Teach-Primary-Issue-19.4

• What should we prioritise in our budget? • How can we make more money with less spending? • What if prices change? How would we adapt? • Is our stall good value for our customers? This is a fantastic opportunity to use mathematical models, too. Children could use a bar model to show a breakdown of how much has been spent (and on what) out of £20. They could also represent expected profit using a comparative bar model (cost vs profits). The idea here is to support discussion and reasoning, and to allow children to arrive at their own decisions and argue (politely) within their teams as to the best way to approach the task. Encourage pupils to justify their choices, using mathematical arguments such as, “We’re choosing glitter over balloons because we get more uses for less money.” Let them encounter dilemmas and problem-solve 2 | TEAM PLANNING Next, hand out a budget planner worksheet to each group (you can find a template in the downloadable resources – link on the right). Each group should begin by deciding what kind of stall they want to run. Will they go with a classic like a lucky dip or lemonade stand? Or something more inventive? Once they’ve agreed on a stall type, each group should use the planner to itemise their purchases. Encourage written methods for calculations, including: • column addition to total up the spend • subtraction to check they stay within budget • multiplication and division to work out unit costs and potential earnings • Let pupils run their stall as part of Enterprise Week and track actual profit – there can be lots of follow-up analysis after the event to see which teams made the most profit. • Introduce spreadsheets for cost calculations and profit projections with simple formulae. • Have children design a price list or even consider special offers – buy one get one free; three for the price of two, etc, and consider the best pricing structure of their stalls. These can be displayed around school or included in the school newsletter advertising the event! • Add ethical considerations, such as sustainability. EXTENDING THE LESSON collaboratively, too. This builds reasoning as much as fluency. This is also a great opportunity for pupils to use trial and improvement: if their total cost is too high, can they reduce quantities or substitute items? This part of the lesson is dynamic and full of discussion. It’s where maths becomes visible, purposeful, and persuasive; I’ve even had children doing their own market research on devices in the classroom. 3 | PRESENT AND REFLECT Once all groups have completed their plans, bring the class together to share ideas. Each group should present: • their chosen stall type • a summary of what they’ll buy and how much it costs • how much they plan to charge per item • an estimate of total income and profit There’s scope to present this in a graph of total spend verses potential profit, based on estimated amounts of customers. As each group shares, invite peer questions, such as “Do you think you’ll sell out?”, and “Could you have earned more with a different pricing strategy?”. End with a reflection, including considerations like, what made budgeting hard? What did you learn about managing money? What would you do differently next time? John Bee is a former deputy headteacher and maths leader, and is now a school improvement adviser, and mastery specialist for the Maths Hubs Programme. “Help pupils appreciate the value of money, and understand how to manage a budget – core skills for life” USEFUL QUESTIONS Download your FREE resources at tinyurl.com/ tp-BudgetLesson Hook – What would you choose? You have £20 to spend on items to sell at the school fair. What will you sell? What is a budget? • A budget is a plan for how to spend money wisely. • It helps us plan, avoid overspending, and make smart choices. • School trips and parties need a careful budget. Use this worksheet to plan your class stall for the school fair. Remember, you have £20 to spend! 1. Choose your stall type What type of stall will you run? (e.g. lucky dip, lemonade stand, tuck shop, football strikes, make up). Stall type: __________________________________________ 2. Plan your budget Use the table to list what you will buy and work out how much it will cost. Total spent: ____________________ Budget: £20 Money left: ____________________ Item Quantity Cost per item Total cost Running total Budget planner Developed by John Bee www.teachwire.net | 79