Needs Vs. Wants

This week’s lesson is a short one, but a very important one: Needs Vs. Wants. Everyone has both things they want and things they need. But when faced with spending a finite amount of money, needs come first.

Learning about needs and wants starts at a young age. The good news is that you can learn the difference without spending any money at all. Use everyday situations to guide your decisions. For instance, what will you eat for dinner? Instead of choosing only dessert, which you may want, pick an item from each food group you need: grains, proteins, and vegetables. Another example could be how you choose to spend your time. Are you doing necessary chores and homework or playing games or watching TV instead? We have needs and wants in everyday life. Knowing the difference and putting needs first will come in handy when it comes to spending money wisely.

Homework: Take inventory around the house or at a store, and identify which items are needs and which items are wants. If the difference between both is still confusing, there are many helpful kids’ videos on “Needs Vs. Wants.”

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