Should I spend or save?
Lesson details
Learning outcome
I understand the difference between saving and spending.
Key learning points
- Money spent is no longer yours.
- Money doesn’t have to be spent all at once.
- Money that isn’t spent is saved – it doesn’t disappear and can be spent later.
- By saving money over time, you can afford more expensive things.
Keywords
Save - To keep something safe and not lose it.
Spend - To give money to pay for goods and services.
Afford - To have enough money to buy or do something.
Common misconception
Children need to be able to understand and use the inequality symbols < and > in this lesson.
If children are unsure about this then use language cues and stem sentences rather than the symbols.
Teacher tip
There are a few representations used in lesson cycle 2 but you might want to limit the number you present. Stick to those that the children understand and can make use of. The lesson is not about understanding of representations so don't get too bogged down by this.
Content guidance
Depiction or discussion of sensitive content
Supervision
Adult supervision recommended
Licence
Lesson video
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Prior knowledge starter quiz
6 Questions
Q1.Which of these is the way we write five pence?
Q2.4 is less than 6 so which symbol would you put between the numbers? 4 6
Q3.Which symbol would you place between these two amounts of money? £4 £6
Q4.Which symbol would you place between these two amounts of money? £10 £5
Q5.What does it mean to spend money?
Q6.Do you have to spend money if you have some?
Assessment exit quiz
6 Questions
Q1.Which item could you afford with £2 to spend?
Q2.Which item could you afford with £3 to spend?
Q3.Which item could you afford with £5 to spend?
Q4.Match the save and spend with the correct description.
Q5.If you want a toy that costs £10 but you only have £6 then how much will you need to save?
Q6.Which of these is a way of saving money?
To help you plan your 1 financial education lesson on: Should I spend or save?, download all teaching resources for free and adapt to suit your pupils' needs...
To help you plan your 1 financial education lesson on: Should I spend or save?, download all teaching resources for free and adapt to suit your pupils' needs.
The starter quiz will activate and check your pupils' prior knowledge, with versions available both with and without answers in PDF format.
We use learning cycles to break down learning into key concepts or ideas linked to the learning outcome. Each learning cycle features explanations with checks for understanding and practice tasks with feedback. All of this is found in our slide decks, ready for you to download and edit. The practice tasks are also available as printable worksheets and some lessons have additional materials with extra material you might need for teaching the lesson.
The assessment exit quiz will test your pupils' understanding of the key learning points.
Our video is a tool for planning, showing how other teachers might teach the lesson, offering helpful tips, modelled explanations and inspiration for your own delivery in the classroom. Plus, you can set it as homework or revision for pupils and keep their learning on track by sharing an online pupil version of this lesson.
Explore more key stage 1 financial education lessons from the An introduction to money unit, dive into the full primary financial education curriculum, or learn more about lesson planning.