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Year 1

Should I spend or save?

I understand the difference between saving and spending.

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New
New
Year 1

Should I spend or save?

I understand the difference between saving and spending.

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Lesson details

Key learning points

  1. Money spent is no longer yours.
  2. Money doesn’t have to be spent all at once.
  3. Money that isn’t spent is saved – it doesn’t disappear and can be spent later.
  4. By saving money over time, you can afford more expensive things.

Keywords

  • Save - To keep something safe and not lose it.

  • Spend - To give money to pay for goods and services.

  • Afford - To have enough money to buy or do something.

Common misconception

Children need to be able to understand and use the inequality symbols < and > in this lesson.

If children are unsure about this then use language cues and stem sentences rather than the symbols.


To help you plan your year 1 financial education lesson on: Should I spend or save?, download all teaching resources for free and adapt to suit your pupils' needs...

There are a few representations used in lesson cycle 2 but you might want to limit the number you present. Stick to those that the children understand and can make use of. The lesson is not about understanding of representations so don't get too bogged down by this.
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Equipment

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Content guidance

  • Depiction or discussion of sensitive content
supervision-level

Supervision

Adult supervision recommended

copyright

Licence

This content is © Oak National Academy Limited (2025), licensed on Open Government Licence version 3.0 except where otherwise stated. See Oak's terms & conditions (Collection 2).

Lesson video

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6 Questions

Q1.
Which of these is the way we write five pence?
£5.00
Correct answer: 5 p
Q2.
4 is less than 6 so which symbol would you put between the numbers? 4 6
>
=
Correct answer: <
Q3.
Which symbol would you place between these two amounts of money? £4 £6
Correct answer: <
=
>
Q4.
Which symbol would you place between these two amounts of money? £10 £5
=
Correct answer: >
<
Q5.
What does it mean to spend money?
Correct answer: To pay money for things.
To be given money.
Q6.
Do you have to spend money if you have some?
Yes
Correct answer: No

6 Questions

Q1.
Which item could you afford with £2 to spend?
An image in a quiz
Crayons
Correct answer: Pencils
Q2.
Which item could you afford with £3 to spend?
An image in a quiz
Milkshake
Correct answer: Juice
Q3.
Which item could you afford with £5 to spend?
An image in a quiz
Pizza
Burger
Q4.
Match the save and spend with the correct description.
Correct Answer:Spend,To pay money to get something.
tick

To pay money to get something.

Correct Answer:Save,To put money aside and not spend it.
tick

To put money aside and not spend it.

Q5.
If you want a toy that costs £10 but you only have £6 then how much will you need to save?
£3
Correct answer: £4
£5
£6
Q6.
Which of these is a way of saving money?
Ask a friend to give you some money.
Correct answer: Stop buying sweets and keep the money.