Why does money matter?
We use money to pay for things we need such as billsThe services that people pay for monthly e.g. electric and gas. and food.
We also use it to pay for the things that we want, but don't necessarily need.
Watch - Explore why people need money
Having money helps us to live comfortably and can give us freedom to decide how we want to live.
Sometimes people may be able to save some of the money they earn. This is usually in a bank account.
However, this is not always possible.
How do we get money?
To buy the things we want, we need to earn money. People can earn money in various ways.
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Why do people save and budget money?
Having savingsThe money that has been collected over a period of time. can be very helpful but it is not always possible as people need to spend their money on all the things they need.
To help, some people may choose to budget.
budgetingWhen someone works out how much money will be spent and earned during a certain period. is a way of planning ahead. It is a plan that balances the money people earn, with the money people have to spend.
It can be a great skill to learn as people need to pay for different things and may need to pay for something unexpected.
Did you know?
There are five values of British banknote: 拢5, 拢10, 拢20, 拢50 and 拢100 in Scotland and Northern Ireland.
Each has its own design.
There are over four billion Bank of England notes in use today!
What are financial responsibilities?
Financial responsibility means knowing how to spend money wisely, in order to be able to pay for different types of things.
At different stages in life, people may have more or less money which can effect how we manage the money that we have.
Over time our financial responsibilities can change.
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Activities
Plan a party
Imagine you are planning a birthday party.
You have a budget of 拢25.
Click on the activity below to see a party item price list to help you get started.
Quiz
Bitesize Primary games. gameBitesize Primary games
Play fun and educational primary games in science, maths, English, history, geography, art, computing and modern languages.
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