Managing finances when renting or buying a home

This lesson contains content from lessons previously titled Planning your finances for the future and Managing money and budgeting.

The suite of LifeSkills money skills content has recently been updated. Responding to insights from teaching professionals and the benefits of building key topics over time we’ve made changes enabling clearer sequencing through the content. This will support your students to deepen their knowledge as they progress through education and help embed skills to support with financial independence.

To see an overview of the updates and where key topics can be found please visit our money skills resources updates page. The wider suite of money skills content has been developed to engage your students with a mix of resource types including interactive tools and films, aligns to the Young Money Financial Education Planning Framework and has been awarded the Young Money Quality Mark.

The Managing finances when renting or buying a home lesson focuses on encouraging students to create a budget that tracks expenditure, prepare for financial independence and recognise the impact of poor money management when bills are involved.

Resources

• Managing finances when renting or buying a home: Lesson plan - for use with a group of students in the classroom.
• Managing finances when renting or buying a home: Presentation slides - to display to students and use alongside the lesson plan.

Lesson learning outcomes

By the end of the lesson students will be able to:

• Understand needs and wants in the context of living independently.
• Understand how to create a budget that tracks income and expenditure and how to stick to a budget.
• Recognise the impact of poor money management when bills are involved.
• Identify bills they may need to pay and when to pay them when living independently.

Why not include financial capability as a focus in your students’ wider curriculum? Refer to our Content guide to find out how LifeSkills resources can be used in PSHE or Maths lessons.

If you want to increase your own confidence to teach young people about money, Young Money provide free e-learning training to teachers across Primary and Secondary education. In addition, National Numeracy has a free website which helps you practise and refresh your everyday maths skills.