What is Money Management?
Money Management is a scheme provided by the Charity DebtAware. They work with schools to train Year 5 and 6 children up to become Money Mentors. These children then deliver lessons on how to manage money effectively in order to avoid getting into debt.
Wants & Needs
Our Money Mentors enjoyed delivering the first module of the Money Management lessons. They taught us about the difference between "wants" and "needs".
In this lesson Year 5 learnt about the different types of budgets and why budgeting is important. They learnt about the differences between a balanced budget, a budget surplus and a budget deficit. They also explored which one of these budgets would put them in better position financially.
World of Work
In Year 6 the first lesson of their Money Management lessons is all about the world of work and what qualifications are needed for various jobs. The children gain an understanding of the importance of qualifications in working up the carreer ladder.
In lesson 5, the Money Mentors taught the rest of the class about the risks involved in borrowing money. They explored the different ways to borrow money and when it might be useful to borrow money.