Module 5: Managing your money – budgeting. Module objectives
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Module 5: Managing
your money – budgeting
This module introduces the process of budgeting. It works across key stages and some learners will:
The National Literacy and Numeracy Framework (LNF)
Numeracy component of the LNF
The following tables show the learner outcomes as specified in the numeracy component of the LNF.
The focus in this module is the topic of budgeting which is highlighted in bold in the tables.
The Personal and social education framework for 7 to 19-year-olds in Wales also highlights opportunities for learners to develop their budgeting knowledge. These are highlighted in boldon the next slide.
Can we afford it?
How do we know if we can afford something?
What do these terms mean?
See Manage money activity sheet: Needs and wants (Key Stage 2/3 activity).
Using images and words, learners can decide which items they cannot live without (need) and those items that they simply want to have.
Need versus want
Carry out the activity online by visitinghttps://hwb.wales.gov.uk/cms/hwbcontent/Shared%20Documents/vtc/2009-10/maths/financial-literacy/needsVsWants.swf
Essential and non-essential items
You have started working, have your own flat and recently had a loan to purchase a new car.
Print off Resource 1: Essential and non-essential items, which is a Key Stage 3/4 activity. This activity asks learners to sort the cards into two groups – ‘essential’ and ‘non-essential’ monthly payments/purchases. Examples are shown on the next slide.
Essential and non-essential items
Car loan repayment
Meal out with friends
Mobile phone bill
How does money come in and out of your life on a daily, weekly or monthly basis?
Education Maintenance Allowance (EMA)
Key Stage 2 activities:
Activity 1: Can we afford it? (see Manage money activity sheet: Can we afford it?)
Activity 2: Money wise: a monthly budgeting card game (see Manage money activity sheet: Money wise monthly budgeting card game)
Activity 3: Budgeting how much electricity to use – ‘Let’s cut back’. Visit the activity online at https://hwb.wales.gov.uk/cms/hwbcontent/_layouts/NGFLSolution/MaterialDescription.aspx?LearningMaterialId=39431&lang=en
Activities have been differentiated into key stages based on context. The key stages are for guidance only and teachers should select activities to match the ability of learners. Links/explanations for activities on the following slides.
Activity 1: Can we afford it?
See Manage money activity sheet: Can we afford it?
Learners are given a storyboard to complete. The storyboard charts a family’s decision about whether they can afford to buy a bike as a birthday present. The storyboard raises discussion points.
Activity 3: Budgeting how much electricity to use
Key Stage 2 activity: Budgeting how much electricity to use
View this online activity on Hwb at
Key Stage 3/4 activities:
Activity 1: Can you help Carrie and Mo to budget? (see Spending Sense)
Activity 2: ‘Managing your money’ scenarios (see Welsh GovernmentPersonal Finance Toolkit)
Activity 3: Keeping a running balance for a household (see Resource 2 from this module)
Activities have been differentiated into key stages based on context. The key stages are for guidance only and teachers should select activities to match the ability of learners. Links/explanations for activities are included on the following slides.
Can you help Carrie and Mo manage their budget?
Resource: Spending Sense, Activity 5 – Carrie and Mo (pages 39–47)
Download the resource athttps://hwb.wales.gov.uk/cms/hwbcontent/_layouts/NGFLSolution/MaterialDescription.aspx?LearningMaterialId=44957&lang=en
Key Stage 3/4 Activity 1: Can you help Carrie and Mo to budget?
This activity raises the problem of overspending on a tight budget. The lifestyles of two young people, Carrie and Mo, are described. Each has a budget showing a typical monthly income and expenditure. The task for learners is to discuss their lifestyles and spending habits to see where they could cut down in order to balance their budget.
The following slides show snapshots of this activity.
Managing your money scenarios
Resource: Welsh Government Personal Finance Toolkit
See Topic 3 ‘Managing your money’ (pages 29–33) along with the accompanying resource sheets within Topic 3 entitled ‘Manage my cash’ (pages 31–34).
Download the resource at
The activity (described on page 32) offers four scenarios describing young people’s financial situations. Learners suggest ways in which they could manage their money more successfully. Examples of the scenarios are given on the next slides
Keeping a running balance for a household
Resource: Keeping a running balance (see Resource 2 within this module)
This activity presents learners with a diary style account of the transactions that take place during one month, from the view point of a working adult with three children. Learners have to read the information and keep a running a balance in the form of a table by calculating the money paid in and paid out of a bank account.
Keeping a running balance
Mrs Jones is a very busy parent and the information given is one month in her life (print off Resource 2 ‘Keeping a running balance’).
The information indicates how much is paid in (income) and paid out (expenditure) of her bank account.
Look carefully at each of the days given and consider the transactions that take place.
Using the table, carry out a running balance to help her keep track of her money.
Examples of the first week are given on the next slide.
You have both been paid.
Council tax needs to be paid.
Paid by direct debit.
Paid with debit card.
Mortgage payments goes out.
Utility bill day!
All paid monthly by direct debit.
You have three children.
£20.30 for the first child per week.
£13.40 for the other children.
Note: child benefit is paid every 4 weeks.
This is a free online resource which follows four characters and how they deal with financial situations. It is suitable for Key Stage 3 to Key Stage 5. The package has approximately 25 hours of learning activities which learners can complete online. It is presented as five modules:
The modules offer the whole range of manage money topics including budgeting, visit
Each module has an audio tutorial which can be listened to in English or Welsh.