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Personal finance - I am an advice worker for 'Life Start Bradford', which is an advice centre for young people in the Bradford. Many of my clients are young employed adults who are in their first jobs and living away from home.

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GNVQ INTERMEDIATE BUSINESS PERSONAL FINANCE ASSIGNMENT 1 I am an advice worker for 'Life Start Bradford', which is an advice centre for young people in the Bradford. Many of my clients are young employed adults who are in their first jobs and living away from home. I see most of them on a regular basis because they have difficulty managing their personal finance, so now I feel it is time to write a guide for them which will help them avoid some of their financial problems. TASK 1. The importance of planning personal finance It is important to plan personal finance because money and finance are part of every day life so you need to keep track of the money coming in and money going out which will probably help you achieve your financial goals. You probably won't be able to achieve every financial goal you've ever dreamed of. So if you identify your goals clearly and decide which are most important, by concentrating your efforts, you have a better chance of achieving what matters most. The best way to do this is by having money stashed in savings accounts or invested in stocks and bonds, which would grow gradually. ...read more.


This means their customers can deposit and withdraw money via the post, access their account via telephone banking and they also can go on-line to access their account via the Internet. 4. Bonds Bonds provide a guaranteed rate of interest in return for saving over a fixed period of time. They are ideal for savers who are looking for security and are happy to leave their money untouched for a year or more. There are lots of different types of bonds, some maturing in a few years, and some maturing after 25 years. Bonds are also called Fixed-interest securities. 5. Bank deposit accounts High street banks now offer a full range of deposit accounts, many new banks were building societies before they converted. Like building societies, interest rates can vary widely across banks, even on similar deposit accounts, 6. National Savings National Savings now offer an extensive range of savings accounts, from deposit-style accounts through to products targeted at people with specific savings needs such as a monthly income or tax-free growth. Although the interest rates on offer are sometimes uncompetitive, the tax treatment of a number of National Savings accounts increases their appeal. ...read more.


A bank statement is a paper that a bank would issue every 3 months to show your bank balance. This would include how much money you have withdrawn in the last 3 months and how much money you have put in. It also shows how much interest you have been charged. If you want at the end of every month you can request a mini statement from the bank to make sure your money is safe. Another way to check how much money you have spent is to keep and save all your receipts for the products you have bought. By doing this you will know where and when you purchased a product, and it usually shows who you were served by. To make sure the calculations on the bank statement are correct you need to analyse it with the receipts you have collected over the past couple of months. This is called 'Reconciliation'. A cash-flow forecast shows you your day-to-day expenses such as- food and clothing. The information on the forecast shows if your cash is correct and accurate. If you have made a mistake it will definitely show up on your cash-flow forecast. Umar Saddique Unit 8 - 1 - ...read more.

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