Report Copyright Infringement View in OGM UK View in OGM IGG View in OGM CGI View in OGM NZ

Description

Explorers create a personal budget including income, savings and expenses using a spreadsheet.

Badges
Badge: Life Skills, Create - create a mini budget
Badge: Employability Skills, Discover - learn about a simple payslip

Resources

Leader’s laptop
Projector/screen
Laptops (1 per pair)
Budget spreadsheet template
Printed payslips
Event cards
Pens
Paper

Instructions

PERSONAL FINANCE CHALLENGE EVENING

Objective

By the end of the evening Explorers should:
• Understand the difference between gross pay and take-home pay.
• Be able to read a simple payslip.
• Create a monthly budget using a spreadsheet.
• Understand the importance of savings.
• Experience making financial decisions and trade-offs.


BUDGET CHALLENGE

Duration: 15 minutes
Work in groups of two or three

Give each group a card [orange cards] showing an item and cost [Annex A]:

Cinema ticket £12 Takeaway £15
Train £12 Mobile phone £12
New trainers £70 Explorer camp £35
Friends Birthday present £20 Weekend trip savings £50

You only have £150 to spend this month. Arrange the items in order of priority from most important to least important. [i.e. must have, would like, nice to have, can wait]

Use this as a quick discussion about:
• Wants versus needs
• Saving for bigger goals
• Opportunity cost
o If you spend £15 on a take away and a trip to the cinema on Friday that you cannot afford the Explorers camp
o There are no right or wrong answers in this activity. Different people value different things


UNDERSTANDING A PAYSLIP

Duration: 15 minutes
Work in groups of two or three with a Leader

Leader provides a mock supermarket payslip.
Assumptions:

• Hourly rate: £13.28
• Hours/week: 8
• Weeks/month: 4

Gross Monthly Pay: £13.28 × 32 hours = £424.96

Item Amount
Gross Pay £424.96
Pension £0
Tax £0
NI £0
Net Pay £424.96

Leader discussion:
• What is gross pay?
• What is net pay?
• Why do taxes and national insurance exist?
• Why does the money entering your bank account matter more for budgeting?

Question - How many hours did you work to earn enough money for a £60 concert ticket?

Answer - £60 ÷ £13.28 = 4.5 hours

Would you still buy the ticket knowing it cost nearly five hours at work?


BUDGET BUILDING EXERCISE

Duration: 25 minutes
Work in groups of two or three
Leaders to help

Challenge Brief

You live at home. You have a part-time supermarket job earning £424.96 per month.
You want to go on a weekend trip with friends in six months' time. The trip will cost £400 and you need to save £67 per month.
Aim to keep at least £50-80 in an emergency fund.
Create a sensible monthly budget.

Suggested spending categories include

• Mobile Phone contract
• Train Travel
• Clothing
• Entertainment (cinema, PS/Xbox game)
• Spotify subscription
• Hobbies
• Socialising (take away with friends)
• Emergency Savings
• Weekend Trip Savings (67 per mth)
• Remaining Money

You could create a simple spreadsheet to help you with the maths



Life Happens Challenge

Duration: 15 minutes

After pairs complete their first budget, give each pair two event cards [green cards] [see Annex B]


Reflection

In small groups discuss aspects of budgeting such as;
• What surprised you?
• Was £531 a lot or a little?
• Which spending category caused the most debate?
• Was saving £400 easier or harder than expected?
• Why is budgeting important before an expedition or trip?
• How can a small emergency fund help?

Tags

• budget planning
• Budgeting
• employment
• Life skills

Badge Links

This activity doesn't complete any badge requirements