurses, doctors etc.
Private Pension Scheme
Pay Related Social Insurance
Goes towards paying people during illness, unemployment & retirement
Health Insurance i.e. VHI
Universal Social Charge- government tax
Union Fees

10. Household expenses i.e. electricity.
Examples of Expenses
Rent/Mortgage
Food
Household expenses i.e. electricity.
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Education/childcare
Savings
Emergencies

11. Sample family budget
Work out the total household income each week or month
List all your expenses.
Allocate a % of income to each expense
Review the budget and adjust regularly.
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13. Work out the Sample Budget with €500 net income
Housing
25%
Food
20%
Household
15%
Personal Expenses
Entertainment 5%
Savings
Total
€500

14. Helps you prepare for major bills
Helps you identify areas of overspending
Good example for children
Reduces the chances of overspending & impulse buying
Helps you feel more secure
Advantages of budgeting

15. Buying something on the spur of a moment!
Impulse buying
Buying something on the spur of a moment!
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16. Savings- putting a sum of money aside each week/month
Post Office
Credit Union
Building society
Banks
Savings- putting a sum of money aside each week/month

17. Considerations on where to save money
Ease of withdrawal
Extras
Security
Interest rates
Considerations on where to save money

18. Money will be available for more expensive items i.e. smartphones
Advantages of Saving
Money will be available for more expensive items i.e. smartphones
Helpful in case of emergencies i.e. car repairs
Your money is safe
Your money earns interest
It is a good example for children
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19. https://play.kahoot.it/#/k/ba9f8d57-c426-4f00-a4d5-46303a29576c
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