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, you can find out about the updates here.

This lesson features in the financial education scheme of learning for 16-19 year olds. A ready-made sequence of curriculum linked resources to help you build progression in your learners' knowledge over time. Visit the Scheme of learning homepage to support with your planning.

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.

They also develop students’ core transferable skills such as problem solving and communication. 

These resources align to the Young Money Financial Education Planning Framework and have been awarded the Young Money Quality Mark.

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.