CHAPTER 13 Bank Statements


1.13 Monitor and calculate income and expenditure data, determine the financial position, recommend appropriate action and present the analysis in tabular and graphic formats.


Bank Statement


Current Account


Standing Order Overdraft Balance Automated


Teller Machine (ATM)


CHAPTER 2 L.O.


1.2


5 12 25 1.5 1.12 2.12


Budget Comparison


Paypath Direct Debit Debit


Debit Card


Credit


International Bank Account Number (IBAN)


KEY SKILLS


1. Read and interpret a bank statement.


2. Calculate debit and credit entries and the continuous balance.


3. Analyse a bank statement to identify good and bad financial practice.


4. Compare spending across categories using tabular and graphic formats.


5. Complete an analysed cash book.


6. Compare actual spending to planned spending using a budget comparison statement.


INTRODUCTION CLASS ACTIVITY


Ciarán is 17 and has a part-time job in a local café. He gets paid €280 every two weeks directly into his bank account. He also has Revolut on his phone and uses it for most of his spending.


At the end of each month Revolut shows him a breakdown of where his money went - €95 on food, €45 on entertainment, €32 on clothes and €28 on transport. He is surprised to see he also spent €45 on takeaways - but now that he can see it, he can do something about it.


A bank statement works the same way. It gives a household a complete record of every euro that comes in and goes out. It is a powerful financial tool for a household to have - but only if it gets used!


128


(A) Read each statement and decide if you think it is True or False:


1. A record of your spending can help you manage your money better.


2. If you spend more money than you have in your account, your balance goes below zero.


3. Banking apps like Revolut can automatically show you how much you spend in different categories.


(B) Ciarán reviews his spending on his Revolut App and sees that he spent €45 on takeaways last month.


Suggest one reason why seeing this on his app might change his spending habits.


LINKS COURSE


KEY WORDS


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