Planning for a big purchase and value for money

This lesson contains content from a lesson previously titled Money skills lesson two: Value for money.

The suite of LifeSkills money skills content has recently been updated. Responding to insights from teaching professionals and the benefits of building key topics over time we’ve made changes enabling clearer sequencing through the content. This will support your students to deepen their knowledge as they progress through education and help embed skills to support with financial independence.

To see an overview of the updates and where key topics can be found please visit Money Skills resource updates. The wider suite of Money Skills content has been developed to engage your pupils with a mix of resource types including interactive tools and films, aligns to the Young Money Financial Education Planning Framework and has been awarded the Young Money Quality Mark.

The Planning for a big purchase and value for money lesson focuses on what value for money means and how to apply this thinking. Students will calculate and understand the potential cost implications of borrowing to purchase a big item.

Resources

• Planning for a big purchase and value for money: Lesson plan - for use with a group of students in the classroom.
• Planning for a big purchase and value for money: Presentation slides - to display to students and use alongside the lesson plan.

Lesson learning outcomes

By the end of the lesson students will be able to:

• Understand what value for money means and how to apply this thinking.
• Calculate the potential cost implications of borrowing to purchase a big item.

Enhance your students' knowledge of the topic further by heading to BBC Teach and watching films which cover topics such as budgeting, saving, debt and understanding credit.

Why not include financial capability as a focus in your students’ wider curriculum? Refer to our Content guide to find out how LifeSkills resources can be used in PSHE or Maths lessons.

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.