ILO
Construct a personal budget that takes account of personal remuneration and expenditure (P4).
Explain the reasons for budgetary decisions (M1).
Justify reasons for financial planning decisions (D1).
Explain the reasons for budgetary decisions (M1).
Justify reasons for financial planning decisions (D1).
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Average UK student debts 'could hit £53,000'Average debts may reach £53,000 for UK students starting in 2012 - double the figure for 2011 - an annual survey suggests.
The Push university guide said average annual debts had risen 6.4% in the past year - more than inflation - to £5,680. Researchers interviewed 2,800 students and based the projection on an average course length of 3.4 years. Tuition fees in England will rise in 2012, but ministers say students should not be put off for financial reasons. http://www.bbc.co.uk/news/education-14488312 |
Task 4
Your Head of Year wants all students to construct their own personal budget taking account of personal remuneration and expenditure. This budget must take account of all aspects of income and expenditure that someone would have if they lived on their own.
a) Based on your expected personal finances once you have left school, design and produce an annotated personal budget that includes the following elements (at least FOUR items of income and EIGHT items of expenditure):
a) Based on your expected personal finances once you have left school, design and produce an annotated personal budget that includes the following elements (at least FOUR items of income and EIGHT items of expenditure):
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· Wage/salary
· Overtime/tips/bonus/commission · State benefit · Interest from savings account or investments · Gifts/inheritance To achieve a pass, the budget should be annotated with a commentary outlining the importance of different aspects of the budget. The budget itself should be accurate and contain the features of a budget described in the content. At merit level the commentary will explain the reasons for the format and structure of the budget. At distinction level there will be evidence of justification of all decisions made in the financial planning. |
· Accommodation
· Income tax · Utility costs · Travel · Food · Clothing · Communication (Mobile phone, telephone, internet) · Leisure activities · Savings · Special occasions · Credit card or loan repayments |
Merit
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Distinction
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Support documents
| budget.docx |
| budgeting.pdf |
| parents_guide_to_student_money.pdf |