Developing a healthy attitude to money early on helps young people save more effectively and leaves them more to spend on the things that really matter. Here’s what they’ll cover in this key skill.
What’s your attitude to money?
Expanding on the quiz, young people are given valuable advice on getting to grips with their finances – whether they’re a spender or a saver.
How do they feel about money?
Are they a worrier or a bit wasteful? Understanding their own finances will help them feel more confident about their cash.
What are their current money habits?
Knowing the difference between ‘needs’ and ‘wants’ helps young people understand when to spend and when to save.
How do these two things combine to create their ‘money personality’?
Their money personality will affect the kind of money decisions they make:
How you feel about money + Your money habits = Your money decisions
Helpful and unhelpful money habits
This simple sorting exercise helps young people identify helpful and unhelpful habits and decide which apply to them.
- ‘I spend then think’ vs ‘I think then spend’
- ‘I plan for what I need or want’ vs ‘I make it up as I go along’
- ‘I watch the pennies’ vs ‘I’m never sure what I’ve got’
- ‘I don't know how much comes in or goes out’ vs ‘I’ve got a budget’
- ‘I think of the future’ vs ‘I live for now’
- ‘I’m all over the place’ vs ‘I stay in control’
Where does your money come from?
Young people are asked to think about their sources of income and how they might change in the future. Sources such as:
- Pocket money
- Borrowing from friends and family
- Birthday money and Christmas gifts
- Their own initiative
- A weekend, evening or part-time job
Signing up to LifeSkills is completely free and gives young people unlimited access to all these activities and dozens more. Talk to the young people in your life about signing up today.
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Make it through the month
Show you understand how to manage your money over the course of a month, by choosing between wants, needs and dealing with unexpected payments along the way.