Why do we need Maths after School? – Spending and Saving.

Penny W-T By Penny W-T, 28th Jun 2013 | Follow this author | RSS Feed | Short URL http://nut.bz/1ts-g7tg/
Posted in Wikinut>Family>Education

Having decided that perhaps a basic knowledge, interest or even liking of maths might be relevant to our life after school, perhaps we can consider the REAL needs that could arise . . . . .

Shopping

This is something we all need to do, so we need to understand that the money we are earning, or receiving as a form of benefits, is not made of elastic and will not stretch to everything we want to buy. So where does an understanding of numbers help us?

Consider these points

o Checking the price of things
o How do we know if things are a Bargain?
o Working out Reductions on Prices
o Checking your Check-out Bill
Be prepared to shop around and check prices in other outlets before making a purchase. You may think that is a waste of time, and after all, time is money they say, but rushing to make a purchase at £5 can be very annoying when you spot the identical item in another store for £3. Basic food items are always competitively priced in different supermarkets and stores, so shop around.
Remember this advice – an item is only a Bargain if it is something you really need. Buying something just because the label says bargain does not necessarily mean you are saving money!
You are also going to need fractions and percentages to be able to work out if the Reductions indicated on items are going to save you much money. If it says 50% off, that’s easy – its half the price it was, and equally if it says 20% off you can divide the price by 5 and know that is the amount you will be saving, 25% saves you a quarter of the price. So you can see how important it is to use fractions and percentages together.
When shopping always remember to check the bill when you go through the checkout . Computers DO make mistakes, because they are only as good as the person operating them, and human error could make your bill more expensive than it should be.

Buying Large items

Then, of course there will be a time when you need to spend a larger amount of money. Consider the following situations -
o I want to buy a car/bike how can I do this?
o Can I get a loan?
o I want to go on holiday with my mates – can I get a passport?
o I need to find somewhere to live – how can I rent a flat?
Now you need to know how to work out potential payments, over a period of time, and from your regular monthly income. When you decide you need your own wheels, you need to know that you will have enough money to pay for them. For larger items like this you may need to apply for a loan. Be careful where you go for such things and be very sure that you check the annual percentage rate you will have to pay in interest on the money you have borrowed to buy that car or bike. Remember when you borrow money, you have to pay interest to the company providing the loan, for such privileges. This interest amount is how they make their income.
If you want to holiday with friends then you will also need to save some money each month in order to be able to afford it. Choose locations carefully so that you can have a good time for as cheap a price as possible.
Of course, the largest commitment to buying something, will be when you decide to find your own home. First, you have to work out what your earnings will allow – will you be able to get a mortgage and so buy your own home, or will it be more sensible initially to rent somewhere? In either case you will need to work out your money very carefully. Either investment will be a lifetime commitment and a draw on your income.

Savings and Finance

Now let us look at savings. How does maths help us with that? Consider these options o Opening a Bank Account – why do we need one?
o Savings Accounts with Building Societies – why might this be useful?
o I don’t get much money a month, why should I try to save?
o How can I afford holidays, buying presents at Christmas etc
At the moment with almost global recession, the banks are not paying much in the way of interest on any money you save with them, so what you want to look at is choosing a bank that will not charge you for using their services. Most banks offer a charge free period for perhaps a year or even two, when you can pay in money, use your cheque book, or online banking facilities without them charging you for this service.
On the other hand, you could investigate the services of a Building Society. These are similar in operation to banks but will pay interest on your account savings, allow you to draw cheques from your account without them charging you, and will also be the type of financial institution that will be able to help you ultimately when you want to get a mortgage to buy your own property. Savings accounts with either banks or building societies are useful ways of saving money through the year to be able to afford a holiday and to buy presents for birthdays and other festivals thoughout the year.

Foreign Currencies

Finally for this session you need to consider the comparison of our money with that of other countries. Currency is very important, they are what keeps the world economy afloat, and each of us in our own small way, contribute to that. So when you have time, consider the following:
o What are Euros? Dollars? Yen?
o What are Exchange Rates? Why are they important?
o Find out how UK money compares to Euro and American Dollar values.
o Why do these rates change?
You may think these aspects of maths are not important to you, but the first time you decide to holiday outside Britain, an understanding of what your £ is worth in Europe (€) or America ($), will become of paramount importance.
So have fun – end of maths lesson !


Why do we need maths after school - Time and Money

Tags

Currencies, Education, Finances, Maths, Money, Percentages, Saving, Spending, Time

Meet the author

author avatar Penny W-T
Published articles on education themes, travel, history and writing techniques. Written a book on WW1 - Gallipoli, and travel books. Run a marketing network for small businesses.

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Comments

author avatar Delicia Powers
30th Jun 2013 (#)

Very informative, thanks Penny-:0)

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author avatar Penny W-T
30th Jun 2013 (#)

Thank you for your comment Delicia. I try to vary my pages with the diverse things that i have worked with over the years.

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author avatar cnwriter..carolina
1st Jul 2013 (#)

most interesting Penny...I love the way you go from pillar to post with your articles...after all variety is the spice of life!...thank you....

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author avatar Penny W-T
1st Jul 2013 (#)

Thank you CNW. I am very fortunate that I have had a very diverse life, some might say unstructured, but I like the fun of spontenaity and hopefully, my articles won't become predictable.

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