Module 6 Social Education Course Unit 1: A Place of my Own Unit 2: - PDF document

08/05/2013 Module 6 Social Education Course  Unit 1: A Place of my Own  Unit 2: Making Ends Meet  Unit 3: Account Options  Unit 4: Saving and Borrowing  Unit 5: Buying my Own Home  Unit 6: Understanding Insurance 1

08/05/2013 examine what is involved in living independently; • analyse the decision of moving away from home; • Examine the personal needs and the costs of • moving out of home; practice and apply active investigation skills in the • local community. acquire knowledge on organising and managing • one’s own finances and expenditure. develop skills of budgeting, saving and borrowing. • I prepared a step by step guide to leaving home and finding a • place to live. I included the different considerations that need to be taken into account. I conducted and recorded (audio, written etc.) an interview • with a young person living away from home on their own. I prepared a weekly budget for a young person living on his or • her own. I based this budget on the current weekly wage of a young person who has just started working. As part of a group, I participated in a discussion with a visitor • representing a Bank, Credit Union or Building Society, and reported on what I learned from the discussion. 2

08/05/2013  Moving away from home (reasons, factors, accommodation options, a place to rent;)  Finding a place to live (Researching accommodation options, tenancy agreements/leases, Rights/responsibilities  Living away from home (Duties and Tasks, problems and solutions, decorating and furnishing, Interview. Focus Ireland: A Place of My Own www.threshold.ie 1. look at the cost of a balanced diet per week; 2. investigate other items for living independently and calculate the cost per week and look at additional financial commitments that occur at irregular intervals; 3. investigate the financial systems available for helping people plan their expenditure e.g. budget accounts, direct debits, savings accounts, etc.; 4. plan a comprehensive and realistic annual expenditure budget for a young person living away from home based on actual costs and current starting pay scales; 5. draw up a list of leisure activities on limited finances. Bank of Ireland “Financial Advice Guide” 3

08/05/2013 identify the reasons for opening an account in a financial • institution; investigate the local Credit Union or have a visitor in and • report on the findings; complete the necessary forms for: joining the Credit Union, • and for lodging money or withdrawing money from the Credit Union; list the services provided by banking institutions; • investigate the financial service provided by Building • Societies; complete the procedures for the following banking • transactions: opening an account, lodging money, withdrawing money, changing money from one currency to another, writing checques and using ATMs; investigate the financial services provided by the Post Office • and the advantages of using the Post Office; explore the various options for an investment of € 1000.00. • Leaflets from banks, credit unions or financial regulator 4

08/05/2013 explore the reasons for saving; • investigate saving for a specific item; • prepare a savings scheme; • investigate the possibility of taking out a loan; • examine what percentage you generally end up paying back. Advantages and disadvantages of a hire purchase • agreement. www.itsyourmoney.ie investigate the lending agencies providing finance for • house buyers; explore options and conditions attached to house loans • from building societies, banks, local authority etc. research the local house market for new and second • hand houses (local papers, daft.ie); investigate: bridging finance, mortgage tax relief, • home improvement grants; county council loans. describe the main steps and costs involved in buying a • house. (Bring in local auctioneer). • www.myhome.ie click on advice 5

08/05/2013 Examine the types of insurance available; • explain – premium, insurance policy, insurance broker, etc. • outline one type of insurance transaction; • • choice of transaction, • what the transaction involves, • details regarding the value of the item to be insured; the value of the cover provided, premium costs. • completed documentation (forms) • expected benefits • claim procedure. Price home, health and car insurance on 123.ie • www.iif.ie and www.iba.ie A Place of My Own-for the Taking Charge • Module, Leaving Certificate Applied by B. Gill, Focus Ireland, 1 Lord Edward Court, Dublin 8, www.focusireland.ie Social Education , Eilis Flood, Gill and Macmillan • Youth Information Guides • Paymaster – Resource pack, and “You’re in • Control” (video), Irish Bank’s Information Service . “Financial Advice Guide” Bank of Ireland • Comhairle , Information fopr School leavers • available through citizens information centres. Financial Regulator office produces school packs • on banking and saving. 01 224 4000 6

08/05/2013  www.citizensinformation.ie (all aspects)  www.threshold.ie (housing)  www.myhome.ie (mortgages and finance)  www.itsyourmoney.ie (managing your money)  www.iif.ie and www.iba.ie (both insurance)  www.financialregulator.ie (banking options) In your community you will find: – banks, – building societies, – credit unions, – auctioneers, – citizens information, – credit advisors, etc who are prepared to visit and distribute easy to follow material. 7