Analyse Why Gary Should Regularly Review His Financial Situation (10 Marks)

Question 1

First paragraph (bullet points)

Answer 1

First reason - boost his savings.
Started using an app to help him get £500 monthly budget surplus.
He’s been trying to save money for a deposit recently, but struggled to achieve the amount required
Using a budgeting app would help him keep track of his spending and identify where he needs to cut back on
Therefore, it is essential that he monitors his finances on an ongoing basis

Question 2

First paragraph (summarise)

Answer 2

First reason why he should regularly review his financial situation is to boosts his savings.
Why? He has just started using an app to help him achieve a £500 monthly budget surplus
He’s been trying to save money for a deposit in recent years but he’s struggling to achieve the amount needed
Using a budgeting app would help track his spending more carefully and identify where he might be able to cut back on.
Therefore, it is essential that he monitors his finances on an ongoing basis

Question 3

First paragraph

Answer 3

One reason why Gary should regularly review his financial situation is to boost his savings. This is because he has just started using an app to help him achieve a £500 monthly budget surplus. Gary has been trying to save money for a deposit in recent years but has struggled to achieve the amount required. Using a budgeting app would help Gary track his spending more carefully and identify areas he might be able to cut back on. Therefore, it is essential that he monitors his finances on an ongoing basis.

Question 4

Second paragraph (summarise)

Answer 4

Reason - the need to budget for the cost of buying a property
Why? Gary needs to consider not only the potential cost of a budget, but also costs such as a legal, arrangement fees, removals etc. which could come to several thousands of pounds.
even tho he does have the savings, it would be wise to ensure he does not go over the budget.
Therefore, it is important that he reviews his financial position before making the purchase

Question 5

Second paragraph

Answer 5

Another reason for a review is the need to budget for the costs of buying a property. This is because he needs to consider not only the potential costs of a deposit, but also costs such as a legal, arrangement fees, removals etc. which could come to several thousands of pounds. Even though Gary has enough savings to cover these costs, it would be wise to ensure that he does not go over the budget. Therefore, it is important that he reviews his financial situation before making the purchase.

Question 6

Third paragraph (bullet points)

Answer 6

Once moved into new home he should review financial situation again.
Why? He may see an increase in his council tax and will also have the responsibility for paying buildings insurance, ongoing maintenance and any necessary renovations etc.
lead to an increase in outgoings which would have an impact on his budgeting.
Therefore, he should review his financial situation once settled in so that he can judge for example whether his £500 savings target remains realistic.

Question 7

Third paragraph (summarise)

Answer 7

Once he has moved to his the new home he should review his financial situation again. This is because he may see an increase in his council tax and will also have responsibility for paying buildings insurance, ongoing maintenance also any necessary renovations etc. this will probably lead to an increase in outgoings which would have an impact on his budgeting. Therefore, he should review his financial situation once he has settled in so that he can judge for example whether his £500 savings target remains flexible.

Question 8

Third paragraph

Answer 8

Once Gary has moved into his new home it would be advisable to review his financial situation again. This is because he may see an increase in his council tax and will also have responsibility for paying buildings insurance, ongoing maintenance as well as any necessary renovations etc. this will lead to an increase in his outgoing which would have a definite impact on his budgeting. Therefore, Gary should review his financial situation once he has settled in so that he can judge for example whether his £500 savings target remains flexible.

Question 9

Last paragraph (bullet points)

Answer 9

Gary’s financial situation could change significantly if he were to find a partner.
Why? Could be an expensive wedding to pay for which may require savings, although depends on partner’s income.

Starting a family can add a significant costs to an individual’s monthly budget which needs careful planning.
Therefore, Gary is likely to review his financial situation at regular points throughout his lifetime, especially when there are big changes to take into consideration

Question 10

Last paragraph (summarise)

Answer 10

Finally, in the longer term Gary’s financial situation could change if he were to find a partner. This is because there could be an expensive wedding to pay for which may require savings, although this could depend on his partner’s income.
Moreover, starting a family can add a significant cost to an individual’s monthly budget which needs careful planning. Therefore, Gary is likely to review his financial situation at regular points throughout his lifetime, especially when there are big changes to take into consideration.

Question 11

Last paragraph

Answer 11

Finally, in the longer term Gary’s financial situation could change significantly if he were to find a partner. This is because there could be an expensive wedding to pay for which may require further savings, although this could depend on his partner’s income.
Moreover, starting and family can add a significant cost to an individual’s monthly budget which again needs careful planning. Therefore, Gary is likely to review his financial situation at regular points throughout his lifetime, especially when there are big changes to take into consideration.