Budgeting Activities

Learn about ………

Managing personal money

Bank Accounts

The Economy

Think about the statements below.

On the table tick:

Box 1, I know a lot about this topic

Box 2, I understand a little bit / have heard about this topic before

Box 3—I don’t know much about this topic

1 2 3

I understand what a ‘budget’ is

I think carefully about how I spend my money

I am aware of prices of a wide range of products

I understand how a bank account works

I am aware of ‘interest’ and I am able to calculate it

I understand the advantages of saving money

I am aware of different currencies and exchange rates

Task 1

Pick the correct explanation for each of the following terms relating to finances:

Budget:
1. a detailed plan of what money you receive and what you intend to spend
2. the money you receive
3. a small caged bird

Expenditure:
1. the money you earn
2. the money you spend
3. the money you save

Income:
1. the money you earn
2. the money you spend
3. a detailed plan of what money you receive and what you intend to spend.

Debt:
1. money you receive
2. money you owe and have to pay back
3. free money

Task 2

In the space below write a list of the things people of your age may spend money on.
(at least 6)
.......................................................................................................................................
.......................................................................................................................................
.......................................................................................................................................
.......................................................................................................................................

Discuss your answer in pairs or groups of 3 and place your ideas in the following
chart.

Must Have Want, but not essential Could do without

Task 3

On school days Mike gets £5 per day from his parents.

He spends £1.50 on the bus.
Before school each day he buys a can of coke for 60p.
For lunch he buys, pizza, chips and a biscuit.
Each day on his way home he buys sweets for 50p

MENU
FROM
Pizza 90p
Chips 90p
Home-made individual dishes £1.10
Salad (Bowl) £1.10
Salad (Plate) £1.60
Assorted Sandwiches £1.05
Biscuits 50p
Yoghurt 35p
Fruit/ Fruit Salads 30p/50p
Pasta / Sauce £1.50
Beans 40p
Jacket Potatoes with fillings £1.30
Hot Baguettes £1.65
Paninis £1.65

Drinks
Milk 35p
Fresh Fruit Juice 50p
Water Free

Using the information given work out how much money Mike spends each day?

..............................................................

How much money does he have left?

................................................................

After the 5 school days how much does he have left?

.................................................................
On school days Clare is given £5 per day by her parents.
She spends £1.50 on the bus
For lunch she buys a Panini, a piece of fruit and Fresh Juice.

How much does Clare spend each day?

.................................................................

How much does she have left?

..............................................................

How much does she have left after the 5 school days?

..............................................................

In pairs discuss what Clare could do with the remaining money? (Write some ideas
below)

.......................................................................................................................................
.......................................................................................................................................
.......................................................................................................................................
......................................................................................................................................

Task 4

If you had £5 each day, how would you spend your money and what would you do
with the money you may have saved? (Use the menu from task 3 to help)

.......................................................................................................................................
.......................................................................................................................................
.......................................................................................................................................
.......................................................................................................................................
.......................................................................................................................................

Discuss your decisions in groups of 2 or 3.

b) Mike has seen a new game for the PS3 that he really wants, he decides that he
will cut his spending to try to save some money. He decides to drink water instead
of buying a can of coke and has pasta instead of pizza and chips.

How much will this save him each day?

....................................................................................

How much will he save over the 5 school days?

......................................................................................

What else could Mike do to help save up for the computer game? In groups of 2 or 3
discuss your ideas.

...................................................................................

Task 5

Match the prices to each of the following products

64p £1.29 £5.75 86p £1.50 £3.82 £3.03 £1.45

2pints of milk Warburton’s bread Coco pops Heinz baked

(600g large box) beans

....................... ........................... .......................... ....................

 Pringles Pineapple Whole Chicken Celebrations
(Fresh) (420g)

................. ............... ........................... ..................

b) Value for money

I can buy 6 cans of Pepsi for £2.48 or 12 cans for £4.88, which is the better deal?

.......................................................................................................................................
.......................................................................................................................................
.......................................................................................................................................

Extension: In shop A I can buy 8 packs of crisps for £1.84. In shop B I can buy 6
packs for £1.44.

Which shop has the best deal?

.......................................................................................................................................
.......................................................................................................................................
.......................................................................................................................................
 F A D I E C N A N I F W R T I C O T S B
A G E S P N M O N I E L I N T E A S C A
X N T D C R F H B I P D N N O E T S Y R
G I R S V D I A N M N B C R P X T L H R
O V Y T C V L C O A D H O E R P S D T O
S A B O R R O M P R S O E I I E A C J W
A S O L B M R X E A R H M A D N Y C U E
I A R U E N E I K B C D G L P D I O I C
L O P R Y C E S M O N E Y L D I N B M N
B U D G E T G N A R T R I O U T S O C A
S A L L O W E R A R C K P G L U R T C W
H E M P R I N C E O D V N U R R P E I O
E R V T B E D L M W H I G T Y E R D E L
A S F I N A N S T Q Y Y U S E X N J Y L
P D E W S A V A L U E M V X I E P T N A
E X C E L N D V B P S A O C P R R S O P
C E X C F C E E W A S T Y X R A E F M L
I R E B U Y N P L O M H E N O C N I C O
R A R S L E G A X J T R J G T F Y N C R
P I C O M E I N S E P M R O I C H E A P

BUDGET BUYING CHEAP

EXPENDITURE PRICE MONEY

INCOME COST ALLOWANCE

DEBT VALUE CASH

SAVING EXPENSIVE

FINANCE BORROW