Spending choices: save, spend or give?
Lesson details
Learning outcome
I know that I can choose what to do with my money.
Key learning points
- Not being able to afford something we want can affect how we feel.
- 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
Charity - Organisations for helping people or other things that are in need.
Spend - To give money to pay for goods and services.
Save - To save is to keep money instead of spending it, especially in order to buy a particular thing.
Common misconception
Many children are not familiar with the idea of saving or not spending their money.
Discuss times that the children may have bought something and then regretted it later. It's a good idea to think whether you really want something before you buy it.
Teacher tip
A good way to start the lesson might be to ask the children whether they have ever saved up for or had to wait for something. How did they feel when they had to wait and then received the item/object? Is it good to sometimes wait for things?
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.Find the missing word. means feeling sad or disappointed at something you have done.
Q2.Find the missing word. means doing something or forgetting to do something and feeling bad.
Q3.Andeep and Laura get paid to help out in the garden. Andeep does more work. Which of these could be fair?
Q4.Andeep finds £1 on the ground. How might he feel?
Q5.Laura is given £5 she spend. She toys a toy. The following day, she sees something she really wants but cannot afford it. How might she feel?
Q6.Laura finds £1 coins in different places. Some she keeps. Which ones should she give to someone responsible to try and find the owner?
Assessment exit quiz
6 Questions
Q1.Andeep has £5. He spends £3. How much money does he have left?
Q2.Match together the words and the meanings.
Q3.Laura has £10. She spends £7 and gives the rest to charity. How much does she give to charity?
Q4.Andeep has three £1 coins. Laura has two £2 coins. Who has more money?
Q5.Laura has £5. She is given another two £1 coins. How much does she have in total?
Q6.Andeep has £9. He is given another £2 and then he spends £6 on a toy. How much money would he have left?
To help you plan your 2 financial education lesson on: Spending choices: save, spend or give?, download all teaching resources for free and adapt to suit your pupils' needs...
To help you plan your 2 financial education lesson on: Spending choices: save, spend or give?, 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 My money and me unit, dive into the full primary financial education curriculum, or learn more about lesson planning.