The table below shows some typical financial wants and needs that people have at different stages in their lives.
Life stage Teenager
College student Young professional Couple with a young family Financial wants and needs
• Phone credit • Socialising
• College fees and books • Rent • Bills
• Rent/mortgage • Food • Bills
• Rent/mortgage • Food • Bills • Childminding
Couple with older children Pensioner Financial life cycle A
Go to page 4 of your Activities and Accounts Book to make a personal financial life cycle and consider sources of income for people at different life stages.
RECORDING INCOME
It is important that people keep a record of their income.
Recording how much money you expect to receive in a period of time will help you to plan your spending and make good financial decisions.