icon-background-square
New
New
Year 6

How do you plan and manage a budget?

I can plan and manage a budget.

icon-background-square
New
New
Year 6

How do you plan and manage a budget?

I can plan and manage a budget.

warning

These resources will be removed by end of Summer Term 2025.

Switch to our new teaching resources now - designed by teachers and leading subject experts, and tested in classrooms.

Lesson details

Key learning points

  1. Saving money allows you to make largeer purchases in the future.
  2. Keeping track of money allows you to see what you have spend and what is left.

Keywords

  • Budget - A budget is the money that is available and a plan of how it will be spent over a period of time.

  • Budgeting - Budgeting is the process of planning to spend an amount of money for a particular purpose.

Common misconception

Children might think that managing a budget is always about turning out a profit.

Have some real-life examples of budgets that don't relate to profit but are important to manage. Playgrounds, hospitals and libraries are good examples of where budgets must be managed carefully but are not businesses.


To help you plan your year 6 financial education lesson on: How do you plan and manage a budget?, download all teaching resources for free and adapt to suit your pupils' needs...

This lesson allows pupils to think of the role of technology to keep track of money by using a spreadsheet. Pupils also have a chance to explore the order of operations in relation to saving and spending over a period of time.
speech-bubble
Teacher tip
equipment-required

Equipment

content-guidance

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

Loading...

6 Questions

Q1.
Pick the word to complete the sentence: Money that is taken from what people earn is called .
Budget
Deficit
Earning
Correct answer: Tax
Q2.
Value added tax is money added to some goods and services that we buy. It is added to items that we .
Need rather than want.
Correct answer: Want rather than need.
Q3.
Is VAT added to the cost of children’s clothes?
Yes
Correct answer: No
Q4.
Which of these would be funded by taxes?
Holidays
Correct answer: NHS
Correct answer: Armed forces
Online games
Q5.
True or false: School books are free.
True
Correct answer: False
Q6.
Someone pays 20% income tax on their taxable earnings and they pay £3,000 in tax. Which amount shows their taxable earnings?
£10,000
£13,000
Correct answer: £15,000
£20,000

6 Questions

Q1.
Pick the word to complete the sentence: Writing a helps you to plan how to spend or save money wisely.
Correct answer: Budget
Deficit
Earning
Tax
Q2.
Pick the word to complete the sentence: The is the gap between the money you have and the money you need.
Budget
Correct answer: Deficit
Earning
Tax
Q3.
Tickets cost £15 and the match is in 4 weeks. Sam has £7 so how much does she need to save each week to be able to afford the ticket?
Correct Answer: £2, £2.00, 2, two pounds
Q4.
Sam gets £3.50 pocket money each week. If she needs to save £8 in four weeks, how much money can she spend each week?
Correct Answer: £1.50, 1.5, One pound fifty
Q5.
The pupils need to make £300 by selling tickets to the school show. If they charge £2 for a ticket, how many will they need to sell?
Correct Answer: 150
Q6.
The summer fair has to make enough money to cover a deficit of £475 If the fair raises £725, how much profit has the fair made?
Correct Answer: £250, 250

Additional material

Download additional material