Your FinancesLEARNING OBJECTIVE

To be able to construct a personal budget that takes into account personal remuneration and expenditure.

Starter

1. ‘3.8 million children in the UK live in poverty.’

2. ‘Most families own a car.’

3. ‘Some parents in the UK only have £19 a day to cover electricity, gas, phones, other bills, food, clothes, washing, transport, health needs and activities.’

4. ‘About 7,700 children in the UK can’t afford a healthy diet.’

5. ‘Despite our wealth, our country currently has one of the worst rates of child poverty in the European Union – ranked 21 out of 27.’

6. ‘About 85% of parents with less money find that paying for school uniform is the most expensive thing related to bringing up a child.’

7. ‘About 650,000 UK kids live in homes that aren’t heated properly.’

1. TRUE

2. FALSE

3. TRUE

4. FALSE

5. TRUE

6. FALSE

7. TRUE

What shocks you’re the most?

Starter

Main Activity

Find a Family –You need a dad/mum/sister/brother

In these groups you will be given an envelope containing everything about your family. e.g. Household income

You will then need to decide as a family:O Where you liveO HolidayO CarsO Christmas PresentsO Weekly shopping basket

REMEMBER YOU MUST BUDGET FOR THE UNEXPECTED!

Family 1O Has a household income of £30,000

Family 2O Has a household income of £43,592

Family 3O Has a household income of £80,000

Unexpected…O One parent has been made

redundant

O You won the lottery!

Extension- how much money is left to spend at the Christmas Shop – can everybody get what they want??

Christmas Shop

What would you like to purchase?

• New Bike• Books• Gift Card• Games Console• Music• Trainers• Jewellery

Middle Class

O The average Briton works full-time and earns £24,744

O Has a household income of £43,592O Drives a Ford, Vauxhall or Toyota

and has one car in their householdO Lives in a detached home worth

£278,714 with three bedroomsO Is marriedO Holidays in short-haul destinations

on a self-catering basisO Has an average of £25,963 in

savings or investments

Plenary

Make a mini-poster addressing the following:

O Why is budgeting important? O What are the advantages and disadvantages

of budgeting?O 5 Top Tips for budgeting your money.