Module 5: Managing your money – budgeting
Resource 2: Keeping a running balance
1 August
3 August
You have both been paid.
Council tax needs to be paid.
£3 012
£142
Paid by direct debit.
Food shopping.
£112
Paid with debit card.
4 August
5 August
Mortgage payment goes out.
Utility bill day!
£1 215
Gas: £72
Electricity: £59
Water: £45.10
All paid monthly by direct debit.
7 August
8 August
Child benefit.
You have three children.
You have not imagined it. The children
have devoured the entire contents of
the fridge and fruit bowl.
£20.30 for the first child per week.
Food shopping.
£13.40 for the other children per week.
£172
Note: child benefit is paid every
4 weeks.
They seem to cost so much more when
they are at home!
Module 5: Managing your money – budgeting
Resource 2: Keeping a running balance
9 August
12 August
Bills again!
What a TERRIBLE day!
Telephone land line bill.
You aimed to have a family day out – it
is the school holidays after all.
£13 line rental plus . . .
£12.80 cost of calls.
Who is not using the free weekend and
evening calls?
TV box package
£63
Do we really need multi-room?
Both paid monthly by direct debit.
You had a nightmare with your car. It
broke down on the side of the
motorway. You did not have breakdown
cover and therefore had to pay a
premium cover ‘on the spot’ of £142 to
tow your car to a local garage.
You also had to buy meals while broken
down.
£5.90 for adults (2).
£3.25 for children (3).
14 August
15 August
Mobile phone monthly rental.
Hooray!
£20 each for two phones.
It’s your birthday.
Paid by direct debit.
Auntie Gladys sends you a cheque for
£60 to treat yourself to something
special.
Something special . . . possibly car
repairs!
Pop to supermarket to top up with some
food.
£82
Module 5: Managing your money – budgeting
Resource 2: Keeping a running balance
16 August
17 August
It is so gorgeous you simply could not
walk past it.
Rainy day in the school holidays.
There is a sale.
You buy a dress for £75. It was priced
originally at £180.
Is it a cost or a saving? Well you did
have some birthday money.
It has rained for days.
Soft play for the youngest two children
and coffee for Mum.
Entrance:
£3.75 per child, free for adults.
Coffee: £2.00.
How much do you spend?
18 August
19 August
You paid in a cheque from a cancelled
insurance policy. It has cleared.
It is a GRIM day.
You are now £142.19 richer.
Celebrate with a walk around the
supermarket. ‘Celebrate’ wrong word
really. More food. Five-year-old
threatens tantrum if does not have new
toy figure. Toy figure purchased.
£98 spent using debit card.
Mechanic phones with car diagnosis.
It is ill.
Severely ill.
Do not fully understand the description
of the problem. Heard only the price –
£352.42.
Module 5: Managing your money – budgeting
Resource 2: Keeping a running balance
22 August
24 August
No, no, no, NOOOOOO.
It is such a happy day. GCSE results
day.
The children wake up and get the rabbit
out of the hutch.
It takes two minutes to establish that
said rabbit cannot walk properly.
All that bribery and grounding paid off.
Time to pay up.
Children upset.
£10 for every pass. £20 for every A or
A*.
You go to the vet.
Results:
Said vet sucks air through teeth and
says Bartholomew the rabbit needs an
operation.
You toy with the idea of not operating.
Rabbits cost £28. Operation costs
£196. Would the children know?
Rabbit gets the operation – vet paid!
English
Mathematics
Science
Science (double)
Welsh
RE
ICT
Media studies
Sociology
French
PE
B
C
C
C
E
C
C
A
B
U
C
How much does this cost you?
25 August
26 August
You really want to buy some new
furniture.
You have previously set up two
standing orders. These automatically:
You could purchase this on ‘Interest
Free Credit’.

pay £50 into a savings account

pay £20 into each of your children’s
saving accounts
The total cost of the furniture is £499.
First monthly payment of £48, followed
by 11 monthly payments of £41.
You will consider if you can afford it at
the end of the month.
from your bank account.
Module 5: Managing your money – budgeting
Resource 2: Keeping a running balance
27 August
28 August
Your daughter pays you back £30 that
she borrowed from you to buy a new
pair of jeans.
Interest from savings is paid.
Bit concerned about money. Beans on
toast tonight.
Every penny counts!
29 August
31 August
Your son finally agrees to a family
celebration of his GCSE results.
Your daughter’s 10th birthday.
You invite family and close friends and
decide to do a barbeque. Weather is
lovely after all.
Additional food expenses £84.
Paid using debit card.
£5.12
She really, really, REALLY wants a new
bike. It costs £125 in the sale.
Can you afford it before you get paid?
She also wants you to take her and
four school friends out for a nice meal!
Should you have done a joint
celebration yesterday?
Can you afford the monthly payments
for the furniture?
Mrs Jones is a very busy parent and here is one month in her life.
Look carefully at each day and consider the transactions that take place.
Carry out a running balance to help her keep track of her money using the
table on the next page.
Module 5: Managing your money – budgeting
Resource 2: Keeping a running balance
Date
Paid in
Paid out
Balance