What is budgeting?
I know that I can plan what to do with a sum of money by budgeting.
What is budgeting?
I know that I can plan what to do with a sum of money by budgeting.
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Lesson details
Key learning points
- Saving money allows you to make larger purchases in the future.
- Keeping track of money allows you to see what you have spent and what is left.
- You can plan how you are going to spend your money by budgeting.
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
The word 'budget' is used in different contexts in slightly different ways.
Make sure the children understand the different ways it can be used. This can be linked to their understandg of word class. The word 'budget' can be used as a noun and verb.
To help you plan your year 4 financial education lesson on: What is budgeting?, download all teaching resources for free and adapt to suit your pupils' needs...
To help you plan your year 4 financial education lesson on: What is budgeting?, 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 Making money decisions unit, dive into the full primary financial education curriculum, or learn more about lesson planning.
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Adult supervision recommended
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Lesson video
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Prior knowledge starter quiz
6 Questions
Q1.Tick the items that you would need to save up to be able to afford if you had the money in the picture.
Q2.Apples are 20 p each. If you have 70 p then how many can you afford?
Q3.Alex needs £3 to be able to buy a new football. Is it okay to borrow this from his dad?
Q4.Jun has £5 saved up but he needs £50 to be able to buy a new game. Should he keep saving up or borrow the money?
Q5.True or false? You can borrow money from anyone so long as they have the amount that you need.
Q6.True or false? Owing money to somebody is a bad thing and you should try and avoid it at all costs.
Assessment exit quiz
6 Questions
Q1.What is a budget?
Q2.At a fairground, each ride costs a different number of tokens. Izzy’s favourite ride is the chair swing. How many times can Izzy afford to go on the chair swing with 10 tokens?
Q3.At a fairground, each ride costs a different number of tokens. Jun loves trampolining. How many times can Jun afford to go on the trampoline with 10 tokens?
Q4.Snacks at the cinema cost different amounts. Izzy has £2 to spend. She buys gummy bears. What else can she afford with her budget?
Q5.Jacob has £5 to spend on snacks but must buy a popcorn each for himself and his sister. He wants to spend the rest on chocolate frogs. How many chocolate frogs can he afford with his budget?
Q6.If Sam uses the budget plan shown, how many weeks will it take to buy a new helmet for her avatar at a price of 1,600 tokens?
