Practice numeracy tasks for budgeting

Use the resources in this section to help you practise the learning outcomes for this module. We have offered some suggestions after each one below:

Interpret gross and net income within a pay slip
  • Find or download a sample payslip (e.g. from a UK government site or a template). Highlight and label key elements: gross pay, net pay, deductions (tax, NI, pension).
  • Create a deck of flashcards based on terms in the glossary and a second deck with corresponding definitions. Shuffle and match each term with its definition.
  • Compare and contrast two past payslips. Explain how and why the figures differ, using appropriate terminology e.g. gross pay, net pay.
Calculate a monthly savings plan within a personal or family budget
  • Make a wish list of things you would like to buy for yourself or your family, but can’t afford yet, e.g. a holiday, new car or bike, kitchen refurbishment. For each one:
    • set an estimated price and future date that you would like to be able to afford it;
    • work out how much you would have to save each month to achieve your goal; and
    • work out if this is affordable and if not, adjust your target date or budget until the goal is realistic.
  • Take one of the goals above and explore several “What if” scenarios, i.e. how would you adjust your goal or budget if:
    • your energy bills increase by 10%;
    • your typical grocery shop reduces by 15%
    • you cut a non-essential cost e.g. video streaming subscription or unused gym membership.
  • Try applying the 50-30-20 rule (needs, wants, savings) to your personal/household budget. Learn more on via this Bank of Scotland article: The 50 30 20 rule.
Compare and select the best deal from several financial products
  • Compare 3–4 products (e.g. mobile contracts, savings accounts, insurance plans) using comparison tables. You can find these on company and comparison websites.
  • Consider one of your current household bills or financial products and find at least two alternatives online. Rank the options, including your current package, based on different priorities e.g., best interest rate, lowest monthly cost, length of contract.
  • Create a deck of “Would you rather” cards for two product deals. Discuss or decide which one you'd choose and why.
Interpret and select the best deal for converting between currencies
  • Look up exchange rates from 3 different providers and calculate how much of another currency you’d get for £500.
  • Choose a destination and calculate how much local currency you'd need for a week. Then convert that back to pounds using different rates.
  • Track the exchange rate for one currency over a week and discuss when would have been the best day to exchange.
  • Given a budget and a set of currency exchange rates, decide how much spending money you’d get, and which provider gives the best deal.

When you have practised numeracy skills from each of these areas, you can try taking the quiz in the Activity zone. This will help you find out if you’re ready to take on the challenge in the interactive story: Budget Quest.

Last modified: Tuesday, 29 July 2025, 5:14 PM