Unit 5 – Your Money
Hi, welcome to unit 5 – Your Money!
This is all about working out how to manage your money from when you move in to YMCADLG housing and beyond. This might feel overwhelming at times, it takes time to learn about managing your money, so it’s good to get the support you need so you can develop useful practical skills to manage your own money.
- How can I work out how much I have to spend, each day, week and month?
- How do work out if I can make savings in any areas?
- What are the pros and cons of credit?
- How can I manage paying my rent and bills?
- Where can I find support with managing debt?
You may have experience managing money, or none and don’t know where to start. This unit will help you get to grips with debts, credit and savings, understanding housing costs and benefits. There’s lots of support and advice available to you.
To pass this unit you will be able to:
- Understand personal income and expenditure
- Show how you could plan to make savings in some areas
- Prioritise your spendings
- Manage your wages or any other income
- Know where to seek advice on money problems
- Be aware of the costs associated with moving into permanent accommodation
- Understand how to manage bills and plan for payment
- Understand how and why to minimise energy consumption
- Be aware of the pros and cons of credit, and the different types of credit available
- Identify any current debts
- Be aware of how debt can affect your future
- Understand how to apply for and maintain a claim
- Understand the importance of contact with benefit agencies
You can show your project worker what you are able to do by:
- Sharing any documents that show your ability to manage your money
- Going through the topic online with your project worker and completing the activities
- Discussing what you’ve done with your project worker
