Tracking Expenses

Overview

Unit: Smart Spending Strategies
Lesson: 8 of 10
Duration: 45 minutes
Class size: 8 students
Subject: Business Studies
Age group: 13-14 years (Key Stage 3, KS3)
Curriculum Links:

• KS3 Business Studies Programme of Study (DfE, 2014): Understanding financial capability, managing money, making informed spending decisions.
• Personal, Social, Health and Economic Education (PSHE) – Economic Wellbeing: Managing money and financial risk, budgeting.
• Maths – Using and applying mathematics in financial contexts

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Learning Objectives

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

• Understand the importance of tracking expenses in managing a personal budget.
• Monitor and record daily expenses accurately over a week.
• Reflect on spending habits to identify areas for better financial control.
• Appreciate how expense tracking supports smart spending and financial wellbeing.

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Resources Required

• ‘Expense Tracker’ worksheets (designed for daily use)
• Sample weekly budget examples relevant to UK adolescents
• Access to calculators or simple spreadsheet software (optional)
• Sticky notes or coloured pens for group work
• Whiteboard/flip chart for group discussion
• Real-life UK context items (receipts, bank statements, price labels) for engagement

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Lesson Structure

1. Introduction (5 minutes)

• Greet students and briefly revisit the previous lesson (Lesson 7: Budgeting basics).
• Pose a warm-up question: “Why do you think it is important to keep track of what you spend?”
• Notes on whiteboard: students call out ideas, teacher records key points (e.g., avoid overspending, save money, prepare for unexpected costs).
• Link responses to today’s lesson focus on tracking expenses.

2. Mini Presentation & Discussion (10 minutes)

• Explain the concept of expense tracking: what it means, its role in budgeting, and how it helps with financial planning.
• Use a simple example of a weekly budget: income from pocket money, categorised expenses (food, transport, leisure).
• Introduce the ‘Expense Tracker’ worksheet.
• Discuss categories of typical adolescent spending in the UK (snacks, travel, entertainment, mobile phone credit).
• Highlight how small expenses add up (show cumulative total).

3. Activity: Expense Tracking Simulation (15 minutes)

• Students work in pairs (2 students per pair for this exercise) to simulate a week of spending by choosing from pre-prepared ‘spending scenarios’ cards representing various common expenses (eg. buying a bus ticket, coffee, app subscription).
• Each pair will record their expenses on the ‘Expense Tracker’ worksheet as if it were their own spending for a week.
• Encourage students to categorize each expense and calculate running totals.
• Circulate to support, prompt thinking about whether spending aligns with budget goals.

4. Group Discussion & Reflection (10 minutes)

• Pairs share findings with the class:
  • Which expenses surprised them?
  • Was it easy or difficult to keep spending under budget?
  • How might they alter spending habits based on tracking?
• Teacher notes key reflections on the whiteboard.
• Explore consequences of not tracking expenses (e.g. debt, missed savings goals).

5. Plenary & Homework (5 minutes)

• Recap key takeaways: expense tracking is vital for smart spending and financial control.
• Assign homework: Students to keep a detailed expense diary of their actual spending for one week using the provided ‘Expense Tracker’.
• Encourage honesty and detail—explain this will be used in the next lesson to analyse real spending behaviour.
• Quick exit quiz: Students write one tip for tracking expenses on a sticky note and stick it on a board before leaving.

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Differentiation & Inclusivity

• Provide laptops/tablets with spreadsheet templates for students who prefer digital tracking and to reinforce numeracy skills.
• Prepare visual aids and colour-coded categories for learners with SEN to support organisation.
• Encourage peer support during the paired simulation for collaborative learning.
• Use real UK currency and everyday examples familiar to the students’ context.

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Assessment & Feedback

• Formative assessment through observation during pair activity and class discussion.
• Review of homework tracking diary in next lesson for accuracy, completeness and reflection.
• Teacher to provide personalised feedback highlighting strengths and areas for improvement in expense monitoring skills.

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Cross-curricular Links and Employability Skills

• Maths: Addition, subtraction, calculating totals and percentages.
• PSHE: Developing responsible decision-making and self-management.
• English: Recording and communicating information clearly.
• Employability: Budgeting and financial literacy skills valued in work and life.

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Extension Ideas (If Time Allows or for Enrichment)

• Introduce mobile money management apps used in the UK (students discuss pros/cons).
• Role-play scenario where students must adjust budget after unexpected expenses.
• Discuss ethical spending choices (e.g., supporting local businesses, environmental impact).

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This lesson plan aims to engage students not just intellectually but practically, building lifelong financial habits through active participation and real-life relevance within the UK education framework.