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Setting a budget for the short, medium and long term

This section will help you think about how different people have different needs and how priorities need to change if these needs are going to be met.

Look at the case study below, then think about how this family can begin to plan for their needs and adjust their budget to take these new needs into consideration.

Case study: Beverley is 43 years old, she is a single mother and has three children between the ages of 11 and 17. She has a full-time job and regularly works overtime. While she is at work her oldest child looks after the younger children. Her job means that at the moment the family cope quite well financially managing to save around 20 a week.

Recently, Beverley has decided she needs to start saving money for when the children leave school, she would like to save 100 per month. She has also promised her family that she will take them away to Florida on holiday to celebrate her 45th birthday in 18 month's time and has not yet started to save money for this trip. In addition, there are various loans Beverley has taken out which she hopes will be paid within the next 12 months.

Look at Beverley's budget and see how the family could reduce their spending. Rewrite Beverley's expenditure considering her needs. Will she be able to make the savings that she wants?

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