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Adina Campbell helps student Katherine take charge of her finances by creating a budget. They discuss essential and non-essential expenditure and work out ways to reduce spending.
This clip is from:
First broadcast:
18 January 2013

Classroom Ideas

Discuss what is meant by budgeting, and encourage students to set their own budgets following the example given. Talk about the difference between needs and wants, and how to budget separately for each. Consider the pros and cons of budgeting and cutting back on spending. This could contribute to class investigations to prepare young people for independent living.

One of the ways that young people can take this forward is to keep a log of their own spending. Try using spreadsheets, graphs and other representations of data to examine their income and expenditure over a full year. This will help them analyse spending, budget more effectively and help them plan for future expenses. The following questions can then be asked: When do you spend the most money? Why do you think this is? Are you surprised at how much you have spent? Did you really need everything that you bought? How many things did you want that you could not buy? Is it easier to manage your money when you have it as cash? Do you ever consider saving any money? Do you get value for your spending money?

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