1. Personal finance

2. Think about eight things you will need or would like to buy over the next few years. Try to include: 1 short-term purchases – inexpensive things that you could buy without saving up 1 medium-term purchases – things that you might need to save for 1 long-term purchases – things that will take you a long time to save up for.

3. Discuss with a partner: 1.How can we save money? 2.What can you do to make your money ‘go further’? 3.How can we make money and save?

4. 1.The characters all made financial decisions in the story. Which choice was the most important one? 2.What kind of financial decisions do you find hard to make? 3. What do you think will happen to the four characters in the story? Elisha, Ravi, Kim and Dylan, AKA ‘The Bailiffs’, have got their first gig! Only problem is that it’s in just a couple of weeks and they’re all strapped for cash. Have they got time to practice? Have they got enough money to promote themselves? In the lead up to the gig, their various financial circumstances are revealed.

5. What is a budget? A document that compares what money you have coming in and going out - income related to how much you spend. Budgets can range from personal budgets by individuals to family budgets, company budgets and even governmental budgets. Balancing the budget This means making sure that you aren’t spending more than you earn and getting into debt. Budgeting can also help you see money problems that may arise in the future.

6. To have more money and avoid debt you can: Increase your income – find ways of earning more, e.g. by taking on an extra job, negotiating more pocket money or putting savings into a high interest account or Reduce your expenditure – look at the things that you need to survive (e.g. food, housing) and things that you want but can live without (e.g. television, the latest fashions). An important money management skill is to be able to put things in order of importance so you can see what things you really need and what you can do without.

7. You are going on holiday with a friend. Use your worksheet to select different options. You have £800.

9. http://www.youtube.com/watch?v=OrQRkx1wB6I What is bankruptcy? Why is it important to know about and understand how to manage money?

11. With a credit card you pay on the card and at the end of the month you pay off the total you have spent. You get a credit card statement saying how much you owe. With a debit card, you pay on the card and the money leaves your current account straight away. You cannot go over how much money is in your bank account.

12. Credit cards have disadvantages: There are often charges, e.g. for late payment or use abroad. It can be easy to lose track of what you are spending. Remember, it’s a form of borrowing! The card, or your details, can be stolen. Always check your monthly statement!

13. The rules of the game: You will be given two cards with different values on. Your credit limit is £1000. If your cards add up to £1000 you may wish to ‘spend’ and be given another card to try and be closer to that limit. If the value of your cards exceeds £1000 you will be sent to debtor’s jail and be out of the game. The person who gets closest to the credit limit wins.

14. Put money in a typical bank account and it pays 0.1% interest Put £1,000 in there and you earn £1 a year. True or false? Borrow money on a typical credit card and it charges 18% interest. Borrow £1,000 from there and you pay £180 per year. True or false?

15. An increase in interest rates will make saving more attractive and borrowing less so.