How to manage money – Key Stage 2 You’ve spent how much? How to manage money – Key Stage 2

Meet the family Maya and Rohan live with their parents on a small island, but are about to move to the UK mainland. The island is expensive and their parents have not always managed their money well so feel the need to move. Maya and Rohan have four cousins; Henrik, Alice, Max and Izzy, who they often chat to online. The cousins give advice to Maya and Rohan, but it can often be very different. Take a look at the profiles and messages from Maya and Rohan and their cousins and see if you can come to any conclusions about the differences between their lives. Keep in mind the topic of this session is personal finance and write your ideas onto the sheets provided.

A family budget Income Expenses Salary £2,800.00 Mortgage or rent £800.00 Child benefit £135.00 Council Tax £200.00 Interest on savings £30.00 Utility bills (gas, electricity, water) Savings £120.00 Phone and Internet bill £80.00 Travel £300.00 Clothing £100.00 Food £400.00 Other household items Pocket Money £50.00 TOTAL INCOME £2,695.00 TOTAL EXPENSES £2,320.00 Balance £385

Rohan’s calendar and budget for April Sun Mon Tue Wed Thu Fri Sat April 1 Pocket money paid 2 3 4 5 6 7 8 Cinema 9 10 11 12 Clean Gran’s car 13 14 15 16 17 18 19 Shop for Dad’s birthday present 20 21 22 23 Dad’s birthday 24 25 26 Mobile top-up 27 28 29 30 Income Expenses Pocket money £30.00 Savings £2.00 Cleaning Gran’s car £2.50 Sweets £5.50 Interest on savings Cinema £6.85 Dad’s birthday present £7.99 Mobile top-up £5.00 TOTAL INCOME £34.50 TOTAL EXPENSES £27.34 Balance £7.16

Complete Rohan’s budget for May