During this stage many people move out of the family home into a place of their own. This means paying rent and household bills such as electricity and gas. It also means paying for food. However, if you remain living at home you will be expected to pay your parents a contribution towards all the household bills.
Pair work
Work in pairs or small groups and discuss your answers to the following questions: 1. What job would you like to have after leaving school or college? Together, list your top three jobs.
2. You have started your first full time job and you are earning €2,000 per month and living at home. How would you spend your money every month? Together make a plan for your money which must contain at least five items of spending.
3. Discuss your answers as a whole class. List the Top Three Favourite Jobs in the class, and the Top Five Items of Spending.
Setting up a new home (Typically 25-35) Buying your own home and getting married often come next. Buying a home is a big financial undertaking and the largest purchase most people ever make. A new home will also need to be decorated and fitted out with furniture and appliances. It should be insured against fire and other risks. All of this means even further spending and the need to manage income wisely.
Growing a career and family (Typically 30-65) Having children brings a range of new expenses as children have to be fed, clothed, educated and entertained. At this stage life is getting very expensive with lots of bills to pay. Jason and Lucy’s parents are at this stage.
However, this is usually the stage of life when people earn the most income. This income can go up and down as people change jobs and take time out of work. When children grow up and move out of the family home the financial burden on parents can ease and they have more money to save and spend on themselves.
