We introduced a group of GSCE Business students to personal finance and money management, covering the principles of budgeting and how it can be effectively applied as a tool to help manage their finances from a young age.
The purpose of the session was to foster a disciplined attitude, conscious and sound decision making in matters regarding their personal finances.
Nicholas provided participants with an example of a comprehensive yearly budget and demonstrated how to prepare one through a completed a practical exercise. The aim of the exercise was for learners to identify areas where they could be more effective with their money to achieve their financial goals, which included: being able to purchase a new pair of trainers; pay for driving lessons and afford new computer games. By applying the principles of budgeting to everyday wants, the hope was that learners would begin to cultivate good habits that will serve them well down the line when making more important financial decisions.
We fielded questions on credit and debt, addressing best practice when it comes to using credit cards, and the pitfalls to avoid.
At this point, the bell went to signal break time. Some students choose to stay behind to ask further questions. Some of these questions were saving, so we introduced them to ISAs as a way to encourage them to save regularly.
We received great feedback, with the session having such a strong impact that one of the students subsequently opened an ISA and is now actively saving.