Understanding money, budgeting and saving are important life skills. Money issues can arise due to poor organisational skills or difficulty doing calculations under pressure.
Hints and Tips
Young people want to be more independent in managing and spending their money.
Having a bank account can teach you how to manage saving and spending. Review this on a monthly basis with your parent / guardian so you have had to manage it across the whole month. Discuss with your parent / guardian how they budget on items such as weekly food cost, household bills and travel.
A meal credit card scheme is often in schools to stop carrying cash. If this card is frequently lost or forgotten try attaching it to a retractable chain.
The following websites offer useful information:
MoneyHelper tries to make your money and pension choices clearer. It helps to explain what you need to do and how you can do it. It puts you in control with impartial guidance that’s backed by government and to recommend further, trusted support if you need it. They have a section called Family and Care which will help parents teach the vital skills of understanding and using money effectively. There is a guide for talking to teenagers about money.
The National Autistic Society
The National Autistic Society has an online module designed to help autistic people manage their money.
BBC Bitesize
BBC bitesize also has a range of topics on managing money under the Lifeskills Maths section. Lifeskills Maths is the application of Mathematical skills in real life contexts.
The mental arithmetic required for money management can be challenging. Without the use of a calculator round up to nearest 5 or 10 to make maths easier. It is always better to overestimate the cost of an item than underestimate. This will ensure you always have enough money for set activities.
If you struggle to remember where you have put money or frequently lose money, it’s best to keep your money in a wallet/purse or a money box. Try using a keychain you can attach to your wallet/purse and then attach the keychain to a loop either on your trousers or a loop sewn inside your pocket. This will help reduce the potential to lose your wallet/purse.
It is important to develop an understanding of the value of money. With a friend or family member discuss the cost of different items and why some things are more expensive than others.
Outing Budget Activity
Work with a friend or family member. Set a budget for a trip to the cinema. How will you work out how much to spend on travel, cinema tickets, popcorn, juice and/or food after the cinema?
Lunch Menu and Budget Activity
Work with a friend of family member. Set a daily / weekly budget for lunch. Using the lunch menu and budget activity sheet select lunch items for each day of week. Count up total cost and how much money is left from your budget? Will this last the week? Are there things you can change to make your money last the week?
gohenry is a pre-paid card and app with unique parental controls, for young people aged 6 to 18.