$tartNowA 10 hour Financial Literacy Programme for young people on

the Youth Payment and Young Parent Payment Scheme

Delivered by New Zealand Federation of Family Budgeting Services

Objectives

• Check the budget you have put together • Create a spending plan for the next three weeks• Know what it costs to live• Be aware of the costs of your choices for living

Balancing the Budget

More income

Less spending

Balancing the BudgetIncrease Income Part-time work

• Hours of study (homework)

Hobbies to small business• Craft markets• Art galleries

Excess garden produce• markets • students

Decrease Outgoings Food:

• Grow own• Specials• Supermarket vs. corner store

Rent:• Cheaper suburb• Board vs. rent vs. flatmates

Power: www.powerswitch.co.nz Teleco: www.telme.co.nz

Time Planning:00

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Schedule / Time Log Notes Prioritized To-Do List

12am

Daily Planning Date: _________________

Prioritized Task List Priority Task

Appointment Schedule 8

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Sticking to the Spending Plan

• Using the notebook you can create a weekly spending plan and make things easier to keep to the plan.

• Note down the available funds• Make a list of all the things that need to be paid for this week• Does this exceed the available funds? If so reorganise, can

something wait until next week?• Is there money left over? What are you going to do with it?

Spend it, save it or use it for one of your goals.

Sticking to the Spending Plan

Things That We Need To Pay For

•Food

•Rent/Board

•Power

•Clothes

•Transport

•Savings

Where are You Going To Live

• Flatting• Bed, drawers, desk, chairs• Rent plus share of utilities and food

• Rent includes utilities but not food• Close to work but higher rent• Further away – lower rent, higher transport costs• Bond Payment• Getting on with flatmates

Where are You Going To Live

• Boarding• Are meals included?• Limited activities at home• Could be cheaper option to start out• Ability to save for bond, vehicle, savings etc

Where are You Going To Live

• Renting• Bond, letting fee, references (hard starting out)

• Are parents prepared to assist?• Signing up for power, phone etc

• Bonds for power etc• Bed, fridge, washing machine, lounge and dining suites• Renters insurance

What Skills Do You Need?

• Reading and writing (literacy)– Can you read and write enough to

know what you are signing when you sign a lease or tenancy agreement

• NEVER be afraid to ask for help

– Can you read a grocery list and prices

What Skills Do You Need?• Cooking

– Can you cook cheap nutritious meals?

– Where do you get cooking lessons?

• Cleaning– Do you know how to keep the house

clean and safe and healthy?

What Skills Do You Need?• Ironing/Mending

– If you need to, can you iron a shirt?– Can you sew a button back on?

What Skills Do You Need?• Relationships

– Can you live with other people who may be different to you and have different habits, cultures, friends

• Can you live with your girlfriend/boyfriend safely?

What Skills Do You Need?• Financial literacy

– Do you have control of your money– By being here you are on track to improve

that….

Homework Exercise #3 Banks

• Over the next week you are to go and visit as many banks as you can and ask them the following questions:– What accounts do you offer under 18yr olds?– What fees are there on those accounts?– What would be the best account for me in my position?– What help can you give me to save money on my limited

budget?• You will be asked to tell the group what you have found.