Budgeting Pocket Money · seed 1 · A4, ink-friendly. The answer key prints on its own page for grown-ups.

Budgeting Your Pocket Money

Life Skills · Money & Finance · ages 7-9
Name ______________________   Date ____________

  1. What is a budget?

    • A plan for spending money before you spend it
    • The money you have saved in a piggy bank
    • A wish list of things you want one day

  2. A budget is a plan you make before you spend your money.

    Circle one:   True   False

  3. Why does making a budget help you?

    • It helps your money last so you don't run out
    • It makes your pocket money grow bigger by itself
    • It means you never have to make choices

  4. Apples cost £2 per kilogram. You have £10 of pocket money. How many kilograms of apples can you buy with all your money?

    • 4 kilograms
    • 5 kilograms
    • 6 kilograms
    • 10 kilograms

  5. Which is an example of making a trade-off with £10 pocket money?

    • Getting exactly what you want with no choices needed
    • Losing your money before you spend it
    • Picking a comic instead of a toy because you can only afford one

  6. Your favourite snack costs £3 per pack. You plan to spend £9 of your pocket money on snacks. How many packs can you buy?

    Answer: ______________

  7. A comic costs £4 and a toy car costs £7. You have £10 pocket money. What is the trade-off if you buy the toy car?

    • You get the toy car but you cannot afford the comic
    • You can buy both the toy car and the comic
    • You get £3 extra money
    • You should not buy anything at all

  8. Tom has £6. He wants a book for £4 and a puzzle for £4. If he buys the book, what happens?

    • He won't have enough left for the puzzle
    • He can still buy both easily
    • He gets the puzzle for free

  9. Ava has £10 for the fair. She wants a toy for £4, a snack for £2, and wants to save £2 too. How much can she spend on something else?

    Answer: ______________

  10. Ben has £10. He plans: sticker book £4, drink £3, toy car £5. He says his plan is fine. What is wrong?

    • Nothing is wrong with his plan
    • He planned to spend £12, more than he has
    • He planned to spend exactly £10
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Answer key

For grown-ups. Fold this page away before handing over the rest.

Budgeting Your Pocket Money W1-mt_Qzbh-_v0Gq-s1

  1. A plan for spending money before you spend it · A budget is a plan you make before spending, so you know your money is enough.
  2. True · That's right, a budget is made before you spend, not after.
  3. It helps your money last so you don't run out · Budgeting helps your money last longer and stops it running out too soon.
  4. 5 kilograms · When you know the price of one kilogram, you divide your money by the price to see how much you can buy. £10 divided by £2 gives 5 kilograms, and that uses up your whole budget.
  5. Picking a comic instead of a toy because you can only afford one · Choosing the comic means giving up the toy this time. That is a trade-off.
  6. 3 · A spending plan means deciding what to buy and checking the cost first. £9 divided by £3 per pack gives 3 packs, and that fits exactly inside your plan.
  7. You get the toy car but you cannot afford the comic · A trade-off means picking one thing means giving up another. £10 minus £7 leaves only £3, and the comic costs £4, so the comic is out of reach after buying the car.
  8. He won't have enough left for the puzzle · Spending £4 on the book leaves only £2, but the puzzle costs £4, so there isn't enough.
  9. 2 · The toy, snack, and savings add up to £8. That leaves £2 from the £10.
  10. He planned to spend £12, more than he has · £4 + £3 + £5 = £12. Ben only has £10, so his plan spends too much.
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