Starter quiz
Tick the individual items that can be afforded with the money shown in the picture.- Juggling balls £12 ✓
- Board Game £18
- Cupcake kit £2.50 ✓
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- Sticker packs are £0.50 each. If you’ve £3 then how many sticker packs can you afford?
- '6' ✓
- Which of these is the priority for a day at the beach on a very hot and sunny day?
- Bucket and spade
- Frisbee
- Sun lotion ✓
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- Izzy is going shopping. If Izzy’s priority is her dad’s birthday present, which of these lists is written from most important to least important?
- Sticker book, special coffee, apple
- Apple, sticker book, special coffee
- Special coffee, sticker book, apple ✓
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- Your school has cricket and tennis matches coming up soon and a budget of £240 equipment. Tick the items your school should prioritise to buy.
- Basketballs £80
- Tennis balls £40 ✓
- Football goalposts £120
- Cricket sets £100 ✓
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- Your school has sports day and a basketball tournament soon and a budget of £160. Tick the items your school should choose to buy to spend all the money.
- Hoops £20 ✓
- Basketballs £80 ✓
- Cricket sets £100
- Hurdles £60 ✓
- Football goalposts £120
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Exit quiz
- What does borrow mean?
- To keep money instead of spending it, especially in order to buy a particular th
- To give money to pay for goods and services.
- To use someone else's money. It will be paid back later. ✓
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- What do you need to be sure of when you borrow money from somebody?
- They are a trusted person. ✓
- You have an agreed plan for paying back the money. ✓
- That they have lots of money.
- That they are nearby.
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- Alex needs £3 to be able to buy a new football. Is it okay to borrow this from his dad?
- Yes ✓
- No
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- Why shouldn’t you borrow money from lots of different people at once?
- It might mean you owe people a lot of money. ✓
- It is difficult to keep track. ✓
- People might lose trust in you. ✓
- Because borrowing is a bad thing to do.
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- True or false? It’s okay to borrow money as long as you agree when to pay it back.
- True ✓
- False
- True or false? Every time you want something quickly you should borrow as much as you need because then you get what you want quicker.
- True
- False ✓
Worksheet
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Presentation
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Video
Lesson Details
Key learning points
- Money that isn’t spent is saved – it doesn’t disappear and can be spent later.
- By saving money over time, you can afford more expensive things.
- Borrowing money is a way of getting money earlier than expected but it must be paid back.
- There are times when borrowing money is the right thing to do.
Common misconception
Pupils might believe that borrowing is always wrong.
Make it explicitly clear that borrowing money is not inherently wrong provided there is a clear plan to be able to repay it and it is within means. If it is appropriate, discuss the need for adults to borrow money when setting up a business.
Keywords
Save - To save is to keep money instead of spending it, especially in order to buy a particular thing.
Spend - To spend is to give money to pay for goods and services.
Borrow - Borrow means to use someone else's money. It will be paid back later.
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