CitizenshipMoney and budgeting20 min★★ difficulty

Budgeting and managing money

Money lets us exchange goods and services without bartering, but using it well means planning ahead — that is what budgeting is for.

Part of your national curriculum

Financial capability: Understand the functions and uses of money, the importance and practice of budgeting, and managing risk

Lesson overview

What you'll learn in this lesson

Understand the functions and uses of money, the importance and practice of budgeting, and managing risk

Key learning points

• What money is for
• Building a budget
• Managing risk

This lesson at a glance

20 minutes
13 parts to scroll through
3 quick checks
Marked quiz at the end
Gentle pace: short sittings with pauses

Words to know

functionsimportancepracticebudgetingmanaging

Scroll down — the lesson carries on below

Part 1 of 13 · Discover8%

Watch & discover

Part 1 of 13

Watch first

Budgeting and managing money

An English teaching video on this topic from Learn Bright. Watch it, then scroll down for the lesson.

In a nutshell

Understand the functions and uses of money, the importance and practice of budgeting, and managing risk

Learning cycle

Part 2 of 13

Learning cycle 1 of 2

Part 1 · What money is for

A short piece of teaching, then a check to make sure it has landed.

Explore the idea

Part 3 of 13

Learn

What money is for

Money works as a medium of exchange, a way of storing value, and a unit of account for comparing prices. Before money, people bartered goods directly, which only worked if both sides happened to want what the other had.

Explore the idea

Part 4 of 13

Learn

Building a budget

A budget lists expected income against planned spending over a period, such as a month, so you can see whether you are likely to have money left over or run short. Good budgets separate essential spending (like travel or rent) from discretionary spending (like games or takeaways), and include a bit set aside for saving or emergencies.

Quick check

Part 5 of 13

Quick check

Which of these is NOT one of money's main functions?

Reset break

Part 6 of 13

Pause

That's sitting 1 of 2 done

Stretch, get a drink, look out of the window. There is no timer and nothing is counting down — your place is saved, so you can come back in five minutes or tomorrow.

Stop here for now

Quick check

Part 7 of 13

Quick check

What is the main purpose of a budget?

Learning cycle

Part 8 of 13

Learning cycle 2 of 2

Part 2 · Managing risk

A short piece of teaching, then a check to make sure it has landed.

Explore the idea

Part 9 of 13

Learn

Managing risk

Financial risk includes unexpected costs, income loss, or being pressured into scams and unwise spending. Reducing risk means comparing prices, reading terms before signing up to anything, saving an emergency fund, and being sceptical of offers that sound too good to be true.

Quick check

Part 10 of 13

Quick check

Which is a sensible way to manage financial risk?

Challenge round

Part 11 of 13

Game · Sort it

Which of these are true?

Drag each card into the right column. Tap a card first if dragging is fiddly.

True

Not true

Mastery quiz

Part 12 of 13

Marked quiz

End of lesson quiz: Budgeting and managing money

3 questions, marked with the reasoning shown. No timer.

1. Which of these is NOT one of money's main functions?
2. What is the main purpose of a budget?
3. Which is a sensible way to manage financial risk?

Lesson round-up

Part 13 of 13

Lesson round-up

Ready when you are

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Do the work

Your written work for this lesson

This is the part you'd do in your book at school. Pick the pieces below, write here or on paper, and photograph anything you draw or work out.

Case study

Should the town centre have a curfew for under-16s?

After a rise in reported vandalism, Harbrook council proposed that under-16s should not be in the town centre after 9 pm without an adult. Police recorded 62 incidents last year, most between 9 pm and midnight. Shopkeepers signed a petition supporting the plan.

A youth council objected. They pointed out that most young people in town at night were going home from sports clubs or work, that the plan punishes a whole group for the acts of a few, and that the library and the bus interchange are in the town centre. They asked instead for a late bus and a youth space.

The council voted to trial the curfew for six months and to publish the crime figures at the end.

Written for Good Learning Co.

Reading questions

Give the strongest point on each side of the argument, using a fact from the case.
Whose rights and whose responsibilities are involved here? Explain both.
Write your own view on the curfew with reasons and one example.

Reading and response
Reading
Read the case in the lesson again and write what you think should happen, and why it is fair. Use one fact from the case as evidence.
2 paragraphs (PEE)
Extended writing
Writing
Write your answer to the lesson's big question in full: the strongest point on each side, then your own view with reasons and an example.
250–350 words
Reading log
Reading
Find one news story this week that links to this lesson. Note the headline, where you read it, and how it connects.
1 story, 4–5 sentences
Two sides of the argument
Writing
Write the strongest point for, the strongest point against, and then your own view with a reason.
3 paragraphs
Poster or leaflet plan
Diagram
Plan a leaflet that explains this right or responsibility to someone your age, then photograph it.
1 planned page

Write your answer, notes or working here

Saved as you type.

Photos of paper work, diagrams or working outHow many minutes did the written work take?

Part 1 of 13 · Watch & discover

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Understand the functions and uses of money, the importance and practice of budgeting, and managing risk