Family activity for £20

Overview

It’s nice to be able to do things as a family, but trips out can be expensive. It’s easy to forget how all the different things add up and before you realise it you’ve ‘busted the budget’. Now is your chance to look at planning a family activity on a budget of £20– can you keep within the budget or will you go bust?

What will my child learn:

Budgeting is a skill that we all need as adults, but it can be a hard lesson to learn – it’s always easy to get carried away with spending. Allowing children to make decisions about spending a given amount of money can help them develop the skills they will need to help them achieve financial security in adult life.

‘Family activity’ for £20 will allow children to:

  • Understand why keeping track of money is important
  • Increase awareness of the value of money
  • Understand that different people make different decisions around money

Financial Education Planning Framework: How to manage money

Getting started

What would you do if you were given £20 as a family, how far does it actually stretch. Look at what you would like to do and what you could actually do. Create a wish list of family activities.

Use the pretend £20 note, put it in the middle of the kitchen table and talk about how much that £20 really is. How many pounds and how many pennies? What does £20 buy? It might help here to share how much it costs to feed the family each week, or think about how many comics they could buy for £20, just so they get a sense of the value of £20.

Now get pen and paper and make a list of all the things that each member of the family would like to do as a family activity.

What makes a good family activity? E.g. doing something outdoors, or inside, everyone being able to do it, a whole day or just an hour or two, sitting down activities or action packed? Can you reach agreement or do you all like doing very different things?

Money talk

Look at the list of activities you have made together and think about the £20 you have. Which of the things on the list can be done for £20? Is it possible to do more than one thing? You might need to use the internet to look up how much things cost. Don’t forget the transport costs of getting there. What other cost might you need to think about e.g. food and drinks, specialist equipment.

Can any of the things on the list be done for free? Or could you reduce the cost of some of the activities by doing them differently – using a voucher for instance. Now you know how much each activity costs – which can you afford to do with £20? Can you reach agreement on what you might do? You might need to vote to find out which is the most popular choice.

If you are doing the Family Savings Challenge you could set this chosen activity as a goal to save up for. Alternatively, pick something you’ve identified as free, such as going to the park and have a fun time with the family!

Get Creative!

Create a memory journal of your family doing an activity – either one which you spend the £20 on or one of the free activities.

Downloads

Click on the below to download the PDF:

Family activity for £20
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Prudential plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 168 years and has £599 billion in assets under management (as at 31 December 2016). Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.

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