Module 2

Lesson Title: Planning what you want from your money

Age: 16+

Aims

 Identify what their future goals might be and how they might use their money to reach those goals.
 Understand how having financial goals will help them focus on their future and motivate them to
plan.

Learning Outcomes
By the end of this lesson, students will:
 Reflect on the money choices they make.
 Decide on a short and long-term goal they would like to achieve.
 Record their goals in their chosen style.
 Commit to actions to help them achieve their goals.

Links to the Financial Planning Framework

Main Category
How to manage money 14 – 16. Framework Subcategories:
Understanding the important role money Links between work, life choices and financial planning.
plays in our lives 16 – 19. Planned saving and borrowing.

Vocabulary
Financial independence, saving, Child Trust Fund, opportunity cost, instant gratification, delayed gratification,
long-term and short-term goals.

Resources

 Video –Episode 2 of The Bread Show)

 PowerPoint – Module 2 Planning What You Want From Your Money
 Student Goal Setting Template
 Optional: Use a platform such as Mentimeter to collate student responses to spending habits
 Wordwall Quiz – Online version

Introduce & Play Video Episode 2 The Bread Show Time: 5:25
PowerPoint Slides 1 – 4
Share session aims and introduce video. Suggest to students that they take note of the key facts.

Opening Question Time: 5 mins

PowerPoint Slide 5
Ask students what we mean by ‘financial independence’. Then, ask them how they would benefit from being
financially independent in the future. They may suggest having personal freedom, not feeling stressed, and the
ability to make choices that match their needs, wants and values.

Activity - Spending Habits Time: 15 mins

This activity could be used as a pre-assessment tool to gauge students’ spending habits, as a stand-alone activity to
allow students to reflect upon their spending habits, and as a follow-on activity to the supporting video.

PowerPoint Slides 6 – 11
 Module 2
Lesson Title: Planning what you want from your money
Age: 16+
What percentage of your last sum of money did you save vs spend?
Ask students to consider their money habits by asking, “How did you split your last sum of money between
savings and spending?” Explain where this money may have come from, i.e. Christmas or birthday money,
pocket money, earnings, student loan, Child Trust Fund or from selling something online.

If students cannot recall an occasion where they had money, consider adapting the activity to a sum they may
receive in the future. Remind them not to share the amount of money. Instead, they could write down the
percentage split for each category. Ask some students to share their answers, reminding them there is no
right or wrong answer and that what we do with our money is personal.

Consider using a platform such as Mentimeter to collate and

display their answers. A "Ranking" question allows you to
make it anonymous but gives you a visualisation of peer trends.
Randomise the options so students don't just default to picking
the first one. After closing the poll, facilitate a discussion
reflecting on what they notice about the class's saving vs
spending habits.

Now, ask students to look more closely at how they spent

their money, describing each category: Essentials,
Lifestyle, Treats and Payments. Once again, a “Ranking”
question will give a class perspective on spending. After
closing this poll, check if students would change how they
spend their money by asking: If you could go back, would
you make the same choices again or spend it differently?

Extension Activity – Maya’s Spending Habits Time: 15 mins

This activity follows on from ‘Spending Habits’ and the supporting video. It could also be delivered as a stand-alone
activity to help students understand how incidental spending can mount up over time and how making smarter
money choices can help them achieve their goals.

PowerPoint Slides 12 – 16
Share the case study with your students. In pairs, ask them to answer Q1 and Q2.

1. What is the opportunity cost of spending money on Maya’s weekly café visits?
Clarify what is meant by ‘opportunity cost’. Hover over the term to provide them with an explanation. For
Maya, the opportunity cost is waiting longer to afford driving lessons.

2. What realistic changes would you suggest Maya makes to her spending to help her achieve her goal
of learning to drive?
Maya could consider changing her spending habits to meet her goal of financing driving lessons. Check
who considered the suggested options and why they chose them.
If Maya doesn’t change her spending habits, she must wait another sixteen months to reach her target of
£500.

Option Cut back on yearly Cut back on Add £25 Factor in £100 already Months to
spending monthly savings saved reach goal
spending Target £400
1 £0 £0 £25 400 ÷ £25 = 16
2 £156 £13 £38 400 ÷ £38 = 10.5
 Module 2
Lesson Title: Planning what you want from your money
Age: 16+
3 £312 £26 £51 400 ÷ £51 = 7.84
4 £468 £39 £64 400 ÷ £64 = 6.25
5 £624 £52 £77 400 ÷ £77 = 5.19

Whilst Maya could save a considerable amount over the year by not buying coffee, there is a balance between
spending money on treats and being mindful of her financial goals. Ask students to reflect upon their own
spending and saving habits.

Why do we like to spend? Ask students to work in pairs to develop their views on why spending pleases
us. Share example answers.
How do we overcome impulsive spending?
 Know your triggers - explore the underlying reasons behind those impulses.
Example: Figure out what drives you to spend, emotions, peer pressure, boredom, stress, etc. Unsubscribe
from marketing emails and reduce the temptation of promotions/texts pushing offers.
 Develop strategies to manage and redirect your impulses towards more productive actions.
Example: Find free hobbies and low-cost or free activities to avoid retail therapy traps.
 Practice self-control, such as deep breathing exercises, mindfulness meditation, or engaging in
alternative activities that provide a healthier outlet for your energy or emotions.
Example: Surround yourself with people with good money habits and discover what makes them good at
it.
 Practice delayed gratification – think before you buy.
Example: Maddie shares her ‘No Spend Challenge’ in the video. Create a spending pause and spend as
little as possible for a week or a month.
 Leave things in your online basket for 24 hours for non-essential items.
 Set meaningful goals and focus your energy on achieving them.
Example: Before you buy something, ask yourself - Will it move me forward or set me back?
Ask students as a group to share their tips and ideas.

Saving for your future

Bring this activity to a close by asking students to consider the benefits of saving a lump sum, such as their
Child Trust Fund, wages or money gifts. Suggested answers may include:

 Grows your money over time through interest  Provides security for emergencies
 Funds future goals like education, travel, starting  Helps you become financially independent
a business

How might this topic be taught across different subject areas?

Economics: Analysing spending vs saving and making budgeting decisions relates closely to consumer choice and
managing personal finances.
Psychology:
 Behavioural psychology – Understanding intrinsic and extrinsic motivation that drives financial decisions.
Also, principles of reinforcement in developing disciplined saving and spending habits.
 Individual differences - Personality impacts on money management styles, skills, and attitudes.
 What does the Marshmallow experiment tell us about delayed gratification and a new study that gives it a
different dimension?
 Cognitive psychology - Mental shortcuts, biases and emotional factors influencing financial choices.
PSHE: To recognise and manage the influences on their financial decisions (L20) and recognise the wider impact of
their purchasing choices (L21)

Activity - Goal setting Time: 15 mins (option to allow more time for creativity)
How you might use this activity: As a follow-on from Spending Habits and Maya’s Spending Habits, as a stand-alone
planning activity to help students focus on achieving a future goal and as a follow-on activity to the supporting
video.
 Module 2
Lesson Title: Planning what you want from your money
Age: 16+
Powerpoint Slides 17 – 20

Why is it good to map your goals?

Start this activity by asking your students how mapping their goals might benefit them. Reveal some of the
reasons why it is good to visualise your goals.

Step 1 - Decide how you will map your goal.

Depending on the time and availability of IT, you could share the templates provided or consider a more
creative approach, as suggested below, across other subject areas—Spreadsheet, digital mood board or a free
app.

Step 2 - Choose two goals.

Start a group discussion to generate ideas about various aspects of life where goals are relevant, such as
education, career, relationships, personal development, independence and hobbies. They could consider their
interests, passions, likes and dislikes. Students could anonymously share their thoughts and aspirations using
Post-its, either handwritten or digitally, using a platform such as Mentimeter.

Step 3 - Now create your plan.

Students should work individually on their goal planning, although they may benefit from discussing in pairs.
For those students who find it hard to visualise goals, it may be helpful to allow them to move around to work
in groups or pairs to discuss and refine their goals. The main focus should be the actions and behaviours
needed to achieve their goals rather than the monetary aspect. They could choose one short and one long-
term goal. Encourage them to keep their plan somewhere safe so they can re-visit it and check their progress.

How might this topic be taught across different subject areas?

Sociology - Influences of culture, values, and social groups on goals.
Psychology - Understanding motivation, self-efficacy, and evaluating success factors.
Business Studies - Marketing goals, managing projects and strategic planning.
Art: Visualizing goals through graphic representation.
Photography: Collating digital representations of their goals for a mood board.
IT: Organising goals digitally and investigating the use of apps to assist in changing habits and tracking goals.
Citizenship: As part of a careers discussion linked to aspirations.
PSHE: Develop a plan that identifies personal aspirations and sets compelling goals (L17)

Reflections
PowerPoint Slides 21 – 24
Share this week’s Bread Show Challenge: Ask students to share one thing they will do differently as a result of
what they have learned today.

Use this Wordwall Quiz to test their knowledge. Select a quiz format of your choice, for example, Gameshow,
Quiz, or Maze Chase. Open the Box is a good format if your students don’t have access to a device. Answers:
1=C, 2=C, 3=D, 4-D, 5=A, 6=C, 7=B, 8=A, 9=B, 10=D

What other free resources are available?

Your Money Matters textbook
Making the most of your money P33 to P50 for further ideas and activities around Spending, Ways to pay,
Budgeting, Keeping track of your budget, Value for money, and Know your rights.