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Can you work out a budget?

 

The following activities have been designed to help you test your knowledge of working to a budget and give you some experience of how you might try to budget for yourself.

Help Bob and Mandy save for a holiday

Bob and Mandy have one little girl. Mandy works full time as a secretary and Bob is taking a break to look after their daughter Lydia. They really want to save money to go on holiday in three months time.

Mandy earns £315 a week after tax and claims child benefit at £18.10 a week.

Together Bob and Mandy have to pay rent of £75 a week. They pay £20 a week on utilities (like gas, water and electricity), and £75 per month in Council Tax.

They have a TV and pay £11.29 a month for the licence.

They have to repay a loan at £50 a week.

They also need to budget for their weekly shop.

Can you:

Use a budget sheet to work out if Mandy and Bob can save any money for a holiday.

Think about ways of reducing what they spend or whether they can somehow bring more money into the home.

Help James sort out his financial difficulties

James lives on his own.

He has just been made redundant. He’s been living off his savings and redundancy pay for the last few months, and now only has £100 left.

He gets Job Seeker’s Allowance of £59.15 a week.

He pays £60 a week for rent and £25 for food. He’s also got lots of other bills for council tax (£50 a month), a TV licence (£11.29 a month), and needs money for his gas and electricity (£15 a week).

He’s having problems making ends meet. He needs some help.

Can you:

To do a weekly budget for James and work out if he will be able to pay his bills next week.

What advice they would give James to make his situation better?

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