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MONEY MENTOR ACADEMY SESSION 2: QUICK QUESTION

MONEY MENTOR ACADEMY SESSION 2: QUICK QUESTION What borough in London has the largest gap between high and low income workers?. Kensington and Chelsea Kensington & Chelsea and Westminster are the most polarised boroughs in London.

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MONEY MENTOR ACADEMY SESSION 2: QUICK QUESTION

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  1. MONEY MENTOR ACADEMY SESSION 2: QUICK QUESTION What borough in London has the largest gap between high and low income workers?

  2. Kensington and Chelsea Kensington & Chelsea and Westminster are the most polarised boroughs in London. Kensington & Chelsea has the biggest gap between high and low earners, both in relative and absolute terms. The top quarter of high earners earn on average £40 per hour. Low earners (the bottom quarter) earn £12 per hour.

  3. MONEY MENTORS SESSION 2: Session Layout: Rounds What does budgeting mean to you? Budgeting priorities - Needs and wants Budget Mentoring – Skills to identify ways to meet your personal goals & to support your community Budgeting Tools – Which one works best for you?! Demotivator What Next???

  4. MONEY MENTORS SESSION 2Budgeting and Choices • Session Objectives: • To consider what budgeting means for you and your community • To identify and prioritise items of expenditure • 3) To understand how to budget and how budgeting is a useful tool for achieving your goals • 4) To identify the right kind of budget tool for you

  5. MONEY MENTORS SESSION 2ROUNDS • What is your Goal? • How have things gone with your goal plan? • What’s gone well/ what’s been difficult • Any questions?

  6. Energiser

  7. BUDGET

  8. How do you budget? How often do you budget? What concernsyouabout budgeting? Why budget?

  9. Priorities? In groups, sort the cards into low, medium and high priority

  10. Priority Debts

  11. Budget Tools

  12. Read through your case study • Use your budgeting tool to record income and expenditure • How much is left? • Identify where to cut spending/ maximise income

  13. Key Steps Identify budgeting goals Monitor your spending and note it down Complete income/ expenditure forms Identify potential savings towards your goal Review your budget to see how you are doing Identify possible need to refer for possible money or debt assistance

  14. moneyaande.co.ukdirects you to the best money advice in two clicks

  15. moneyaande.co.uk-use the site to find information about debt solutions

  16. DEMOTIVATOR

  17. MONEY MENTORS SESSION 2 What budgeting tool will you use?

  18. Only 3 more session to go: World of Money and Budgeting Best Buys Borrowing Banking

  19. You are one step closer to: • Gaining your ASDAN Qualification • Strengthening your community • AND graduating from the Academy

  20. NEXT WEEK: Money Walk- First Hand Research in the community

  21. Things to do before next Tuesday: 1) Fill in your budget diary for last month (use income and expenditure form) 2)Track your daily spending over the week (use daily record of spending)3) Complete a self-assessment questionnairePlease bring these to the next session…

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