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Year 1

What happens when I spend money?

I understand what happens when I spend money.

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New
New
Year 1

What happens when I spend money?

I understand what happens when I spend money.

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Lesson details

Key learning points

  1. Money spent is no longer yours.
  2. Money is exchanged for objects or services that have the same value.

Keywords

  • Buy - To obtain something by paying money for it.

  • Cost - The amount of money that you need in order to buy, make or do something.

  • Pay - To give somebody money for work, goods, or services.

Common misconception

Children might not be confident adding two numbers within 20 to calculate the costs of fruit.

Choose representations or manipulatives that you know will support the children in their addition as part of normal classroom practice.


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

There are contexts given in the lesson but you know your class best! Try and use concrete resources where possible. You could even get the children to set up their own pretend shops and Summer fair activities in the classroom.
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Equipment

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Content guidance

  • Depiction or discussion of sensitive content
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Supervision

Adult supervision recommended

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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.
What does it mean to buy something?
To get money for an item.
Correct answer: To get something by paying money for it.
Q2.
What is another word for ‘buy’?
Correct answer: Purchase
Sell
Q3.
What is a bargain?
Finding an item that cost more than you thought.
Correct answer: Finding an item at a cheaper price than you thought.
Q4.
What’s the value of this coin?
An image in a quiz
1 p
2 p
Correct answer: 5 p
10 p
Q5.
What’s the value of this coin?
An image in a quiz
1 p
Correct answer: 2 p
5 p
10 p
Q6.
What is the total value of these coins?
An image in a quiz
Correct Answer: 10 p, 10, 10p, 10 pence

6 Questions

Q1.
True or false: Once you spend money, you can’t have it back.
Correct answer: True
False
Q2.
Jacob has this much money. Can he afford a cake for 20 pence?
An image in a quiz
Yes
Correct answer: No
Q3.
You have 9 p. Which fruit can you afford to buy?
Banana - 10 p
Correct answer: Apple - 5 p
Orange 12 p
Correct answer: Pear - 8 p
Q4.
Jacob had this money and spent 10 p on sweets. How much money has he got now?
An image in a quiz
Correct Answer: 9 p, 9, 9p, 9 pence
Q5.
What does this mean?
An image in a quiz
The ball pit costs 20 pence.
Correct answer: You can pay 20 p for 5 minutes in the ball pit.
Q6.
Match the items you can buy with lasts or doesn’t last.
Correct Answer:Apple,Does not last
tick

Does not last

Correct Answer:Toy car,Lasts
tick

Lasts

Correct Answer:Swimming,Does not last
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Does not last