# Household budgets How to understand them!. WALT Can I understand how to work out a household budget?

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Household budgets How to understand them!

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

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.

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

Look at this bank statement. A bank statement tells you how much is going in and out of your bank account. DateCodeCreditDebitTotal 2.2.09Dentist£850£30£820 3.2.09Tesco£820£90£730 4.2.09Garage£730£250£480

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.

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?

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?

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?

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?

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

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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