staying ON BUDGET: ACTIVITY PACK The Scout Association Registered Charity Numbers 306101 (England and Wales) and SC038437 (Scotland).
introduction If you had money to spend, what would you spend it on? A new mobile? A computer? This activity pack will help you learn how to save money over a period of time so that eventually you can get that item you have always wanted. It will help you to think about where you spend your money and how to save money. This is called budgeting. Knowing how much you spend and how much money you ve got is important. If you spend less than you have, you can start saving. This is what budgeting is all about. Your top five budgeting tips 1. Do you really need this? Before buying something, ask yourself if you really need it, or whether it would be better to save the money for something more important. 2. Think essentials: Make sure you think of essentials first and not luxuries. 3. Keep track: Write down everything that you are spending and check this matches your bank statements. 4. Think about your aims: Think about what you re aiming for now to give you some encouragement to budget. 5. Be creative: Make a collage or write a list of your aims to act as encouragement towards your saving. We ve worked with NatWest MoneySense to help us create this pack. If you want some more information on it, please go to: natwest.com/moneysenseforschools Badges This will help towards: Camp Cook Activity Badge Chef Activity Badge Promise Challenge Administrator Activity Badge
Activity: create your own budget Think about budgeting and find out your spending and saving personality How good are you at matching up the money you have with the money you spend? Do you always have enough money coming in to pay for everything you need? HOW TO DO THE ACTIVITY Your Scout Leader will lead a discussion on saving and budgeting. Things to consider: Have you ever saved up for anything? What sort of things have you saved up for? How did you manage to get the money together? Did you save each week? FIND OUT MORE If you want to find out more, check out the following link. It s a really useful tool which might help you budget effectively: natwest.com/moneysensebudget-tool Now try our saving money quiz to see what your relationship with money is like. Saving money quiz 1. If you inherited some money, would you... (a) Put it all in a savings account? (b) Put some of it in a savings account and spend the rest? (c) Spend it all? 2. Would you risk all your holiday savings if someone advised you that you could make a lot of money by investing in a big business idea? (a) Yes, because I want to get rich quick (b) No, because it goes against my beliefs (c) Maybe, but it might be too risky 3. Who would you go to for advice about money? (a) Family (b) Hairdresser (c) Money adviser 4. Which of these best describes you? (a) I like to find bargains (b) I like buying the best gear (c) I like to hang on to my money 5. How would you describe yourself as a spender? (a) I m always in control (b) I think I should be more careful with my spending than I am (c) I d rather not spend much at all 6. Would you use a credit card when you are 18? (a) I would never use one (b) I would use one and pay it off each month (c) I would use one and pay the minimum payment each month 7. When looking for a bank account, will you (a) Go to the one your parents go to? (b) Shop around to find one that suits you? (c) Go to the one that gives the free gift vouchers? 8. Which of these are you most likely to do? (a) Lend your your cash cash card card to a friend to a friend and tell and tell them your PIN (b) Lend money to a friend (c) Keep your cards and money safe and not give or lend either of them to your best friend
Personality Calculator: Add up your scores from each question and find your total... Question a b c You 1 2 0 1 2 0 1 2 3 2 0 1 4 1 2 0 5 2 0 1 6 0 2 0 7 0 1 0 8 0 1 2 Total: So what kind of a money personality are you? 12 upwards: You are a risk taker You are not afraid to spend money and are willing to take some risks with your finances, but you ought to be cautious and look at the information before you make a decision. People like you often like to be in control of a situation but your habits might lead you to lose control. You are willing to face difficult situations and new challenges. 7-11 points: You are more of a spender than a saver You are willing to spend money and to take some risks, and you might be more cautious about the possible risks. You often take your time to get the information you need to use your money more wisely, rather than jumping into making bad decisions. Under 4: You like to play it safe You are cautious handling money and you like to avoid risks. You are good at saving your money and you know where to go to seek advice.
Activity: Estimating the weekly shop Work out how much food shopping costs and raise some money for your Troop while you re at it. Do you know how much the things you eat, drink and use every day add up to over the course of a week? Have a go at this activity and see if you re surprised at the results. How to do the activity 1. Your leader will arrange a night when your Troop can pack bags for shoppers at your local supermarket. You could use it as a way to raise money by asking shoppers for a donation to pack their bags. 2. Agree a place and time to meet and make sure you dress smartly so people will want you to pack their bags. 3. Divide into packing teams of two. 4. Take it in turns to pack. When one person is packing, the other should think about the shopping items and try and guess how much the shopping comes to. Write down your guesses and how close it is to the actual amount when the cashier reads it out. Make sure you ask the manager that it s okay to do this first, and check with each customer before you start writing anything down. 5. How close are you to the actual figure? If you are within 10 of the actual amount, give yourself one point. The duo with the most points will win a secret prize. I have started to use the bank account my parents set up for me. I am saving money that I will need later on as I would like to go travelling. Sarah, 12, Bristol Do more Knowing how much you spend and how much money you ve got is important. If you spend less than you have, you can start saving. This is what budgeting is all about. Want to put together a weekly budget for yourself? Find out how by going online and helping Alex explore his weekly budget. Work through what he spends over a few weeks to see how his budget holds up to the unexpected at natwest.com/moneysensealex
Activity: world currency Try this game to work out how foreign currency equates to pounds. Different countries use different currencies. In Britain we use pounds, in the USA they use dollars, and in most of Europe the currency is euros. When you travel you ll need to exchange your pounds for the currency of the country you re heading to. Rates go up and down, so sometimes you ll get a lot of foreign currency for your pounds and sometimes you won t. This activity will help you find out where to go when you need to change money and how to work out what another country s currency equates to in pounds. HOW TO DO THE ACTIVITY 1. Look on the internet or go into your local bank or post office to find out the exchange rates for currency in three different countries of your choice. Even some supermarkets offer this service. Get your family, friends, or Troop to do the same. 2. Bring in examples of foreign currency coins or notes. 3. Display your notes or coins on the floor or on a table. 4. Try to guess which country other people s coins and notes are from. 5. Share with everyone what you found out about different currency rates. Are they different depending on where you looked? 6. Ask the person next to you to work out how much of your currency they could get for 200. 7. Now work out how much the foreign currency you ve brought in is worth compared to 1. Find the latest exchange rates online at exchangerates.org.uk Design your own currency If you could design your own currency, what would it look like? Have a go at designing one coin and one note in the space below. Other things to think about when you go abroad 1. Travel insurance. It s a good idea to get this before you go abroad. You pay a fixed amount to an insurance provider, to protect your belongings from damage and loss and pay for your medical care if you get ill while you re away. 2. Other ways to pay. There s lots of choice. You can use your debit card abroad and once, you re over 18, credit cards too, but there will be charges for doing so. Travellers cheques are pre-printed cheques for a fixed amount, often in a foreign currency, issued by a bank that can be used instead of cash. You can also get pre-pay cards from places like the Post Office which you load with money before you travel. Whichever method you choose to use, make sure you re aware of any fees, the currency exchange rate and any other important terms and conditions. 3. Can you afford a holiday this year? Use NatWest s Budgeting Tool to help you work out how you can save to go away with your friends. natwest.com/moneysensebudget-tool