This activity supports Upper Key Stage 2 Maths and PSHE objectives by helping children understand household budgeting, planning, and prioritising. It introduces them to the idea that families must make decisions about how to spend, save, and balance money responsibly.
What you’ll need 🪙
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Paper and pencil or a simple spreadsheet.
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Optional: calculator for adding and subtracting totals.
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A list of typical household expenses.
What to do 🏠
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Set the scene. Explain that your child is going to be the family budget planner for the week. Give them a pretend weekly income, for example, £500, and a list of expenses they need to manage.
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Create the worksheet. Draw three columns, for example:
Category
Cost (£)
Notes / Choices
Food
£120
Supermarket shop
Transport
£60
Fuel / bus fares
Fun
£50
Cinema and takeaway
Savings
£40
Rainy day fund
Total
£270
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Balance the budget. Add in more expenses (bills, clothes, school costs, etc.) and help your child make sure the total stays within £500. If they go over, encourage them to make choices about what to cut or reduce.
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Talk about priorities. Discuss which expenses are needs and which are wants. Ask what they would do if they had an unexpected cost (e.g. car repair, birthday gift).
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Reflect. Once the budget is balanced, talk about how families use budgets in real life to plan, save, and make sure money lasts.
Questions to ask your child 💬
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“What do you think is the most important thing to spend money on first?”
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“If you had to save £50, what would you cut back on?”
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“Why is it good to include savings in a family budget?”
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“What would you do if you ran out of money before the end of the week?”
What your child will learn 🎓
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To plan and manage a simple budget using addition and subtraction.
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To differentiate between needs and wants in real-life situations.
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To understand saving and planning as part of financial responsibility.
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To practise decision-making and problem-solving when money is limited.