Financial Literacy - New Year, New Budget

• New lesson editor
• PSHE
• LessonUp
• +4
• Upper Secondary (Key Stage 4)
• Further Education (Key Stage 5)
• Higher Education (non-degree)

Introduction

This lesson introduces your students to the concept of money management. Your students will examine their own spending habits, and learn some simple but meaningful ways to start thinking about their own money. As with all our lessons, this whole presentation can be adjusted to suit the needs and ages of your pupils, and every video can be changed to suit your needs. Why not get them to start manually planning their budgets on a bit of paper as you go through the tips? If they don't have a source of income currently, give them a theoretical monthly amount based on the average part-time earnings in your area!

Instructions

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I am good at managing my own finances...

What is the latest thing you had to save some money for?

What is a budget?

A

A plan for managing money

B

A government tax policy

C

A loan application process

D

A type of investment portfolio

What should be tracked for budgeting?

A

Only investments

B

Income and expenses

C

Only savings

D

Only expenses

What is an emergency fund?

A

A type of bank account

B

A loan for emergencies

C

Savings for unexpected expenses

D

A monthly budgeting plan

What percentage of income should be saved?

A

At least 20%

B

No need to save

C

50% or more

D

Only 5%

What is a fixed expense?

A

An unpredictable cost

B

A fluctuating income

C

A regular, unchanging cost

D

A one-time payment

Lesson Summary

In today's lesson, we explored the essentials of managing personal finances effectively.

We started by assessing our skills in financial management, followed by discussing recent instances where you had to save money for specific goals. We then delved into understanding what a budget is, defining it as a plan for managing money, and what small, but effective steps you can take to start becoming more financially literate.

Essential components of budgeting were identified, emphasising the importance of tracking both income and expenses. Finishing with a quick quiz, we defined an emergency fund as savings for unexpected expenses and discussed the recommended percentage of income to save (which should ideally be around 20%).

Hopefully you should feel more confident with how to manage your finances!

We hope you enjoyed this session on personal finances!

For more topical lessons, check out the Spotlight Channel from the 'Channels' menu above!