Penstripe Student Planner Catalogue 24-25 - Flipbook - Page 91
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DRIVING – SAFETY
PERSONAL FINANCE
Personal Finance
Driving - safety
“Statistics show that new drivers are more likely to have an accident in the first two years after
passing their test due to a lack of driving experience”
During the next few years you will become responsible for and have to manage your own finances.
It is important to think about and plan for this now.
“Around 16 per cent more drivers aged 16-19 are killed now compared with 15 years ago”
Important terms and definitions
“As many as one new driver in five has some kind of collision in their first year of driving”
Current account – A bank or building society account from which money can be drawn on demand.
Used to receive wages and pay direct debits and standing orders. Usually does not pay interest but
comes with a cheque book, debit card and overdraft facility.
Savings account – A bank or building society account which pays interest on money invested in
it but the money is usually not so easily accessible.
Credit card – A card issued by a bank or business that enables you to obtain goods and services
and pay for them later. Interest is charged unless the balance of the card is paid within a given
time period.
Personal loan/student loan – An amount of money loaned on certain terms and conditions
that has to be repaid over a particular period of time at a particular rate of interest.
Hire purchase/credit agreement – An arrangement to purchase a specific item on credit and make
regular repayments, including interest, over a defined period of time.
Depreciation – The reduction in value of an item due to age and usage.
Insurance cover – A financial protection for such things as homes, cars or other property and
health. A premium is paid to the insurance company who, in the event of loss or damage,
will make a payment to you to reimburse your loss.
Direct debit/standing order – Automatic payment of a bill directly from a bank account.
Gross income/salary – Your total wage or salary before any deductions are made.
Disposable income/salary – The amount of wage or salary you have left after all stoppages
have been deducted. This is the amount you actually have available to spend.
National Insurance – A compulsory deduction from your wage or salary to pay for health care,
benefits and pensions.
Income Tax – A tax on your personal income that is levied by the government and is deducted
from your wage or salary.
Utility bills – Payments for household services, e.g. electricity, gas, water, telephones etc.
Repayments – The amount paid back for a loan or credit agreement (usually monthly).
Mortgage – A loan specifically for property repaid over a long term; typically 25 years.
Interest rate – The percentage of the amount of extra money you will pay for taking a loan,
or receive on money that you save in a savings account.
Department for Transport
The New Driver Act
If you build up six or more penalty points within two years of passing your driving test your licence
will be revoked. You will then need to reapply for a provisional licence as a learner driver and
complete both parts of the driving test again.
Basic safety for new drivers
After passing your driving test you will be permitted to drive on your own. It is essential that you
remain safe and continue to practise all that you have been taught in the time leading up to your
test. You must obey all relevant legislation and rules of the road. Generally, newly qualified drivers
lack experience. The following basic safety tips will help you to develop your skills over the next few
years when you are at your most vulnerable:
Make sure that you and your passengers always wear a seat belt.
Never use a hand-held mobile phone whilst driving.
Don’t drive if you have consumed any alcohol or taken drugs.
Read labels on medication carefully to see if they may affect your driving.
Ensure you are fit enough to drive and consider tiredness on long journeys.
If you are driving with passengers you are responsible for their safety.
Don’t let other people distract you or encourage you to take risks.
Never show off or try to compete with other drivers.
Keep your speed down; the majority of accidents are caused by going too fast.
Concentrate fully on the road and anticipate the actions of other road users.
Pass Plus
Pass Plus is a training course designed by the Driver & Vehicle Standards Agency (DVSA) and is
specifically aimed at new drivers. Pass Plus will build upon your existing skills and knowledge.
It will teach you how to anticipate, plan for and deal with all kinds of hazards and can help you to
become more confident on the roads.
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Driving checklist before travelling
Driver checks
Correct driving licence
Insurance cover for vehicle
Sufficient experience of vehicle
Fit to drive
Journey
Research the route
Plan the route
Check the weather
Prepare for the journey
Emergency contact details
Managing your finances activity
Vehicle checks
Valid MOT
Valid tax
Tyres & tyre pressures
Lights
Clean glass
Screen wipers
Screen wash
Fuel
Oil
Coolant
1. Income – (money you receive each week)
Work/part time job
Grants
Other benefits
Student loan
Sponsorship/family
Other income
TOTAL INCOME
per week
3. Financial situation
Total Income
If you have any doubts about the safety of a vehicle, do not drive.
Have it checked by a professional first.
Further information
www.bsm.co.uk
Complete tables 1, 2 & 3 to assess your financial situation.
minus -
Total Outgoings
equals =
BALANCE
www.dft.gov.uk
per week
2. Outgoings– (items of expenditure each week)
Home - Rent/mortgage
Home - Electricity
Home - Gas
Home - Water
Home - Council tax
Home - Telephone(s)
Car - Fuel
Car - Insurance and tax
Car - Maintenance/service
Personal - Clothing
Personal - Food
Personal - Entertainment/social
Personal - Study materials
Personal - Public transport
Other expenses
TOTAL OUTGOINGS
per week
The content of this section was correct at the time of going to print. Subject to review and update.
Description
Driving – safety
91
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Page Ref.
H-15
Description
Personal Finance
Page Ref.
H-16
Design Right and Copyright © 2009, 2013 Penstripe H
