© boardworks ltd 2014 1 of 6 personal finance: unit 3 © boardworks ltd 2014 1 of 6 teacher’s...
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Personal Finance: Unit 3
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Teacher’s notes included in the Notes PageFlash activity. These activities are not editable.
Accompanying worksheet
Icons key: For more detailed instructions, see the Getting Started presentation
Web addressesSound Printable activity
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Learning objectives
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Why is it important to save money?
What is a savings account?
What is interest and how does it work?
Is it better to save money or borrow money?
How do I create a budget for my income?
What is tax?
Which taxes are relevant to me?
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Why is saving important?
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Savings accounts
If you want to save money regularly or store away some spare money for later, it’s a good idea to use a savings account.
Unlike current accounts, you cannot access the money you put into a savings account whenever you like. However, you earn more interest on money in a savings account than you would if it were in a current account.
All banks and building societies offer savings accounts.
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Budgeting
Budgeting is a way of controlling your spending and savings depending on your income.
Outgoings are things that you spend money on. They can be things you have to pay for, such as a mobile phone bill, or things that you choose to spend money on, such as a computer game.
When creating a budget you need to know:
Your incomeYour outgoings (expenses).
Do you have an income? Where from?List three of your regular outgoings.
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Activity
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