Life After College: Budgeting, Tax, Finances, and Independent Living Skills
Explore the essentials of budgeting, taxes, finances, and independent living skills post-college. Learn about creating a personal budget, understanding taxes, saving accounts, and more to manage your finances effectively. Gain insights on budget considerations, tax implications, and the importance of financial planning for a successful transition to independent living.
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Presentation Transcript
Budgeting, Tax, Finances and Life After College
Outcomes Create a Personal Budget Understand and Explain how Tax works Explain and Understand how Saving Accounts and Interest Works Give an example of at least 4 Independent Living Skills
Starter Activity What things do you need to take into consideration when budgeting?
Things to consider Rent or Mortgage Water, Gas & Electricity Insurance Food Income Phone Contract Broadband Television Subscriptions (Netlix) Council Tax TV Licence
Budgeting Why is it Important to create a budget?
Budgeting How do you know you will be able to afford to do something? Helps you plan your finances and save for really nice things. It will make your money go a long way and focus on the things that really matter.
Creating a Budget Click onto my Padlet Page padlet.com/tsidebottom Download the Monthly Budget Using the Internet research a job and the salary and use this as the basis for your budget. Research other aspects of the Budget to find out how much things cost and input the data. By the end we should see if your in the + or -
Tax What do you already know about Tax?
Tax Helps the government pay for and fund various things. We pay Tax on most things we buy such as Fuel. We also pay income Tax and National Insurance Band Personal Allowance Basic rate Higher rate Additional rate Taxable income Up to 11,500 11,501 to 45,000 45,001 to 150,000 over 150,000 Tax rate 0% 20% 40% 45% If you earned 28,000 per year. How much income tax you would pay for that year?
Savings Accounts and Interest It is important that we all have a Savings Account at some point. This is a place you can save your money and earn interest on what you save (annually). If you put 150 in a savings account with 1% Interest Rate how much interest would you make? Other than a Savings Account you can also have, Credit Cards, Debit Cards, ISA s and Bonds (and others)
Independent Living Skills How many can you already name?
Independent Living Skills Cooking Cleaning Ironing Budgeting Paying Taxes Washing and Drying Clothes Repairing Knowing what to do in an emergency (Fire Alarm, Safety Equipment, Burglar Alarm)
Helpful Sites Citizens Advise Bureau https://www.citizensadvice.org.uk/ The Money Advice Service https://www.moneyadviceservice.org.uk/en Money Saving Expert https://www.moneysavingexpert.com/
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