An introduction to Unit 2:

Managing your money

Unit 2 CATs

• 2a Complete a personal budget planner using the template provided for a HE or work based route

• 2b Write an assignment that considers and evaluates the financial implications of continuing your education or starting a job or apprenticeship.

Purpose of session

• Enable students to accurately complete the Unit 2 budget planner (CAT 2a)

• How? Step by step guidance and instructions provided

• Why? The activity that most students get wrong

Purpose of Unit 2 – why it’s important?

• Gain a better understanding of student finance/finance in general

• Understand what you are entitled to

• Understand how to access/apply for funding

• Information can aid HE and career research and decision making/choosing the right path for you

• Develop your research/assignment writing skills

Budget planner CAT 2a

• The activity that most students get wrong – yet one of most important!

• Must know level of household income (but don't need to disclose this in assignments)

• Everything you need is in Unit 2 booklet, supported by online resources

Income from financial support (a)

• Page 12 and 13 of Unit 2 booklet

• Loans – max £5,740 (deferred and repayable)

• Grants – max £3,387 (non-repayable)

• For individual estimate of income, use online calculator

https://www.gov.uk/student-finance-calculator or ‘ready reckoner’ table, page 12/13

Income from part time employment (b)

• Majority of students have a part time job (some course exceptions) – see case study p.16

• Up to 15 hours per week maximum

• Minimum wage at 18 – £5.03

• Example: 10 hours per week = £50.30

Parental contribution(c)

• Have you discussed finance with your parents?

• If yes, can they contribute?

• If you haven't, have the conversation

Weekly expenditure (d)

• Use websites of 2 Universities of choice – search accommodation pages

• See Living Costs table on page 10 and Accommodation Table on page 11 of Unit 2 booklet as a guide to budgeting (but don’t just copy these figures)

• Make the figures specific to YOU, don't copy from your friend/Unit 3 booklet

Points to remember – budget planner

• Use online calculator/online resources – web links

• Use Unit 2 booklet

• Final figures should be accurate and specific to you, not generic – or made up!

• Complete all fields in budget planner – and make sure they add up

• Be realistic – if you are left with a balance/deficit of £200 a week, something is wrong!

Sources of information

• Budget Planner templates online

• Unit 2 booklet – esp. pages 10/11 and 12/13

• Online resources and links to: http://www.hud.ac.uk/scls/progressionmoduleresources/index.php

– Online calculator

– A Guide to completing CAT 2a (under Tutor Resources Tab)

Points to remember – assignment 2b

• Use the writing frames, p.7/8 Unit 2 booklet as a guide/headings

• Refer to budget planner 2a in assignment

• Use relevant websites and articles to inform your assignment (use online resources and links)

• Write at least 500 words and add a word count at end

• Don’t copy and paste info from the web – plagiarism

• Include a bibliography (at least 3 web sources – remember to bookmark your sources during research)