Well done on completing your second Online Money Twist session! We really hope you’re able to take some of what you’ve learnt today and apply it to your life. In this session we have explored what we are entitled to when we work, how to prioritise our needs and wants, budgeting, and understanding the importance of saving. We hope that the Best Deal, Best Feel and Best 4 U money mantra will stick with you and help you to understand how to effectively manage your relationship with money. Here’s a recap of what you’ve covered this session:
In this session we have explored:
Best Deal: When working, we learnt that the National Minimum Wage is there to protect us. Knowing what we are entitled to earn will help us to get the ‘Best Deal’.
Best Feel: What are your highest priorities? Is it a mobile phone or a PlayStation? Thinking about how important things feel to us is helpful when creating a budget. It ensures we can afford to pay for our needs and priority wants.
Best 4 U: Where should we save and how much should we save? These are all personal questions to help identify what is ‘Best 4 U’. But either way, it’s important to start a savings habit.
Well done on completing Session 2. We hope you enjoyed it and have completed one of our Check It, Draw It, or Calculate It activities to help you get started with your own savings habit.
You have your savings goal in place – work out how long it will take you to reach this goal. To do this, write down any money you have/will receive. This could be from pocket money, birthdays or a part-time job. How much of this money would you be able to realistically save? Look at how frequent this save could be – do you get this money weekly, monthly or every few months?
Now write down the cost of your savings goal item. Divide this by the amount of money you can save.
For instance – if you wanted to save £100, and your weekly wages for a newspaper round is £11.50.
100/11.50 = 8.69. If we round that up that means it will take 9 weeks in order to reach your goal.
If the newspaper round was monthly – it would take you nine months to reach your goal.
How long will it take you to reach yours?