LIBF Financial Studies Parent Carer Conference 2021 Virtual Taster Lesson – Danny Topping

Key concept: Budgeting

Thought experiment!

STARTER TASK: Imagine you won a school prize for being the best student in your final year! ​ ​ ​ You can choose between two options: £100 cash straight away ​ OR £200 IF you successfully complete your future College courses ​ Which option would you choose? Briefly explain why?

Extension: What does this suggest about your attitude towards spending (or not!) money? ​

Your dream 16th birthday party!

Turning 16 is quite a milestone in life! Imagine your dream party during ‘normal’ times without social distancing! Here is a clip from the MTV show ‘My Super Sweet 16’ for some inspiration ​ ​ … www.youtube.com/watch?v=mgc5kQhPza0

th MAIN TASK: Plan your dream 16 ​ birthday party ​ ​ ​ ​ … Provide a brief summary of your party, e.g. what is the theme, how many invites etc.? ​ ​

1) Make a list of everything you would need to pay for – be creative – aim for at least 5-6 specific items. 2) Estimate the cost of each item – do some research – and add up the grand total.

Item Estimated cost (£) ​

Grand total £

Extension: What if you were set a budget for your spending – how would you prioritise the items on ​ your list – what would you cut back on?

Summary Task

Reflect on the following and make a note of … 3 reasons – other than planning for a ​ birthday party – for doing a budget

2 tips for creating a budget ​ 1 question you have about the ​ Financial Studies course?

Thank you – we hope you found the taster lesson useful! [email protected]