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Lesson introduction

This lesson is designed to help children understand regular household expenses such as rent, council tax, utility bills and food.

It introduces them to the concept of budgeting and to a simple monthly budget planner. The children also complete a payslip with pay and deductions to work out if a fictional character is earning enough to balance his budget.

Learning objectives

To:

  • manage money
  • understand the important role money plays in our lives

Learning outcomes

By the end of this lesson children will:

  • be able to identify a range of common household expenses
  • be able to use simple financial information to plan and manage a basic budget
  • understand that planning their spending can help them stay in control of their money
  • know that money is deducted from earnings to provide things we all need e.g. through taxes and National Insurance contributions

Vocabulary

budget, record, income, total, expenditure, bills, expensive, essential, luxury, need, want, price, cost, buy, earn, work, wages, salary, job, pay, payslip, deductions, tax, National Insurance

Financial Education Planning Frameworks

The Young Money Financial Education Planning Frameworks underpin all of our resources and support the planning, teaching, and progression of financial education. They are designed to help you deliver financial education flexibly across your curriculum.

Download planning frameworks