Keeping track of spending and savings: being wiser with my money

This video can not be played

To play this video you need to enable JavaScript in your browser.

This animated video demonstrates the importance of keeping a record of what we spend and save to helps us to stay in control of our money.

Sujit and Dylan want to go and watch their favourite band but need to save up enough money to afford tickets.

Sujit gets a weekly allowance added to his debit card by his parents while Dylan has to complete household chores to earn enough.

Dylan is careful with his spending but Sujit makes impulsive purchases when gaming, which means he can't afford to get the gig tickets.

This video is from the series Financial education.

Keeping a record of what we spend and save helps us to stay in control of our money.

9-11 - Upper KS2

I can use simple financial information to plan and manage a basic budget and keep track of my spending.
I know I need to check and keep basic financial information e.g. receipts, bills, bank statements.
I understand that planning my spending helps me to stay in control of my money.

7-9 - Lower KS2

I understand the reasons for using different forms of payment including the difference between debit and credit cards.
I know some different ways of keeping track of my money e.g. counting, keeping receipts.
I can plan and track my saving and spending by keeping simple records.
I understand why it is important to keep track of my saving and spending.

Debit card: A plastic card that can be used to purchase goods and services. The money spent will come straight out of your bank account.
Credit card: A small plastic card available to 18 year olds and older from most banks, which allows you to borrow money up to a certain limit. When you buy something with your credit card, the amount you spend is added to your total borrowing. Every month you are sent a statement to show how much you have borrowed and how much you need to repay. If you don’t repay the full amount, you will start paying interest.
A (financial) record: Document which summarises saving and spending or other financial transactions (borrowing and lending)
Budget: a plan for saving and spending
Tenner: ten pounds

Understanding a financial record:

Pause the video showing Sujit and Dylan’s spending (or provide children with screen grabs). Explore the following questions:
- How did Dylan and Sujit keep track of their spending?
- What did Dylan do that was different to Sujit?
- Whose approach might you take? Why?

Exploring the impact of Dylan and Sujit’s decisions and other scenarios:

Working in pairs to role play or creating a storyboard ask children to consider what could Sujit could have done so that he could afford the ticket in the end (e.g. not have spent money on other things, tracked his spending more often/carefully). Then to explore what might Dylan and Sujit do next to enable them both to go to the concert (e.g. buy cheaper tickets, borrow the money from a parent).

Keeping a simple financial record:

Plan an activity for children to manage a simple budget with a set amount of money, including buying items (for a party for example) and items to save for.

Investigate what type of bank accounts and bank cards children under 12 are legally allowed to have.
- Why might this be the case? Why might it change as you get older?