Tuesday, 25 February 2020
Life After Education . . .
Let’s get you thinking.
Look at the images displayed. How might a person achieve these things? Write your ideas around the images on your sheet. How would you prioritise these things?
Somewhere to live
A form of transport
Food!
A social life
Or maybe even a bit of luxury with a holiday. . .
Monday, 24 February 2020
Life After Education . . .
Did you think of these:
Somewhere to live
A form of transport
Food!
A social life
Or maybe even a bit of luxury with a holiday. . .
Employment
Apprenticeships
University
Finance*
Loan*
Overdraft *
* we’ll discuss these later . . .
Monday, 24 February 2020
Life After Education . . .
Apprenticeships
Complete task 1 on your sheet. Think about: benefits, what you could expect from each.
Work with experienced staff, gain specific skills, earn money, study time.
Apprenticeships can take 1-5 years to complete. You’ll get the National Minimum Wage £3.90 however some employers will pay more.
The average working week is 35 hours. What’s the minimum you’d earn as an apprentice?
Monday, 24 February 2020
Life After Education . . .
Employment
For national minimum wages find out more here: https://www.gov.uk/national-minimum-wage-rates . There are a range of ways you can be paid:
There are also different types of contract: full time (35 hours a week), part time (fewer hours, same benefits), short term (full or part time basis for a fixed period of time) and zero hours contract (casual, no guarantee of work)
Complete task 1 on your sheet. Think about: benefits, what you could expect from each.
Monday, 24 February 2020
Life After Education . . .
University
Most courses last 3 years. There are costs to think about but quite often the benefits of the qualification mean you can gain a higher paid job:
Based on this how much would you need per month? Where might this come from?
Student finance: Where you can borrow up to £8,700 for the year. This is dependent up on household income (i.e. parents, carers, guardians). This is a maintenance loan.
Complete task 1 on your sheet. Think about: benefits, what you could expect from each.
Monday, 24 February 2020
Life After Education . . .
University
Cont . . .
Don’t let the cost put you off!
Complete task 1 on your sheet. Think about: benefits, what you could expect from each.
Wednesday, 26 February 2020
Life After Education . . .
Either way, you’ve now got a job, and you just got paid! BONUS!
Task: Take a look at the image in the middle of your tables.
What is it?
Do you know what it all means?
Wednesday, 26 February 2020
Life After Education . . .
Personal information, including who your employer is (who’s paying you), the date you will be paid and confirmation of who you are.
NI Number: This shows you have the right to work in the UK. Every person has their own unique number
Gross Pay: This is your total before any deductions
Deductions: The total amount taken from your gross pay for tax, national insurance and any pension contributions. A total amount is given along with a break down of amounts. Any student loan contributions will be shown here also.
BACS: This is the method by which you’re paid – which is a bank to bank transfer i.e. the bank of your employer transfers the money to you on a given date – this is usually monthly however some employers pay employees weekly.
Monday, 24 February 2020
Life After Education . . .
On your payslip you’ll see you have deductions for Tax, National Insurance and pensions. These are compulsory deductions because you must pay them. But do you know what they are?
Task: Match the terms you’ll find on your payslip to their definitions.
Check it: watch https://www.youtube.com/watch?v=O3dDaEkykto
Income Tax | Money earned above the income you make. For 2018/19 this was anything earned over £11,850 PA. Anything you earn above this up to £46, 350 is taxed at 20%, above this it’s 50% |
Tax Code | Shows hoe much money you are allowed to earn before you start to pay Income Tax. It’s the first 4 numbers of your tax allowance followed by the letter ‘L’. |
National Insurance | The number you receive when you are 16 and stays with you for life. The amount you pay is approximately 12% of your income. Contributions help build up your entitlement to benefits such as a state pension or maternity allowance. |
Gross Pay | The total income that you receive before any deductions are made. |
Net Pay | The pay you have left after your deductions have been removed. It’s sometimes called your take home pay. All these deductions are taken before you receive any money. This system is called Pay As You Earn (PAYE) |
BACS | Method of payment meaning money is transferred from one bank account to another bank account i.e. yours. |
Pension contributions | The amount you/you employer pay into you pension, this is an income that is paid to a person who does not work anymore because they have reached retirement age. |
National Insurance | Money earned above the income you make. For 2018/19 this was anything earned over £11,850 PA. Anything you earn above this up to £46, 350 is taxed at 20%, above this it’s 50% |
Income Tax | Shows hoe much money you are allowed to earn before you start to pay Income Tax. It’s the first 4 numbers of your tax allowance followed by the letter ‘L’. |
Net Pay | The number you receive when you are 16 and stays with you for life. The amount you pay is approximately 12% of your income. Contributions help build up your entitlement to benefits such as a state pension or maternity allowance. |
Tax Code | The total income that you receive before any deductions are made. |
BACS | The pay you have left after your deductions have been removed. It’s sometimes called your take home pay. All these deductions are taken before you receive any money. This system is called Pay As You Earn (PAYE) |
Pension Contribution | Method of payment meaning money is transferred from one bank account to another bank account i.e. yours. |
Gross Pay | The amount you/you employer pay into you pension, this is an income that is paid to a person who does not work anymore because they have reached retirement age. |
National Insurance | Money earned above the income you make. For 2018/19 this was anything earned over £11,850 PA. Anything you earn above this up to £46, 350 is taxed at 20%, above this it’s 50% |
Income Tax | Shows hoe much money you are allowed to earn before you start to pay Income Tax. It’s the first 4 numbers of your tax allowance followed by the letter ‘L’. |
Net Pay | The number you receive when you are 16 and stays with you for life. The amount you pay is approximately 12% of your income. Contributions help build up your entitlement to benefits such as a state pension or maternity allowance. |
Tax Code | The total income that you receive before any deductions are made. |
BACS | The pay you have left after your deductions have been removed. It’s sometimes called your take home pay. All these deductions are taken before you receive any money. This system is called Pay As You Earn (PAYE) |
Pension Contribution | Method of payment meaning money is transferred from one bank account to another bank account i.e. yours. |
Gross Pay | The amount you/you employer pay into you pension, this is an income that is paid to a person who does not work anymore because they have reached retirement age. |
Monday, 24 February 2020
Life After Education . . .
Either way, you’ve now got a job, and you just got paid! BONUS!
So, priority 1 = Budgeting.
There are all sorts of things that your money will contribute to.
What do you think these will be?
Create a mind map of your ideas.
Budgeting
Housing
Household
Travel
Savings
What it includes: bills – gas, electric, water, internet, TV license, phone, council tax, rent or mortgage
What it includes: food, insurances (contents if you rent or buildings and contents if you own)
What it includes: Road tax, insurance, fuel, parking, tickets (if you’re using public), finance
What it includes: birthdays, holidays, clothing, Christmas.
Tuesday, 25 February 2020
Life After Education . . .
Your task . . .
The remainder of the session will be for you to review your future life choices from a realistic point of view.
Step 1: Select your job.
What do you want to do ‘when you grow up’?!
Tuesday, 25 February 2020
Life After Education . . .
Your task . . .
Step 2: Move out! – no – you can’t stay at home forever!
Are you going to find somewhere to rent or buy?
If you’re renting you usually have to pay a small amount upfront i.e. a month in advance, you can also rent furnished properties (meaning you don’t have to buy all the furniture)
If you buy, you need to think about what’s affordable, what type of house do you want compared to what you can realistically achieve? How long will it take you to save a deposit for a mortgage? (at least 10% although there are help to buy schemes available)
Tuesday, 25 February 2020
Life After Education . . .
Your task . . .
Step 3: Budget!
Think back to what we discussed about how you will use your money.
Using the table provided on your sheet complete an estimate of what you think you’ll spend or what you’d like to spend on each thing.
Then, research it! How much does it actually cost? What would you change?
Tuesday, 25 February 2020
Life After Education . . .
Your task . . .
Step 4: Extension: Your research isn’t designed to be doom and gloom! But is designed to get you thinking and to be prepared.
What if your situation changes?
What is the cost of children?
How would you afford things?
What is:
Tuesday, 25 February 2020
Life After Education . . .
Let’s reflect . . .
Using the post it note given write down the most valuable message/piece of information or new knowledge you will take away from today