TIMETABLE
DATES TBC
Financial Flight Plan: Your Guide to Money, Budgeting, and Building Wealth
TUESDAYS Homeschoolers/Schoolers 130-3pm or 330-5pm (14-17 year olds)
We are open to creating a session for 18-22 year olds and 22 years plus if I have enough interest.
10 SPACES FOR EACH SESSION AVAILABLE
You will need a laptop to use as you will be asked to do work at home. We do have 4 available to use which need to stay on the premises. A device to be able to work from is needed for homework.
Each term is 6 weeks.
The course is run by a financial worker who has a DBS and is active in the financial world. Jacqui O’Connell or an assistant will be working alongside.
The course will go as slow or fast as is needed to make sure all young people understand each module before moving on. A certificate will be given at the end to show completion.
COST – 6 week term £198. Pay by bank transfer or cash. Space confirmed once paid.
BANK TRANSFER DETAILS TO PAY FOR BOOKINGS
Spiritus Education C.I.C
Sort Code: 608371 –
Account: 16590199
Please write your young person’s name as the reference, and also email Spiritus stating what time you are booking in for.
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MONEY MANAGEMENT FOR 14-17 YEAR OLDS – (Younger individuals can join if they have the maturity)
Module 1: The Foundations of the Financial World
Goal: To understand how money works in the real world and set a foundation for financial success.
| Lesson Topic | Key Concepts to Cover | Action Item/Activity |
|---|---|---|
| 1.1 The Psychology of Money | Wants vs. Needs: Distinguishing between essential costs and optional purchases. Financial Values: Identifying what is truly important (e.g., travel, education, early retirement). Delayed Gratification: The power of waiting to purchase. | Activity: Create a personal “Needs vs. Wants” list and analyse 3 recent purchases. |
| 1.2 Earning and Income | Types of Income: Wages, salary, freelance/gig work, interest, dividends. Paycheck Basics: Understanding gross vs. net pay, deductions, taxes (W-4/equivalent forms). Career Choice & Salary: How education, location, and industry affect earnings. | Activity: Decode a sample paycheck stub and calculate a hypothetical net income. |
| 1.3 Banking & Financial Services | Bank Accounts: Checking (transaction), Savings (growth, emergency fund), High-Yield Savings. How Banks Make Money: Interest, fees, security (FDIC/equivalent protection). Understanding Interest: Simple vs. Compound Interest. | Action Item: Research and compare two different types of bank accounts (e.g., local credit union vs. major national bank). |
| 1.4 The Time Value of Money | The Power of Compounding: How money grows over time, especially when you start early. Inflation: How the purchasing power of money decreases over time. | Activity: Use a compound interest calculator to see the difference between starting to save at age 18 vs. age 28. |
Module 2: Mastering the Art of Budgeting & Saving
Goal: To create a personalised spending plan and build a strong savings habit.
| Lesson Topic | Key Concepts to Cover | Action Item/Activity |
|---|---|---|
| 2.1 Budgeting Basics | Defining a Budget: A plan for your income and expenses. Budgeting Methods: 50/30/20 Rule, Zero-Based Budgeting, Envelope System. Tracking Spending: Using apps, spreadsheets, or paper to know where money goes. | Action Item: Students create their first basic monthly budget using a provided template. |
| 2.2 Managing Expenses | Fixed vs. Variable Expenses: Rent/Mortgage, Utilities, Food, Entertainment. Cutting Costs: Practical ways to reduce spending in different categories. Handling Unexpected Costs: When the car breaks down or an emergency happens. | Activity: Students analyse a sample budget and identify 3 areas where costs could be cut. |
| 2.3 Strategic Saving | “Pay Yourself First”: Treating savings as a non-negotiable expense. The Emergency Fund: Why it’s essential and how much to save (3-6 months of expenses). Goal-Based Saving: Saving for short-term (e.g., vacation) and long-term (e.g., college, car) goals. | Action Item: Determine a realistic initial monthly savings goal and identify a suitable location to store those funds. |
| 2.4 Debt and Credit Essentials | Good Debt vs. Bad Debt: Mortgages/Student Loans vs. High-interest Credit Card Debt. The Credit Score: What it is (e.g., FICO), why it matters (renting, loans, insurance), and how to build good credit. Credit Cards: How they work, interest rates, and avoiding minimum payments. | Activity: Review a simplified credit report and discuss ways to improve the score. |
Module 3: Growing Your Money (Investing)
Goal: To move beyond saving and start building long-term wealth through smart investing.
| Lesson Topic | Key Concepts to Cover | Action Item/Activity |
|---|---|---|
| 3.1 Introduction to Investing | Investing vs. Saving: How they differ in terms of risk and return. Risk and Return: Understanding the trade-off. Diversification: Not putting all your eggs in one basket. | Activity: Basic stock market simulation or game (e.g., Stock Market Game). |
| 3.2 Investment Vehicles | Stocks, Bonds, Mutual Funds, and ETFs: What they are and their role in a portfolio. Index Funds: Low-cost, diversified investing. Choosing a Brokerage: Reviewing platforms for young investors. | Action Item: Research an index fund (e.g., S&P 500) and understand its historical performance. |
| 3.3 Retirement Accounts | The Power of Tax-Advantaged Accounts: 401(k), IRA (Roth vs. Traditional). Employer Match: Free money from your future job! | Activity: Calculate how much a small monthly contribution to a Roth IRA could be worth by age 65. |
Module 4: Financial Adulthood and Real-World Scenarios
Goal: To prepare for major financial decisions in young adulthood.
| Lesson Topic | Key Concepts to Cover | Action Item/Activity |
|---|---|---|
| 4.1 Student Loans & Education Costs | Cost of College: Tuition, fees, and living expenses. Types of Aid: Grants, scholarships, federal loans, and private loans. Repayment Strategies: Standard, graduated, income-driven plans. | Activity: Compare the total cost and loan options for two different educational paths. |
| 4.2 Housing Decisions | Renting vs. Buying: Pros and cons of each. Renting Costs: Security deposits, renter’s insurance, utilities, and lease terms. Home Buying Basics: Down payments, mortgage, property taxes. | Activity: Review a standard apartment lease agreement and identify key financial terms. |
| 4.3 Insurance & Protection | Managing Risk: The purpose of insurance. Types of Insurance: Health, Auto, Renter’s/Homeowner’s, Life, Disability. Identity Theft & Scams: Recognising common financial frauds. | Action Item: Identify which types of insurance are most relevant right now and estimate their cost. |
| 4.4 Taxes and “Adulting” | Filing Taxes: When, how, and basic forms (1040, W-2, 1099). Tax Credits and Deductions: Common breaks for young adults (e.g., education credits). Simple Estate Planning: Importance of a simple will and beneficiaries on accounts. | Activity: Discuss key deadlines for tax filing and the basic process of filing for the first time. |
Teaching Methodologies to Incorporate:
- Real-Life Case Studies: Use stories and scenarios young people can relate to (e.g., “Buying your first car,” “Getting your first paycheck,” “College financial aid packages”).
- Interactive Tools: Utilise online calculators for budgeting, compound interest, and loan repayments.
- Guest Speakers: Invite a financial planner, a real estate agent, or a tax professional to share practical advice.
- Hands-on Activities: Have them create actual mock budgets, compare bank offerings, or track expenses for a week.
- Focus on Mindset: Emphasise that finance is a marathon, not a sprint, and that mistakes are part of the learning process
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