Planning and budgeting
Lesson details
Learning outcome
I can plan and budget for my current and future saving and spending.
Key learning points
- There are a range of ways to plan and keep track of personal finances.
- A proactive approach to managing money can be taken if personal finances are tracked and circumstances change.
- Budgeting plays an important role in saving for unexpected emergencies.
Keywords
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
A bank statement is the only way to keep track of your money.
Visual representations can be useful for viewing and interpreting large amounts of data and can be used to see the proportion of income spent on different areas over a set period.
Teacher tip
Pupils may benefit from creating a budget using spreadsheet software so that they can update values and quickly see the impact. This is especially powerful if a visual representation is also present.
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.Aisha has £2.25 to spend in the local café. Which of the following options can she afford?
Q2.Andeep has £3.75 to spend in the local café. Which of the following options can he afford?
Q3.Izzy has £4.20 to spend in the local café. Which of the following options can she afford?
Q4.Jacob has £5 to spend in the local café. He buys a mug of hot chocolate and a muffin. What change does he receive?
Q5.Jun has £10 to spend in the local café. He buys two cups of coffee and a cake. What change does he receive?
Q6.Lucas has £12 to spend in the local café. He buys a cup of squash, two mugs of hot chocolate, a muffin and a cake. What change does he receive?
Assessment exit quiz
6 Questions
Q1.A is a record of all transactions that occurred during a set period of time.
Q2.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.
Q3.Sofia is budgeting and has realised her outgoings exceed her earnings from her part-time job. Which of the following would you suggest she cancel, in order to manage her money?
Q4.Laura's parents want to save for a family holiday. Which of the following outgoings could they cancel, in order to increase their savings?
Q5.Sam's uncle has a full-time job. He typically spends £150 a month on buying his lunches from a stall near his work. What could he do to reduce the amount of money he spends on lunch each month?
Q6.Sam's uncle will work 20 days this month. He typically spends £150 on lunches in a month. Which option(s) would reduce what he spends on lunches this month?
To help you plan your 9 financial education lesson on: Planning 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: Planning 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.