Financial paperwork and budgeting
Lesson details
Learning outcome
I can interpret information contained in financial paperwork and use it to create and monitor a personal budget.
Key learning points
- Important financial information is contained in bank statements and pay slips
- This information can be used to create a personal budget
- My personal budget may need altering if circumstances change
Keywords
Banking transaction - A banking transaction is an event that causes money to move in or out of your bank account.
Bank statement - A bank statement is record of all transactions that occurred during a set period of time.
Budget - A budget is a way to manage your money. It can be used to keep track of your expenditure and make sure that it does not exceed your income.
Common misconception
If money earned is paid directly into a bank account then a payslip is not needed.
A payslip is an important document as money earnt and any money deducted can be checked to ensure someone is being paid what they are owed.
Teacher tip
You may wish to give pupils multiple copies of the tables for Q1 and Q3 in Task B so that pupils can come up with a variety of solutions. They can discuss their solutions in groups and see if they agree on what a prospective budget could look like.
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
Q1.17.5 + 12.7 =
Q2.17.99 + 18.99 =
Q3.20 - 4.89 =
Q4.19.35 - 16.85 =
Q5.When evaluating the answer to 5(2 + 6), what is the first step?
Q6.Evaluate $$5.1 \times (4 + 3 - 5)$$
Assessment exit quiz
6 Questions
Q1.A banking is an event that causes money to move in or out of your bank account.
Q2.A bank is record of all transactions that occurred during a set period of time.
Q3.A is a way to manage your money. It can be used to keep track of your expenditure and make sure that it does not exceed your income.
Q4.Below is part of a bank statement. What is the total amount paid in during the period shown?
Q5.Below is part of a bank statement. What is the total amount withdrawn during the period shown?
Q6.Below is part of a bank statement. What was the balance before money was paid to Oak2 Mobile?
To help you plan your 9 financial education lesson on: Financial paperwork and budgeting, download all teaching resources for free and adapt to suit your pupils' needs...
To help you plan your 9 financial education lesson on: Financial paperwork and 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 3 financial education lessons from the Smart spending: budgets and investments unit, dive into the full secondary financial education curriculum, or learn more about lesson planning.