Paying Your Own Way

Description

This programme follows 18 year-old Jo and his 16 year-old brother Tom as they set up home on their own for the first time.

The pair are given an average income for people their age and try to stay within budget as they make lifestyle decisions based on what they can and can't afford.

The boys start by looking at what they need to have and discover some surprising and painful truths about the cost of essential household bills.

Next they make a wish-list of things they think would be nice to have and shop around to see what's within their budget. They learn some useful lessons about interest rates, credit and debt and decide to save up for items on their list.

Finally they consider obtaining a luxury item and wonder if they will ever be able to afford that large flat screen TV they have got their eye on. The boys sensibly discuss putting in place a savings plan rather than being tempted to go into debt.

Paying your own way is a student resource, designed to be shown in your classroom.

Part of the series: Personal Finance Education