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New
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Year 4

What is budgeting?

I know that I can plan what to do with a sum of money by budgeting.

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New
New
Year 4

What is budgeting?

I know that I can plan what to do with a sum of money by budgeting.

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Lesson details

Key learning points

  1. Saving money allows you to make larger purchases in the future.
  2. Keeping track of money allows you to see what you have spent and what is left.
  3. You can plan how you are going to spend your money by budgeting.

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

The word 'budget' is used in different contexts in slightly different ways.

Make sure the children understand the different ways it can be used. This can be linked to their understandg of word class. The word 'budget' can be used as a noun and verb.


To help you plan your year 4 financial education lesson on: What is budgeting?, download all teaching resources for free and adapt to suit your pupils' needs...

The pupils in your class will have different experiences of pocket money which can encourage unwanted comparisons. Be sensitive to this. You may want to establish some discussion ground rules at the start of the lesson to stop anyone feeling upset or uncomfortable.
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Teacher tip
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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.
Tick the items that you would need to save up to be able to afford if you had the money in the picture.
An image in a quiz
Correct answer: Beach ball £6
Colouring book £4.99
Correct answer: Bat and ball set £5.50
Q2.
Apples are 20 p each. If you have 70 p then how many can you afford?
Correct Answer: 3, three
Q3.
Alex needs £3 to be able to buy a new football. Is it okay to borrow this from his dad?
Correct answer: Yes
No
Q4.
Jun has £5 saved up but he needs £50 to be able to buy a new game. Should he keep saving up or borrow the money?
Correct answer: Save
Borrow
Q5.
True or false? You can borrow money from anyone so long as they have the amount that you need.
True
Correct answer: False
Q6.
True or false? Owing money to somebody is a bad thing and you should try and avoid it at all costs.
True
Correct answer: False

6 Questions

Q1.
What is a budget?
Correct answer: A budget is the money that is available and a plan of how it will be spent.
The amount that you pay for something and how much is leftover.
Q2.
At a fairground, each ride costs a different number of tokens. Izzy’s favourite ride is the chair swing. How many times can Izzy afford to go on the chair swing with 10 tokens?
An image in a quiz
Correct Answer: 5, 5 times, 5 goes
Q3.
At a fairground, each ride costs a different number of tokens. Jun loves trampolining. How many times can Jun afford to go on the trampoline with 10 tokens?
An image in a quiz
Correct Answer: 3, 3 times, 3 goes
Q4.
Snacks at the cinema cost different amounts. Izzy has £2 to spend. She buys gummy bears. What else can she afford with her budget?
An image in a quiz
Correct answer: Chocolate frog
Mints
Toffees
Q5.
Jacob has £5 to spend on snacks but must buy a popcorn each for himself and his sister. He wants to spend the rest on chocolate frogs. How many chocolate frogs can he afford with his budget?
An image in a quiz
1
Correct answer: 2
3
4
Q6.
If Sam uses the budget plan shown, how many weeks will it take to buy a new helmet for her avatar at a price of 1,600 tokens?
An image in a quiz
Correct Answer: 4, 4 weeks