Together on the road to success

PERSONAL FINANCE UNIT 2

Wks. LI Suggested

Activities/Slides

Suggested Time

1 Can you recall methods of

payment an sources of

income?

Slides: 1-5 20 minutes

2 Can you recall key items on a

pay slip?

Slides: 6-8 20 minutes

3 Tax codes in the U.K Video sessions

Slides: 9-12

Ext: Slides 13-14

20 minutes

4 Can you recall essential

elements of a budget?

Slides: 15-18 25 minutes

5 Can you identify and explain

difficulties of a limited

budget?

Slides: 20-22 25 minutes

6 Can you describe ways of

coping with a limited budget?

Video Sessions

Slides 23-25

20 minutes

7 Personal reflections PowerPoint on What

you learned and how

you will use it now

and in the future

30 minutes

RECAP: METHODS OF PAYMENT

Mr Park worked for 2 hours in a

shop.

What was Mr Park paid?

Ms. Rio works full time in a

hospital as a nurse.

What was Ms. Rio paid?

Mr Bishop brought 4 people to

the car dealership and they

bought 5 cars

What was Mr Bishop paid?

Luke worked extra night shifts.

What was James paid?

Jane received an increase in

her salary because she was

awarded employee of the year

What was Jane paid?

SOURCES OF INCOME

Jacob bought a car on

money he borrowed from

the bank.

What is this called?

Mary bought a car with

money left by a late Nan.

What is this called?

Mr wright got paid some

money from gains in a

business.

What is this called?

75 years old Johnny

receives £250 a week from

the government after

leaving work.

What is this called?

SOURCES OF INCOME

Can you come up with other ways

young people can receive income

KEY ITEMS ON PAYSPLIPS

KEY ITEMS ON PAYSPLIPS

KEY ITEMS ON PAYSPLIPS

TAX CODES IN THE UK

Watch video for 1 minute and answer the following

questions. Types your answers in the text boxes below

What is the job of HMRC?What does HMRC stand for?

List 5 types of taxes in the

U.K?

Watch video for 2 minutes and answer the

following questions. Types your answers in the

text boxes below

How does HMRC take your

taxes through PAYE?

What does PAYE stand for?

What is a tax code?

Watch video for 3 minutes and answer the

following questions. Types your answers in the

text boxes below

What is the tax free

allowance for everyone ?

Where in you payslip do

you locate your tax code ?

What is a tax free

allowance ?

Watch video for 3 minutes and answer the

following questions. Types your answers in the

text boxes below

What is the tax free

allowance for everyone ?

What is that tax code that

most people receive ?

What is a tax free

allowance ?

Watch video for 3 minutes and answer the

following questions. Types your answers in the

text boxes below

With your calculator

How much tax will you pay

if you earn £25,000 a year?

What is that basic tax % for

every U.K tax payer ?

How about if you earn

£35,000 ?

Continue to watch video and try out the

following calculations

How much tax will you pay

if you earn £65,000 a year?

How much tax will you pay

if you earn £50,000 a year ?

How about if you earn

£75,000 ?

EXTENSION WORK

ESSENTIAL ELEMENTS OF A BUDGET

List some needs and wants in the table below

Needs Wants

Difficulties of a limited budget

In the text box below list what may happen to someone who is

broke (No Money) List four other emotions.

❖ Anger

Difficulties of a limited budget

A limited budget is when you don’t have enough money to buy the

things you need.

Your needs in life are what economist refer to as Essentials.

Think of five essentials in your life.

❖ Water

Difficulties of a limited budget

A limited budget is when you don’t have enough money to buy the

things you need.

Your needs in life are what economist refer to as Essentials.

Think of five essentials in your life

Difficulties of a limited budget

Below are some of the things people may experience if they have a

limited budget

❖ Homelessness

❖ Debt

❖ Starvation

❖ Eviction (To be asked to leave your house)

❖ Begging

❖ Gambling

❖ Poor diet

❖ Hunger

Difficulties of Coping on a Limited Budget Activity

Stress, Criminal record, shop lifting, Homelessness, Poor diet, Hunger, Gambling, Eviction, Property repossession, Torn clothes, Debt

Contact the homeless emergency number

01642 771300

Phone: 0800 032 7952

Housing Advice & Information Service on 01287 612444

43 Station RoadRedcarTS10

Tel: 01642 490834

Avoid gambling places.

Take a HobbySpend time with family

Buy from shops you can afford

Gain new skills e.g. budgeting

Keep a strict budget

Negotiate a reasonable

payment plan

How to Cope with Problems of Being on a Limited Budget A

How to Cope with Problem of Being on a Limited Budget

Example:

Describe what the problem is: Explain what you would do to cope:

Give three examples of how you would cope with three difficulties of being on a limited budget.

Name:…………………………………………………. Date:…………………………………………………………

Coping with a limited budget

Click the link below-Coping with limited

budget.

Watch the entire video and respond in the next slides

What is budgeting? List some sources of income

mentioned in the video

Do you incur any of the

expenses listed in the video?

What is a safety net?

What does the umbrella and

the rain stand for?

What is the difference

between nice to have items

and need to have items ?

What is the easy rule of

thumb for budgeting?

What do you consider as

some benefits of budgeting ?

Personal Reflection

What did you learn in sources of income?

Which sources are you most likely to have

and why?

Personal Reflection

What did you learn in methods of payment ?

Which methods are you most likely to receive and

why?

Personal Reflection

What did you find most informative about the U.K tax

system and why?

Personal Reflection

What are actions are you going to take to ensure you

don’t fall into the categories of difficulties of a limited

budget ?

Personal Reflection

Final thoughts

WWW:

EBI:

Have a great summer

and sixth form.