Planning how to spend money

This lesson contains content from a lesson that was previously titled Banking and budgeting basics - find out about the updates here. 

This lesson features in the financial education scheme of learning for 5-11 year olds. A ready-made sequence of curriculum linked resources to help you build progression in your learners' knowledge over time. Visit the Scheme of learning home page to support with your planning.

The Planning how to spend money lesson focuses on introducing pupils to a range of topics linked to spending money including understanding the value of money, identifying the difference between needs and wants, using a budget and making purchases. Pupils will be asked to take income and expenditure into account to create a budget and plan purchases.

Resources

• Planning how to spend money: Lesson plan - for use with a group of pupils in the classroom.
• Planning how to spend money: Presentation slides - to display to pupils and use alongside the lesson plan, with interactive fields to complete as a class.
• Planning how to spend money: Interactive worksheet - to be provided to pupils so they can complete the activity (the worksheet can be printed or completed digitally).

Lesson learning outcomes

By the end of this lesson pupils will be able to:

• Practise being responsible for managing their own money.
• Know how to keep track of their money and set and stick to a budget.

They also develop pupils’ core transferable skills such as problem solving and communication.

These resources align to the Young Money Financial Education Planning Framework and have been awarded the Young Money Quality Mark.

Continue to support your pupils in developing maths skills within a money context with BBC Teach’s ‘Shop till you drop!’ quiz.

If you want to increase your own confidence to teach young people about money, Young Money provide free e-learning training to teachers across Primary and Secondary education. In addition, National Numeracy has a free website which helps you practise and refresh your everyday maths skills.