Hi, I'm Mrs. Wheelhouse and welcome to today's lesson, which is from our unit of lessons on financial maths education.

I'm really looking forward to exploring some of the ways that we use maths in order to help out with our personal finances.

So let's get started.

Our learning outcome for today, is that you'll be able to interpret information contained in financial paperwork and use it to create and monitor a personal budget.

Now there are lots of new keywords we're gonna be using today, and you can see them on the screen now.

A banking transaction is an event that causes money to move in or out of your bank account.

A bank statement is a record of all transactions that occurred during a set period of time.

And a budget is a way to manage your money.

It can be used to keep track of your expenditure and make sure that it does not exceed your income.

Our lessons today is broken into two parts.

We're gonna begin by looking at how we can understand bank statements.

Izzy has a bank account.

Her bank statement for October is seen below.

Now feel free to pause the video at this point if you want a bit more time to look through this.

Izzy says, "I used to receive printed bank statements every month in the post, but now I view my bank statements online through my banking app." A banking transaction is an event that causes money to move in or out of your bank account.

The column labelled paid in pounds shows transactions where money went into Izzy's account.

Some banks may label this column as credit or money in.

The column labelled withdrawn in pounds shows transactions where money left Izzy's account.

Some banks may label this column as 'debit' or 'money out.

' The column labelled balance in pounds shows how much money was in Izzy's account after each transaction.

In a bank statement, what does the balance show? Pause the video and write down your answer now.

Welcome back.

Did you say something like this? It shows how much money is in the bank account after each transaction, and that bit's really important.

So do make sure you have that.

Another quick check, which column headings on a bank statement may be used to show transactions that cause the balance to decrease? Now remember, there may be more than one possible answer here, so do take your time, pause the video and make your choice now.

Welcome back.

So what did you go for? Well, you should have chosen these three, which is debit, money out and withdrawn.

Well done if you did.

Now, true or false? Izzy spent £9.

35 at Oakbucks Coffee.

So is that true or is that false? And don't forget to explain your answer please? Pause the video and do this now.

Welcome back.

You should of course have chosen false.

£9.

35 was Izzy's balance after spending money at Oakbucks Coffee, she actually spent £7.

48 there.

Well done if you spotted that.

Now, how much money did Izzy spend in total during October? So think carefully about that.

Pause the video and work this out now.

Welcome back.

Now, what total did you get? Well, in total, she spent £22.

47.

You should have summed the amounts that were in the withdrawn column, because remember that's Izzy taking money out of her account to spend.

Now here we've got another quick check.

The bottom row is partly filled in for a transaction for the 30th of October.

Part A, which column would the transaction be shown in? And part B, what amount would be shown in that transaction? So you've got two little bits here to think about, but only one thing to actually fill in.

So, pause the video now and have a go.

Welcome back.

What did you go for? Well, you should have said that we are filling in the paid in column, and what we're putting there is £55.

You could, of course, if you wanted to give a description as well and you could have written anything for that.

It's now time for your first task.

Question one.

The table shows a bank statement for Sam's bank account during a single week.

Part A, how much money did Sam spend in total from the second to the seventh of September? Part B, what was Sam's balance before spending money at the App store on the 2nd of September.

And part C, on the 8th of September, Sam spent £7.

50 at their local climbing wall.

Use this information to complete the bottom row of the table.

Pause the video while you work on this now.

Welcome back.

Question two.

The table shows a partially filled in bank statement for Alex's bank account.

Alex receives his pocket money on the same day each week.

On the 6th of November, he paid in £60 from his birthday money.

On one day he spent £9.

50 on a train ticket and then went to the fairground.

Complete the bank statement by filling in sales that should contain information.

Pause the video and do this now.

Welcome back.

It's time to go through our answers now.

So how much money does Sam spend in total? Sam spent £10.

99, which we got from summing the withdrawn column.

Then what was Sam's balance? It was £7.

62, because that was before they spent money at the App store.

So we needed to add the £3.

50 withdrew onto the balance.

And then for the 8th of September, you had to fill in that information.

And this is what you should have put.

Well done if you did this.

Question two, you had to complete the bank statement by filling in the sales that should contain information.

What I suggest you do now is pause the video so you can check your answers against mine.

Feel free to do this now.

Welcome back.

Well done if you got that all right.

It's now time for the second part of our lesson, and that's looking at income and budgeting.

Jacob is looking for a part-time job to gain some extra income.

He's under 16 years old.

How might Jacob's age affect his job and income? Pause the video and have a discussion now about how Jacob's age might affect his job and income.

Welcome back.

You might have said that the hours Jacob is available, for example, Jacob's in school during the day, so therefore cannot work at that time.

You may have said that some jobs may only be available full-time and Jacob can't do those.

You might have said the job would need to be suitable for his age.

Bear in mind, he doesn't have any formal qualifications yet from school.

Some jobs may require you to have certain qualifications.

Well, Jacob can't do those.

His age might affect his pay.

In the UK, children can work part-time from the age of 14 years old or 13 in some local council areas.

However, there are restrictions on the hours they can work.

For example, in 2024, children were not allowed to work the following during tern time.

They were not allowed to work during school hours, before 7:00 AM or after 7:00 PM, for more than two hours on school days or Sundays, for more than five hours on Saturdays or for more than 12 hours a week in total.

And if you're interested in seeing more about this, we suggest you click on the link below and visit gov.

uk.

Jacob gets a part-time job tidying and stacking books in the local library.

He works for one hour each day after school and three hours on a Saturday.

And he's paid £4.

50 per hour for this.

So how much money does he earn per week? Pause the video and work this out now.

Welcome back.

Well, you should have said that Jacob is working a total of eight hours per week and at £4.

50 per hour, that makes a total of £36 per week.

Well, let's do a quick check to make sure you've got that.

Laura has a part-time job in her local cafe.

She works for three hours on a Saturday and two hours on a Sunday, and is paid £5.

10 per hour.

So how much money does she earn in a week? Pause the video and work this out now.

Welcome back.

Well, you should have said that Laura earns £25.

50 per week.

Well done if you got that right.

Jacob's sister is 17 years old.

She has a part-time job and is paid weekly.

Her payslip is below.

What does each piece of information tell you? I suggest you pause the video now and have a discussion.

What does each piece of information tell you and what are you not sure about? Pause and do this now.

Welcome back.

Well, let's go through this.

On this payslip, the top left box explains her salary for the week.

It shows the number of hours that she worked during that week, her rate, that's the amount she's paid per hour she works, and the total amount of money that she's earned.

The top right box shows any money that is deducted from her wages.

In this case, she does not earn enough money to start paying income tax or national insurance.

And we're going to look at what those mean in our future lessons.

The bottom left box shows information about her employer and how she's paid.

Where it says "BACS", that means her money is paid directly into her bank account.

The middle box at the bottom shows how much money she's earned and the amount of tax she's paid so far during this financial year.

The net pay shows the amount of money she's received so far during the financial year after any deductions.

Let's do a quick check.

How many hours did this employee work during this week? Pause the video and write your answer down now.

Welcome back.

You should have said 12.

How much money did this employee earn during the week? Pause the video while you calculate this now.

Welcome back.

You should have calculated that they earned £85.

20.

How much money has this employee earned so far during this financial year? Pause the video and write your answer down now.

You should have said they've earned £681.

60.

Now, assume that they have earned the same amount of money every week.

How many weeks have they worked so far during this financial year? Pause the video and calculate this now.

Well, if we divide our net pay by the amount we paid each week, we work out that they must have worked for eight weeks so far.

A budget is a way to manage your money.

It can be used to keep track of your expenditure and make sure it does not exceed your income.

How you organise your budget may depend on what you tend to spend money on and your own personal priorities.

For example, Jacob is making a weekly budget based on his income.

I spend around £10 a week on food and drinks.

I like to spend time with friends, going to the cinema, arcades and ice skating.

I also might also buy something small each week like a comic book or a game for my phone.

I'll put £5 a week into a savings account so I can occasionally buy something expensive.

Jacob says, "Well, it doesn't matter that my expenditure is a little under my income.

It gives me some flexibility." He's right about that, but I should keep my regular weekly expenditure below my weekly income.

He's very right about that.

Aisha is writing a budget.

She starts by looking at her bank statements and observing how much she usually spends and saves.

What problem might Aisha observe? Look at this carefully.

Pause the video and see if you can work out what the problem might be.

Pause the video and do this now.

Welcome back.

You spot a potential problem? Her usual expenditure is greater than her income.

Hmm, that's gonna cause her a problem.

She decides to re-budget.

However, she has a regular social outing with friends costing £12, which she does not want to miss.

So suggest a way for Aisha to alter her expenditure in her budget.

Bearing in mind she doesn't want to miss that regular social outing.

Pause the video and do this now.

Welcome back.

What did you say? So you could have said that she needs to reduce one of her expenditure categories by £3 because then her expenditure will equal her income.

Or you could have said she could reduce three of them by a pound.

The most important bit was an overall reduction of £3, and you can't take anything from social outings.

It's time now for our final task.

Sophia is 14 years old and has a part-time job that pays £4.

80 per hour.

Her age means there are the following restrictions about her working hours.

She can work a maximum of 12 hours per week.

She cannot work for more than two hours on a school day or a Sunday, and she cannot work for more than five hours on a Saturday.

So part A, what is the max amount of money she can earn in a single week? Part B, what is the max amount that she can earn if she works only three days per week? And part C, Sophia wants to work for the minimum amount of time to earn at least £25 per week.

She can choose when she works, but it must be an integer number of hours per day.

Write a plan for the number of hours that she could work on each of the week.

Pause the video and do this now.

Question two.

A 17-year-old person has a part-time job.

They always work for the same number of hours every week.

The payslip below is their 11th payslip of this financial year.

I'd like you to do, please, is fill in the blanks.

Pause and do this now.

Question three, write a weekly budget.

You may use the examples of cost to guide you or research cost for yourself.

You may also choose to increase your income with one of the following options for a part-time job.

Job A is four hours every Saturday for £4.

20 per hour.

And job B is one hour every weekday for £3.

60 per hour.

Remember, you can only pick one of those options.

Pause the video and write the budget now.

Welcome back.

Let's go through our answers.

So for question one, what's the maximum amount of money Sophia can earn in a single week? She can earn £57.

60.

And what's the max amount she can earn if she works only three days per week? Well, that would be £43.

20.

And part C, we wanted to plan for the number of hours that she could work each day of the week.

Well, we know that she needs to work six hours per week or she won't earn at least £25.

So, you could have done this and said that she works an hour every day apart from Sunday, but that is her working every day.

And you might not have preferred that.

You could have said that she does two hours on a Tuesday, Wednesday, and Thursday, and that plan might interfere with homework though.

You could have done this and said she does four hours on a Saturday and two hours on a Sunday, but that's taking up a lot of time from her weekend.

So you could have done any plan as long as it fitted the restrictions.

Did you think about the practicalities? Well done if you did.

Now in question two, I asked you to fill in the blanks.

You can see the answers here on the screen.

I suggest you pause the video now and check your work against mine.

Welcome back.

Question three.

You had to write a weekly budget.

This is an example of what you might have done and it's based on taking job A.

Again, feel free to pause the video if you want to check your work against mine.

This is an example based on job B.

And again, these are only examples you might have chosen different values and it's fine if you did.

Let's sum up what we've learned today.

Important financial information is contained in bank statements and payslips.

This information can be used to create a personal budget.

This can be used to monitor your regular income and typical expenditure.

A personal budget may need altering if circumstances change.

Well done.

Done a great job today.

I look forward to seeing you for more lessons in the future.