Lesson video

Hello, and welcome to today's citizenship lesson.

I'm Mrs Barry, and I'll be teaching you for this lesson.

We are looking at a series of lessons about how we can manage money well.

And today's lesson is about how we can keep track of our money.

Hopefully you've got everything prepared and you're ready for today's lesson but make sure you've turned off any apps or notifications so that we can have a distraction free lesson and that you're in a quiet place to do so.

You should have with you your brain already and hopefully something to write with such as a pen or a pencil and something to write on, and some paper.

When you got those things, we can make a start with our lesson.

We're to look at how we can keep track of our money.

We're going to look at a few different things.

So we're going to look at what it means to keep track so and how we might keep track of other things other than money and why that applies to money.

We'll look at budgeting, a very important tool that we've also looked at in lesson one and lesson two of this series of lessons.

So do head over and have a look at those lessons if we haven't already done so.

And we're going to have a look at digital citizenship and keeping safe online since online is one of the ways we can keep track of our money.

And then we'll do some activities to check our understanding and that will be our lesson.

So let's make a start.

If you've been doing this unit of lessons on how we can manage our money well, the new levels already looked at this idea of financial responsibility but we're just going to recap that now because it's really important to think about how we can pay for things in a responsible manner.

And this lesson is all about how we can keep track of our money and keeping track of our money means we need to monitor it and plan according to our individual circumstance or situations that we can plan for the unexpected.

Financial responsibility expands outwards from ourselves to our local and global communities and back again.

And we also have an impact on and are impacted by the financial responsibilities others have, for example the government and businesses.

And the government has to keep track of their income and outgoings just as businesses do just as we do.

So it's really important to remember that this is more than just us on a personal level but you can apply this to businesses and government also.

So keeping track, what is it? Keeping track of our money is an important life skill.

And it equips us with the ability to be financially responsible.

We are going to think about fundraising in this lesson to help us understand this idea and the importance of keeping track of our money.

We'll look at how we budget as well as the tools available to us, including bank accounts to help us keep track of our money.

And just I have put this image of a thermometer on the screen.

And I wonder if you know how this might link to fundraising and keeping track of our money.

So I'll just give you a second to have a think.

Okay so, keeping track.

This is fundraising and you might have seen these thermometers used with fundraising 'cause you can mark off where the fundraising has got to.

So you might like I've done, you can see a picture of me doing it.

Do a fundraising activity such as running and raising money for a charity.

And I raised money for a local charity and my pocket was 500 pounds.

So at the top of that thermometer, you've got 500 pounds.

And as I went along and I did training for about nine months to be able to run my half marathon, it meant that during that nine months I was able to track what people had donated towards the charity I was raising money for.

And it just meant that I was able to keep focused, keep aware of what people were donating but also helping me to understand what I needed to do to reach that 500 pounds.

So it might be that I used social media to encourage people to donate.

So that's just one Way of keeping track and it's a charitable way.

And that you may have seen before, as you go along you just mark it off so you can see how far you are to reaching that target.

And I wonder if you keep track of your money, and if so, how do you do that? So just think to yourself, how do you keep track of your money? It's all individual to us how we keep track of our money.

And one way that you could keep track in the future is jam-jar accounts.

And I've spoken about this in the previous lesson in this unit.

Just to have a quick look at this.

These allow you to work out how you'd like to split up your income to ensure you manage your money well.

So here for example, I've used this 500 pound figure to show that's what you have going into an account.

And then it would split it up into effectively, and this is why the pictures of jars effectively four separate jars.

So you can budget for what you're doing and that allows you to keep track.

So we've got 220 pounds going toward rent.

So that's what you pay for where you live.

You've got 130 pounds going towards bills that might include electricity for example.

110 pounds spending that might include your food and then 30 pounds a month saving.

And that's your total of 500 pounds, nice and evenly split up into those different amounts so that you know you're going to need to pay all the things that you have to pay for.

That's one way of keeping track of your money, separating it up into what you need, and then whatever's left having a savings account.

Another way are prepaid cards.

And these cards are very similar to gift cards.

You would add money to the card which can be used the same way as a debit card.

And the payment that you make when you buy goods or services are deducted from the balance on the card.

And this can help you manage money as you can never spend more than what is on the card.

So if you try to spend more than what's in the card the card effectively would go, no, you don't have enough.

And whoever you're trying to pay, whether it's for goods or services would say, "Actually it's not working." And so you wouldn't be able to have what you were trying to pay for.

And you can set that amount, you can top it up and it effectively works a bit like a debit card without actually having a bank account attached to it.

Another way you might be familiar with this is online banking.

And this has become really really popular as time has gone on.

So this allows you to access your bank accounts wherever you are, so as long as you have a device and internet access.

And a it allows you to check your balance and transactions.

You used to have to go to a bank or wait for a monthly statement in the post.

You don't have to do this, you could only really track your money once a month or by going into your bank.

So being able to access your account online therefore makes it easier for you to see your income and expenditures and track your money allowing you to manage it well.

And there are often apps associated with banks now so you can download an app onto a device and be able to effectively see live updates of what your account is doing.

A lots of them allow you to set up notifications as well.

So for example, you overspend or you've got something due out of your account and you don't actually have enough money in there, then your bank might actually be able to send you a message saying this is what's going to happen.

So that's another way you can keep track of money.

Really important part of keeping track when we talk about finance and managing our money while is budgeting.

And again, we've covered this in previous lessons in this unit.

You're welcome to go have a look at any of the lessons in this unit of finance to further your understanding.

Budgeting effectively is when we consider how we pay for things.

How we have to consider affordability and affordability is literally, can you afford or not? Do you have the funds to be able to have that or not? Where is that going to put you in a difficult situation? Budget is important as it allows us to see our income and our outgoings.

So what you've got in and what's going to exit your account.

And if you have more going out than coming in this can get you into trouble and that's called debt.

So when you owe someone money for something and you don't have the money you're in debt.

So those key terms are looked at in lesson two in particular.

So if you're unsure of any of this and you want to have a further look then do you go over and have a look at lesson two in this unit on how we can manage our money well.

So I want us to really focus on this idea of budgeting.

And we're I going to imagine we're creating an event to fundraise for a local charity? So the 500 pound raised earlier when we spoke about this a moment, let's imagine that's been given to you to organise event to raise more money.

And the charity has asked that you put together a celebration evening for a hundred guests.

And there are three things, three areas of budgeting you need to consider for this.

Number one, the budget itself.

What is available to spend on the event and that's been clearly outlined by the local charity that is 500 pounds expenditures.

What do you need to pay out for? So you've got to work out what you're going to pay to run the celebration evening, and then the profit.

What amount would be raised for the charity because it's really important, obviously that you've been given that 500 pounds that you don't want to go back and say, "Well, here's a hundred pounds.

They've effectively lost 400 pounds." So your goal here really is to ensure that at the end of the event, you have more than the original 500 pounds that they've given you to raise some money for the charity.

So this is a budgeting sheet, and this is on the worksheet.

So you can have this on your screen if you want to, or ideally if you can print this off and write it down and that's the best idea for this activity.

And actually print that off make sure that you can fill that in or somehow kind of drop down this layout to be able to complete this activity really well.

To help you do you make sure you use the sample costs over on the right hand side of this worksheet because the idea is that you are looking at the way you budget.

So don't worry about investigating all those different costs and what you need for a celebration event.

Just use the information on here, looking at the prices, the sample prices or costs that are on there to help you fill that in.

So when you're ready, pause the video, complete a task using that budgeting sheet.

Create a budget for our charity celebration evening for 100 guests.

And when you've completed that let me take you back 10 minutes, press play, and we will continue with our lesson.

Here we go.

This is the project that I created for this charity event.

Yours does not need to look like mine.

I just filled it in so that you could get an idea of what you were doing and see if you managed that order okay, and if you didn't, and some tips as to what you might do if you're doing a budget in the future.

So here we are we've got 500 pounds originally spent.

So that's the income that you had and everything else needed filling it.

So I've had a look at the options and I've thought it's a celebration event.

So if it's a celebration event you want to give it some kind of importance.

So I didn't really go for any of the basic options.

I went mid range for this because I thought a mid range event would be suitable.

So I first drafted out my expenses.

And so for the music, I chose the DJ at 200 pounds.

Food, I actually went for the premium buffet.

I thought if we're going to have a DJ and it's not really a sit down music kind of music option, so I've tried to tie that in together and that was a thousand pounds.

Got some balloon decorations and the venue I've put it into a hotel.

So I knew by adding those up that my total cost was 1,800 pounds.

I also knew that the income was only 500 pounds to get this off the ground.

And so ticket price I worked out that if I charged at least 20 pound per person I would get a bit of a profit.

So the total income, then it was 2,500 pounds because there were a hundred people going.

And a hundred times 20 made the 2000, adding on the original 500 total income was 2,500.

Now, if we take the cost away from the total income then we are left with total profit of 700 pounds.

Well, that really, actually the profit was 200 because the 500 was already provided in.

So it's like a float if you like.

When you put a float into a charity still when events do that isn't profit because you need to pay that back.

So the profit here is 200 pounds.

That's what's extra money raised for the charity.

But in that sort of event, if you're thinking that's not very much money, you could have done other things.

So charity auction, where you ask local businesses to give you something to auction off, you could have held that as part of the event and raise more money in that way.

But it just gives you an idea of budgeting and keeping track of money and why it's important to keep track.

Because if you didn't work out your expenses, you couldn't work out what you needed to pay for that event.

And when you're looking at your income and the bills you have to pay, you almost have to do it the other way round because you need to work out what you've got coming in before you then go spending on other things.

So that's the importance of budgeting.

And this is an example of that.

With budgeting and keeping track and issues of online banking, it's really important.

And we have a look at digital citizenship which links to online safety.

And part of being an informed citizen and financially responsible is ensuring we manage our money well and take care of it.

Many of the ways we save and spend our money are online.

And so we also need to know our rights and responsibilities.

This can be open to abuse from those trying to steal your information and, or take your money.

Being a digital citizen means you have the skills and knowledge to use digital technology in order to participate responsibly in society.

This includes being aware of your rights and responsibility when using digital mediums such as the internet and the impact you might have through using it.

So we're going to have a look at some online safety issues are linked to keeping track of your money and managing money well.

These are the main types of online scams that you may come across in the future, if you haven't already heard of them.

So there's phishing, not to be confused with actual fishing.

Pharming, and not to be confused with farming in terms of tractors and farmers.

Authorised Push Payment and money mules.

I wonder if you know what any of these are, or you might have an idea already if you don't that's okay because we're going to go through them.

So we're going to do this and understand these by organising these definitions with the key terms. So there's four definitions for key terms that are those four scams. I'd like you to match the scam with its explanation.

So pause the video now, when you're finished, press play and we will check your answers.

Well, it's that ago and welcome back.

Hopefully you've got them right.

If not that's okay because we can correct now.

So Pharming is directing internet users to fake websites that mimics a real one and tries to get personal information such as passwords or bank details.

Phishing are emails sent which pretend to be from real usually well-known companies to gather personal information.

Push Payment Authorization is where someone has been deceived into sending money, which they think is going to a legitimate business or person but is in fact being taken by someone else.

And then money mule is someone who transfers stolen money between different countries and they often don't know they're doing that.

So they're tempted by someone to do so.

And they don't realise what they're doing.

So we'll have a quick, true or false activity here to see if you have correctly understood some of this.

So in being financially responsible I'm managing our money well, we need to ensure we're able to spot scams and prevent them from happening.

And so here's some statements and I would like you to think are they true or are they false.

The first statement is this.

You should always be wary of people who you don't know contacting you.

Is that true or is it false? Hopefully you said that's true, absolutely.

If you don't know then you can't determine whether or not you trust them, and particularly be wary and tell an adult if you're worried.

So if someone's asking you, if they can have some money off you, or they're saying, there's this great deal when you don't know who they are, best to ignore.

And if you're worried tell someone.

Next statement, it's okay to give out your bank details.

If someone rings and asks for them.

Hopefully you've said that's false.

'Cause even your bank will never ring you and ask for all of your details.

They would only ask for select pieces of information, never all of it.

So for example, they might ask the last four digits of your bank card or numbers two and seven out of your passwords that you might have with them.

If they ring and asked you for all the information don't give it 'cause they'll never do that.

Next statement.

It's okay to put all types of letters into the rubbish bin.

If you've had a quick think about that one because I've said all types.

And so that's false.

If a letter has personal information on it, you should always shred it, so cut it up.

If a person gets hold of your personal information they could pretend to be you and use it for different needs.

They might use it to get money or process some paperwork in your name.

And obviously you don't want that.

So be really careful with letters with personal information.

Next statement, website should be secure.

If they are asking for payment they will say https at the beginning, instead of http.

So this one is true.

If you are directed to a payment site then you can have a look at the web address at the top of the internet browser.

And it should start with https.

The S stands for secure.

So that means that you want to secure a site to make that payment.

So just some tips here, online safety and preventing yourself from being part of a scam or someone using your information unfortunately.

Be aware of people contacting you who you don't know.

Don't give out your bank details, this includes shredding them if they're written down.

If an offer seems too good to be true, it probably is.

Don't be pressured into purchasing something or giving someone money particularly if you don't know them.

And that's a real warning sign.

Never give all your bank details to someone else.

If your bank is calling you they will only ask for a few bits of information.

Check you're on a secure payment site when paying online so remember it will say https.

And never click on a link from somewhere or someone you don't recognise.

So you get an email, anything they wouldn't send me that, don't click on it, perhaps contact them first.

Or if it's someone you don't know, definitely don't open it.

So well done for completing today's lesson.

We've done a range of things to make sure we know how we can keep track of our money.

We've had a look at my charity example about how we can keep track of totals.

And then we've looked at budgeting and the importance of being able to budget.

And we've done a sample budget there to help you understand that.

And then we've looked at digital citizenship and our responsibility to use the resources such as internet wisely, and also the importance of online safety, 'cause we've looked at things like online banking and we've looked at keeping track.

So we've done some activities to check your understanding and I hope you feel really confident in being able to talk about how you can keep track of money.

There's one last thing that I'm going to say you could do for this lesson, and that's the takeaway task.

So you could look at doing an online safety campaign using all the top tips we've considered in this lesson.

You could create a poster to raise awareness and keep people safe from money scams. And you could, once you've done that take that to your head teacher or your Citizenship teacher and ask them if you could perhaps do a campaign in your school.

So if you've done any of that and if you perhaps do that poster, you could share your work with Oak National.

Ask your parent or carer to do that with you on Instagram, Facebook, or Twitter, tagging in @OakNational and #LearnwithOak.

There's one last thing that I do need to ask you to do before you finish, and that is to complete the exit quiz.

So well done for your hard work today? And I look forward to doing another citizenship lesson with you soon.