Making Budgets

Curriculum Context

This lesson is designed for Year 3 students within the "Market Day Magic" unit, focusing on fundamental financial literacy through technology. It aligns with the New Zealand Curriculum Refresh, particularly the Technology Learning Area and Mathematics & Statistics strands focusing on money and financial planning. Emphasis is given to students developing simple budgeting skills relevant to creating products, which supports the overarching vision of preparing lifelong learners capable of making informed decisions.

Relevant Curriculum Components

• Technology Learning Area, Level 2 Students will develop understanding about managing resources and planning solutions.

• Mathematics & Statistics, Number and Algebra, Level 2:

• Make amounts of money using dollars and cents

• Solve simple financial problems involving purchasing and budgeting

• Create simple financial plans like shopping lists and budgets

• Key Competencies addressed:

• Thinking — relating costs to budgeting and planning

• Managing self — planning and organising resources

• Participating and contributing — working collaboratively on product planning

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Learning Objectives

By the end of the 30-minute lesson, students will be able to:

• Understand the concept of a budget and why it is important when making products for Market Day.
• Identify the cost of materials required to make their products.
• Create a simple budget by listing materials and calculating total costs.
• Use addition skills to add costs and estimate their budget total accurately.

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Materials Needed

• Sample product materials with labelled costs
• Worksheet template for a simple budget (with columns: Material, Quantity, Cost, Total Cost)
• Play money or number cards for hands-on calculation
• Whiteboard and markers
• Calculators (optional, for extension or to support addition)
• Visual aids illustrating a budget breakdown

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Lesson Structure (30 minutes)

1. Introduction and Engagement (5 minutes)

• Activate prior knowledge by discussing what a budget is and why it might be important when planning to sell products.
• Pose questions: “What do you need to buy to make your product? How do you know how much money you need?”
• Show a simple example of a budget for a product (e.g., a necklace made from beads and string).

2. Teacher Demonstration (5 minutes)

• Model how to create a budget using example materials: list the items, write down how many are needed, and note their costs.
• Demonstrate adding the costs to find the total estimated cost of making the product.
• Use mathematical vocabulary and relate to addition strategies taught in class (e.g., place value, counting on).
• Highlight the importance of keeping within budget to make a profit or not spending too much.

3. Guided Activity (10 minutes)

• Distribute the budgeting worksheet and sample material costs to students.
• In pairs or small groups, students discuss and decide what materials they will use and note these on the worksheet.
• Support students to calculate the total cost by adding individual material costs together. Use play money or number cards to make this interactive.
• Circulate to provide targeted support for students needing help with addition or understanding costs.

4. Sharing and Reflection (7 minutes)

• Invite a few pairs/groups to share their budgets with the class. Ask them to explain how they worked out their totals and why they chose those materials.
• Discuss how knowing the cost helps plan for Market Day — understanding how much money is needed and the importance of careful planning.
• Reinforce the key idea: budgets help us make good choices when using resources.

5. Conclusion (3 minutes)

• Recap the lesson’s purpose and the success criteria: students can create simple budgets and understand material costs.
• Set a preview task or question for the next lesson: "Next time, we will think about how to price your products so you can make some money for Market Day!"

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Assessment and Next Steps

• Formative Assessment: Observe student participation during group budgeting, accuracy in calculations, and ability to explain their choices.
• Use the completed budgeting worksheets as evidence of students’ understanding.
• Provide feedback on accuracy, neatness, and logical budgeting.
• Scaffold future learning by revisiting addition skills or providing more complex budgeting tasks for students ready to extend.

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Differentiation and Inclusion

• Provide visual supports and number lines for students needing help with addition.
• Use peer support and flexible grouping to accommodate different learning levels.
• For students with advanced skills, challenge them to consider profit by adding a simple product price calculation reflecting costs plus desired earnings.

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This lesson integrates essential technology concepts with mathematical skills, supporting students in becoming confident planners and consumers, while closely aligning with the New Zealand Curriculum Refresh's focus on financial literacy, mathematical reasoning, and practical application in real-world contexts.