Think about the scenario below and then answer the questions.
You are 17 and want to go on holiday with your friend next year. The holiday will cost around £400. You have six months to save the money. You have a Saturday job for which you earn £35 each week. Can you afford the holiday and still manage your day-to-day spending?
First, work out how much you're spending each month.
Item and expenditure
Calculate your total per month, and assume there are four weeks in a month in your calculations.
Now answer these questions.
1. How much do you earn each month? 2. How much money have you got left over each month? 3. If you save at your current rate, how many months will it take you to save for your holiday? 4. How much do you need to save each month in order to be able to pay for the holiday in time (round up to the nearest pound)?
Based on the level of spending in the budget sheet above, it will take you too long to save for the holiday. Which of the items you spend money on do you think are absolutely essential? How could you save more money more quickly? Here are some options for you to consider.