Woodford house

e d

The Reality of Budgeting for a Family

The reality of budgeting for a family became very real for the Year 10 Business Studies students. As part of the Budgeting unit of work students had to create a one month budget for a family of five. Their incomes were often stretched as they tried to cover all of their family’s expenses. Students had to research typical family expenses; buying four tyres, home and contents insurance, paying interest on a mortgage, insurances, childcare costs and covering grocery expenditure.

Student Voice is an important part of our teaching and learning practice; it gives students the opportunity to provide feedback on their learning and the teaching of a topic. As a teacher this feedback is a useful tool; from it we can adapt units of work to improve our content and delivery – continually working towards ‘Better than Before’.

When we asked the girls ‘Did your learning in this assessment give you a better understanding of the cost of living for a family?’  their replies reinforced that this assessment is an eye opener for many into the actual cost of living:

‘I didn’t realise it would cost so much for  one month’s budget for a family  and it was interesting to see the reality of how much we have to pay.’.

‘It helped me learn that life isn’t that easy and we cannot just go round spending money for fun.’

‘This assessment gave me a much better understanding as I completely had no idea about the cost of living for a family  and now I understand the kind of expenses there are per month a lot more.’

‘It made me realise that a great deal of money is invested toward things like insurance, clothing and food, this makes it hard to splurge on things like clothes.’

‘Before the assignment I had no idea how to do budgeting and learning how to work out the monthly income. This assignment gave me a better understanding about budgeting and how to do it when it comes to later life.’

Mrs Ange Rathbone, Acting HoD Business Studies