Money Matters - PowerPoint PPT Presentation

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Money Matters

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Money Matters Who wants to be a Millionaire? What would you do with 1,000,000 ?? Bank Accounts Why do we need a bank account? Helps you manage your money Keeps your ... – PowerPoint PPT presentation

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Title: Money Matters


1
Money Matters
2
Who wants to bea Millionaire?
  • What would you do with 1,000,000 ??

3
Bank Accounts
  • Why do we need a bank account?
  • Helps you manage your money
  • Keeps your money safe
  • Allows you to receive money
  • Allows you to pay money out
  • Some accounts pay interest
  • Allows you to function in the UK

4
Bank Accounts
  • Where to get an account?
  • any Bank
  • any Building Society
  • Credit Union
  • Post Office
  • What type of account?
  • Basic Account (easiest for Asylum Seekers)
  • Current Account with debit card (best for
    refugees)
  • Savings Account (if you are looking to save money)

5
Definitions
  • Credit/Debit
  • Cheque
  • Switch / solo / maestro / visa debit
  • Direct Debit
  • Standing Order
  • Funds Transfer
  • Charges
  • Overdraft

6
Borrowing Money
  • There are many places to borrow money.
  • It costs money to borrow!
  • Some borrowing is cheap, some isnt.
  • You need to research if you want to borrow.
  • Its always cheaper to save than to borrow.

7
Debt Help
  • Seek help as soon as possible.
  • National debt line - 0808 808 4000
  • CCCS 0808 801 1011
  • Private companies are advertised on radio and TV
    but these will charge you a fee for helping you.

8
Insurance andWarranties
  • What can you insure???
  • Car
  • Buildings
  • Contents
  • Life
  • Health
  • Mobile Phone
  • Payments
  • Pets
  • Travel

9
Necessary or not?
  • Only some insurance is necessary.
  • It is YOUR choice.
  • Everybody is different and there is no right
    answer.
  • Shop around, goto
  • www.moneysupermarket.com
  • www.comparethemarket.com

10
Gas Electricity
  • A few ways to reduce your gas electricity
    bills
  • Compare energy providers and tariffs often
    confused.com, gocompare.com, etc.
  • Monthly Direct Debits online tariff's are the
    cheapest.
  • Make use of the grants available to you.
  • USE LESS ENERGY!!

11
TIPS TO HELPYOU SAVE ENERGY
  • There are many ways to save energy around the
    home, here are just a few
  • Try turning down your thermostat by 1º this
    could save you up to 10 on your heating bill
  • Keep your central heating set so that your room
    temperature is between 18º C and 21º C
  • Defrost your fridge/freezer regularly so it works
    more efficiently
  • Turn off your TV and other appliances at night,
    rather than leaving them on stand-by
  • Only fill your kettles with the amount of water
    you need
  • Dont trap heat avoid placing large pieces of
    furniture (sofa/bed) in front of radiators
  • Turn off unnecessary lights when you are not in
    the room.
  • Low energy light bulbs use less power than
    standard bulbs and can save you up to 9 a year
    per bulb.
  • Use a microwave where possible it uses 90 less
    electricity than your oven.

12
Branded or Unbranded?
Item Branded Non-branded
Peanuts 1.24 38p
Crisps(5 packs) 1.50 40p
Coke 1.78 17p
White Bread 1.15 47p
Mars (5 pack) 1.73 70p
Baked Beans 74p 31p
Toilet Roll (4) 2.25 55p
13
Savings!
  • If you were to buy all these branded products,
    that would cost you 10.39.
  • If you were to buy all the unbranded products,
    that would cost you 2.98.
  • Over one week, this saves you 7.41.
  • Buying unbranded every week for a year will save
    you 385.32!!!

14
Summary
  • Know your bank account
  • Borrowing costs more than saving
  • Insurance isn't necessary
  • Reduce your utility bills
  • Shop sensibly
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