Needs vs Wants
Is paying rent a need or a want?
Need
You have $100 left. Do you save it or spend it all?
Save (or at least some of it)
What is saving money?
Keeping money for later instead of spending it
What is income?
Money you earn
You get a flat tire. What type of expense is this? (Expected or Unexpected)
Unexpected expense
Buying new shoes when you already have some — need or want?
Want
You spent all your money and rent is due. What’s the problem?
Poor budgeting / no planning
What should you do before spending money?
Check your budget
What are expenses?
Money you spend
Your phone breaks. Why is saving important here?
To cover emergencies
Groceries for the week — need or want?
Need
You keep eating out and run out of money. What could you do differently?
Cook at home / budget better
What is a budget?
A plan for your money
What happens if you spend more than you make?
You go broke / into debt
You didn’t save and something bad happens. What now?
Stress / borrowing / consequences
Eating out at a restaurant — need or want?
Want
You want something but can’t afford it. What should you do?
Wait / save up
Why is saving important?
Emergencies / future needs
What should you pay first: bills or fun?
Bills
What is an emergency fund?
Money saved for unexpected problems
Phone bill — need or want?
Usually a need
You get extra money unexpectedly. What’s the smartest move?
Save it (or split between saving & needs)
What is one way to avoid overspending?
Track spending / set limits
What is left after you pay all expenses called?
Savings / leftover money
Why should you always expect the unexpected?
Because life is unpredictable