Managing our money!

This morning, we had a great session from some visitors from Santander. To begin with, we considered what budgeting was and we were set a challenge to furnish our new bedroom; at first, money was no object. However, when a budget of £175 was imposed, our priorities had to change. We had to consider which items were ‘needs’ and which were ‘wants’. Through discussion, we considered the fact that some items might be ‘needs’ for some people, but ‘wants’ for others. Budgeting is something that has to come into play when deciding what to purchase. We talked about savings and what we might need to save for now (a new game, new trainers, etc…) and things we know we might need to save for in the future (house, car, wedding etc…). Savings are a good thing to have as a back up in case something happens unexpectedly that needs to be paid for - lots of adults call this a ‘rainy day fund’. We then looked at some items and thought about how long it would take us to save if we saved £5 a week. The children were amazing and had some fabulous questions for our visitors at the end too!