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Household budgets How to understand them!

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WALT Can I understand how to work out a household budget?

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WILF I know what debit and credit mean. I can read the problem. I can understand the problem. I can choose the calculation and calculate. I can solve the problem. I can answer the question. I can check my answer.

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What is a household budget? A household budget is when your parents or carers work out how much has to be spent during a week or month. It can include: Food Clothing Energy – heating and lighting Petrol Water Entertainment

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Look at this bank statement. A bank statement tells you how much is going in and out of your bank account. DateCodeCreditDebitTotal Dentist£850£30£ Tesco£820£90£ Garage£730£250£480

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What do the words mean? Credit – means when something is paid into your bank account. It can also mean that you have enough money. Debit - means when something is taken from your bank account. It can also mean that you owe money if you dont have enough. Total – means how much you have.

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Can you work this out? Mr Jones is paid £300 per week. From this he has to pay the following: Food - £80 Gas & electricity - £25 Rent - £75 Petrol – £22 Council tax - £25 How much money does he have left at the end of the week?

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Were you right? Mr Jones has £73 left! If the petrol for Mr Jones car went up by £15 – how much more money would he spend? How much would he have left now?

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Can you work this out? Mrs. Bentham gets £400 per week. Out of this she has to pay the following: Mortgage - £150 Food - £90 Gas & electricity - £23 Bus fares - £20 Clothes - £50 Childrens school meals - £27 Council tax - £22 How much money does she have left?

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Were you right? Mrs. Bentham has £18 left! Not a lot is it? Out of that she has to pay for things her children may need, such as school trips. Now imagine that her bus fares go up by £5 per week. How much would she have left then? If she decided to walk to work, how much money would she save?

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WILF READ THE PROBLEM UNDERSTAND THE PROBLEM CHOOSE THE CALCULATION AND CALCULATE SOLVE THE PROBLEM ANSWER THE QUESTION CHECK THE ANSWER

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INDEPENDENT TASK Red and yellow groups – solve the household budget problems on your sheet, work independently. Blue and Green groups – solve the household budget problems, work with Miss Hayton.

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