Together on the road to success
PERSONAL FINANCE UNIT 2
Wks. LI Suggested
Activities/Slides
Suggested Time
1 Can you recall methods of
payment an sources of
income?
Slides: 1-5 20 minutes
2 Can you recall key items on a
pay slip?
Slides: 6-8 20 minutes
3 Tax codes in the U.K Video sessions
Slides: 9-12
Ext: Slides 13-14
20 minutes
4 Can you recall essential
elements of a budget?
Slides: 15-18 25 minutes
5 Can you identify and explain
difficulties of a limited
budget?
Slides: 20-22 25 minutes
6 Can you describe ways of
coping with a limited budget?
Video Sessions
Slides 23-25
20 minutes
7 Personal reflections PowerPoint on What
you learned and how
you will use it now
and in the future
30 minutes
RECAP: METHODS OF PAYMENT
Mr Park worked for 2 hours in a
shop.
What was Mr Park paid?
Ms. Rio works full time in a
hospital as a nurse.
What was Ms. Rio paid?
Mr Bishop brought 4 people to
the car dealership and they
bought 5 cars
What was Mr Bishop paid?
Luke worked extra night shifts.
What was James paid?
Jane received an increase in
her salary because she was
awarded employee of the year
What was Jane paid?
SOURCES OF INCOME
Jacob bought a car on
money he borrowed from
the bank.
What is this called?
Mary bought a car with
money left by a late Nan.
What is this called?
Mr wright got paid some
money from gains in a
business.
What is this called?
75 years old Johnny
receives £250 a week from
the government after
leaving work.
What is this called?
SOURCES OF INCOME
Can you come up with other ways
young people can receive income
KEY ITEMS ON PAYSPLIPS
KEY ITEMS ON PAYSPLIPS
KEY ITEMS ON PAYSPLIPS
TAX CODES IN THE UK
Watch video for 1 minute and answer the following
questions. Types your answers in the text boxes below
What is the job of HMRC?What does HMRC stand for?
List 5 types of taxes in the
U.K?
Watch video for 2 minutes and answer the
following questions. Types your answers in the
text boxes below
How does HMRC take your
taxes through PAYE?
What does PAYE stand for?
What is a tax code?
Watch video for 3 minutes and answer the
following questions. Types your answers in the
text boxes below
What is the tax free
allowance for everyone ?
Where in you payslip do
you locate your tax code ?
What is a tax free
allowance ?
Watch video for 3 minutes and answer the
following questions. Types your answers in the
text boxes below
What is the tax free
allowance for everyone ?
What is that tax code that
most people receive ?
What is a tax free
allowance ?
Watch video for 3 minutes and answer the
following questions. Types your answers in the
text boxes below
With your calculator
How much tax will you pay
if you earn £25,000 a year?
What is that basic tax % for
every U.K tax payer ?
How about if you earn
£35,000 ?
Continue to watch video and try out the
following calculations
How much tax will you pay
if you earn £65,000 a year?
How much tax will you pay
if you earn £50,000 a year ?
How about if you earn
£75,000 ?
EXTENSION WORK
ESSENTIAL ELEMENTS OF A BUDGET
List some needs and wants in the table below
Needs Wants
Difficulties of a limited budget
In the text box below list what may happen to someone who is
broke (No Money) List four other emotions.
❖ Anger
Difficulties of a limited budget
A limited budget is when you don’t have enough money to buy the
things you need.
Your needs in life are what economist refer to as Essentials.
Think of five essentials in your life.
❖ Water
Difficulties of a limited budget
A limited budget is when you don’t have enough money to buy the
things you need.
Your needs in life are what economist refer to as Essentials.
Think of five essentials in your life
Difficulties of a limited budget
Below are some of the things people may experience if they have a
limited budget
❖ Homelessness
❖ Debt
❖ Starvation
❖ Eviction (To be asked to leave your house)
❖ Begging
❖ Gambling
❖ Poor diet
❖ Hunger
Difficulties of Coping on a Limited Budget Activity
Stress, Criminal record, shop lifting, Homelessness, Poor diet, Hunger, Gambling, Eviction, Property repossession, Torn clothes, Debt
Contact the homeless emergency number
01642 771300
Phone: 0800 032 7952
Housing Advice & Information Service on 01287 612444
43 Station RoadRedcarTS10
Tel: 01642 490834
Avoid gambling places.
Take a HobbySpend time with family
Buy from shops you can afford
Gain new skills e.g. budgeting
Keep a strict budget
Negotiate a reasonable
payment plan
How to Cope with Problems of Being on a Limited Budget A
How to Cope with Problem of Being on a Limited Budget
Example:
Describe what the problem is: Explain what you would do to cope:
Give three examples of how you would cope with three difficulties of being on a limited budget.
Name:…………………………………………………. Date:…………………………………………………………
Coping with a limited budget
Click the link below-Coping with limited
budget.
Watch the entire video and respond in the next slides
What is budgeting? List some sources of income
mentioned in the video
Do you incur any of the
expenses listed in the video?
What is a safety net?
What does the umbrella and
the rain stand for?
What is the difference
between nice to have items
and need to have items ?
What is the easy rule of
thumb for budgeting?
What do you consider as
some benefits of budgeting ?
Personal Reflection
What did you learn in sources of income?
Which sources are you most likely to have
and why?
Personal Reflection
What did you learn in methods of payment ?
Which methods are you most likely to receive and
why?
Personal Reflection
What did you find most informative about the U.K tax
system and why?
Personal Reflection
What are actions are you going to take to ensure you
don’t fall into the categories of difficulties of a limited
budget ?
Personal Reflection
Final thoughts
WWW:
EBI:
Have a great summer
and sixth form.