The forward plan

Overview

It’s easy to let money fritter away, spending a pound or two here and there really eats into the cash you have and before you know it you are broke. Plan your family spending for the next month – adults and children. See if you have covered all the essentials then review what you think is a ‘big waste of money’. This is an opportunity to create a family budget that everyone is involved in.

What will my child learn:

Making the most of our money means planning ahead; thinking about the money we have and what we need or want to spend it on. Using your own family experiences and involving all members of the family in decision making will help children take responsibility for their own money decisions and help them identify their real needs and wants.

The ’Forward Plan’ will allow children to:

  • Develop knowledge of making payments for items or services
  • Increase awareness of family budgets
  • Understand that different people make different decisions related to money
  • Understand why planning ahead is important

Financial Education Planning Framework: How to manage money

Getting started

Consider all the bills and costs associated with family life, it will probably help to have all the household bills and receipts to hand so you can share how much is spent on electricity, gas, rent or mortgage etc. Using the forward plan sheet write down all the spending in the next month, remember money is about needs and wants so don’t forget to include fun things too! Now write your own forward plans adults and children too, once completed swap with another member of the family.

Money talk

Use the forward plans that each family member has created to talk about what you are choosing to spend your money on. Can you identify things you think are a ‘big waste of money’ in your own plan? What about things you think are a waste of money in other family members' plans? Think about whether spending changes depending on the month e.g. more ice-creams in the summer months. Does it depend on whose budget you are looking at? Who had the plan with the least ‘waste of money’ items? Are the adults’ budgets different from each other’s or different from the children? Talk about why this might be.

Have a family debate on if the money could be better spent? Why do people buy the things they have listed? Are they needs or wants? How much of it is for the family or as an individual?

Get Creative!

Think about creating a family budget removing the things that are a ‘big waste of money’, this could be linked to the Family Savings Challenge and the Make a Money Box activity to help increase the savings you can make as a family.

Go back and look at your budget at the end of the month, did you ALL stick to it? Did it make a difference to your lifestyle during the month? What did you miss?

Downloads

Click on the below to download the PDF:

The forward plan
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Prudential plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 168 years and has £599 billion in assets under management (as at 31 December 2016). Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.

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