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An introduction to Unit 3: Managing your money

An introduction to Unit 3: Managing your money. Unit 3 CATs. 3a Complete a personal budget planner using the template provided. 3b Write an assignment that considers and evaluates the financial implications of continuing your education.

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An introduction to Unit 3: Managing your money

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  1. An introduction to Unit 3: Managing your money

  2. Unit 3 CATs • 3a Complete a personal budget planner using the template provided. • 3b Write an assignment that considers and evaluates the financial implications of continuing your education. • Your assignment should include personalised information on: tuition fees, loans, grants and scholarships, living costs, budgeting, long term benefits of HE

  3. Purpose of session Enable students to accurately complete the Unit 3 budget planner (CAT 3a) How? Step by step guidance and instructions provided Why? The activity that most students get wrong

  4. Purpose of Unit 3 – why its important? Gain a better understanding of the student financial system Understand what you are entitled to Understand how to access/apply for funding HE and career research and decision making Choosing the right path for you Develop your research/assignment writing skills

  5. Budget planner 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 3 booklet/supported by online resources

  6. Income from financial support (a) Page 11 of Unit 3 booklet Loans – max £5,555 (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 11 Additional financial support – NSP, DSA, NHS bursary etc (P.12)

  7. Income from part time employment (b) Majority of students have a part time job (some course exceptions) – see case studies p.13 and 15 Up to 15 hours per week maximum Minimum wage at 18 – £5.03 Example: 10 hours per week = £50.30

  8. Additional weekly income (c) • Parental contribution? • Have you discussed finance with your parents? • If yes, can they contribute? • If you haven't, have the conversation • Miscellaneous income? • E.g. Gap Year savings, other savings etc

  9. Weekly expenditure (d) Use websites of Universities of choice – accommodation pages See Living Costs table on page 7. of Unit 3 booklet as a guide to budgeting (but don’t just copy it) Make the figures specific to YOU, don't copy from your friend/Unit 3 booklet

  10. Points to remember – budget planner Use online calculator/online resources – web links Use Unit 3 booklet Unit 3 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 (use Excel template for ease) Be realistic – if you are left with a balance of £200 a week, something is wrong!

  11. Sources of information • Budget Planner template online – use Excel version for ease • Unit 3 booklet – esp. pages 7 and 11 • Online resources and links to: http://www.hud.ac.uk/scls/progressionmoduleresources/index.php • Online calculator • A Guide to completing CAT 3a (under Tutor Resources Tab)

  12. Points to remember – assignment 3b Use the writing frame, p.5 Unit 3 booklet as a guide/headings Refer to budget planner 3a Use relevant websites and articles to inform your assignment (use online resources and links) Write at least 500 words and add 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)

  13. Questions?

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