BUDGETING SCHEME PAYS OFF FOR STUDENTS
A group of business students from City of Wolverhampton College are heading to London tomorrow to showcase an easy-to-use budgeting scheme they have developed in the regional finals of a national money saving competition.
Seven students, who are studying for a Level 2 diploma in business at the college, developed the scheme as part of the Lloyd’s Banking Group Money for Life Challenge – a national competition encouraging young people aged 16-24 to run projects to improve money management skills in their communities.
Their project – called Brilliant Budgets – gives students tips on how to keep track of their income and outgoings by using a simple budget sheet and an online calculator to work out how much money they have left to spend on a daily, weekly and monthly basis.
The group was awarded a grant of £200 by Lloyds to develop the scheme and, as part of the project, they held budget-busting sessions and ran workshops for students to spread their money saving message across the college’s three sites.
The team will now compete against nine other groups and showcase their project to an audience of 100 guests at Chelsea Football Club on April 21 in a bid to win the People’s Prize for Northern England. Winners of the regional round will go forward to the grand final of the competition in Covent Garden on May 28 with the most successful project winning the UK People’s Prize.
Student Laura O’Grady, aged 17, said: “By taking part in the Money for Life challenge we have learnt how to work as part of a team and developed important management skills that will be useful when we are working in a business environment in the future. Our confidence has also increased throughout the project as we have promoted the Brilliant Budgets scheme to other students and received positive feedback on how it will help them to manage their finances better.”
Julie Flavell, business tutor at the college, said: “Developing effective business skills is an essential part of the students’ course and they have used what they have learnt to work together to develop the budgeting scheme. We are delighted that their hard work has paid off and are very excited at competing in the regional finals of the competition.”
The Money for Life Challenge is run by Lloyds Banking Group with the NOW Group.