Text version for the 'Life choices'

1. What choices do you think you will be making at different stages of your life?

Read through the different life, career and financial choices below and choose which you think might apply to you in the future. You could also add some other choices of your own.

Life choices

Career choices

Financial choices

Imagine a circle that represents your life, with different ages around the outside.

Where would each of your chosen life, career and financial choices sit on your circle of life, i.e. at what age do you think you might make each choice?

How will you achieve your goals? What help will you need?

2. The life, career and financial choices you might make in the future will have financial implications.

Think about what these implications might be, and answer the questions below:

  1. You want to buy a car. How much do you think it will cost you? Think about all the extra costs.
  2. What are some of the hidden extras that you will have to pay for once you leave home?
  3. If you’re going to get married or have a civil partnership someone has to pay for the celebration. What kind of things do you have to remember?
  4. You want to learn to drive, what will you have to do and how much will it cost?
  5. Holidays don’t have to be expensive, but what would you have to budget for if you were planning the holiday of a lifetime?
  6. Raising a family is a lifetime commitment; there will be costs all along the way. What do you think they are?
  7. You are reaching retirement age, what kind of things do you need to consider?

Once you have considered the questions above, have a look at the suggested answers below:

  1. If you buy a car, you will have to pay for tax, car insurance, servicing, fuel as well as the car itself.
  2. Hidden extras for which you’ll have to pay once you leave home include council tax, contents insurance, rent, electricity, water, gas, TV licence, shopping bills and transport costs.
  3. If you’re going to get married or have a civil partnership, when planning the celebration you need to consider venue hire, catering, photography, outfits and entertainment.
  4. If you want to learn to drive you’ll need a course of lessons and there’s also the cost of the theory and practical test.
  5. If you were planning the holiday of a lifetime you’d have to budget for travel, clothes, spending money, accommodation, excursions and holiday insurance.
  6. If you have a child, you will need to buy all the things a baby needs and later you’ll have to pay for clothing and school uniform, and possibly childcare. You might only have one salary. You will be supporting your children into adulthood. Parents in Britain can spend nearly £3,000 a year raising a child.
  7. If you’re reaching retirement age, you need to consider whether or not can afford to retire. What are the things that you plan to do after retiring? If, for example, you plan to do lots of travelling, do you have enough saved? Have you contributed enough in National Insurance to qualify for a state pension? Do you have any other pension funds?


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