How do you plan and manage a budget?
Lesson details
Learning outcome
I can plan and manage a budget.
Key learning points
- Saving money allows you to make largeer purchases in the future.
- Keeping track of money allows you to see what you have spend and what is left.
Keywords
Budget - A budget is the money that is available and a plan of how it will be spent over a period of time.
Budgeting - Budgeting is the process of planning to spend an amount of money for a particular purpose.
Common misconception
Children might think that managing a budget is always about turning out a profit.
Have some real-life examples of budgets that don't relate to profit but are important to manage. Playgrounds, hospitals and libraries are good examples of where budgets must be managed carefully but are not businesses.
Teacher tip
This lesson allows pupils to think of the role of technology to keep track of money by using a spreadsheet. Pupils also have a chance to explore the order of operations in relation to saving and spending over a period of time.
Content guidance
Depiction or discussion of sensitive content
Supervision
Adult supervision recommended
Licence
except where otherwise stated. See Oak's terms & conditions (Collection 2).Lesson video
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Prior knowledge starter quiz
6 Questions
Q1.Pick the word to complete the sentence: Money that is taken from what people earn is called .
Q2.Value added tax is money added to some goods and services that we buy. It is added to items that we .
Q3.Is VAT added to the cost of children’s clothes?
Q4.Which of these would be funded by taxes?
Q5.True or false:
School books are free.
Q6.Someone pays 20% income tax on their taxable earnings and they pay £3,000 in tax. Which amount shows their taxable earnings?
Assessment exit quiz
6 Questions
Q1.Pick the word to complete the sentence: Writing a helps you to plan how to spend or save money wisely.
Q2.Pick the word to complete the sentence: The is the gap between the money you have and the money you need.
Q3.Tickets cost £15 and the match is in 4 weeks. Sam has £7 so how much does she need to save each week to be able to afford the ticket?
Q4.Sam gets £3.50 pocket money each week. If she needs to save £8 in four weeks, how much money can she spend each week?
Q5.The pupils need to make £300 by selling tickets to the school show. If they charge £2 for a ticket, how many will they need to sell?
Q6.The summer fair has to make enough money to cover a deficit of £475 If the fair raises £725, how much profit has the fair made?
To help you plan your 6 financial education lesson on: How do you plan and manage a budget?, download all teaching resources for free and adapt to suit your pupils' needs...
To help you plan your 6 financial education lesson on: How do you plan and manage a budget?, 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 2 financial education lessons from the Budgets and ethical spending unit, dive into the full primary financial education curriculum, or learn more about lesson planning.