Needs vs Wants
This is something you must have to live, like food or water
Need
Keeping money for later is called this
Saving
Using money to buy something is called this
Spending
Money you earn is called this
Income
Looking at prices before buying is called this
Comparing prices
Buying a new video game is this type of spending
Want
A place where you keep your money safely
Bank
A plan for how you spend money is called this
A budget
Getting paid for doing a job is an example of this
Saving some money instead of spending it all is a…
smart choice
Paying for school supplies is a need or want?
Need
If you save $10 every week, what are you building?
Savings
If you only have $20, should you spend $25?
No
Name one way a student might get income
Allowance / chores / gift
Buying something just because your friend has it is a good or bad choice?
Going out for takeaways instead of eating at home is a need or want?
Want
Name one reason to save money
Emergency / future goal / big purchase
Why is it important to plan your spending?
So you don’t run out of money
If you have no income, can you keep spending money?
No
Waiting before buying something helps you do what?
Think / decide if you really need it
Why is it important to know the difference between needs and wants?
To make better money decisions / not overspend
If you spend all your money, what happens to your savings?
You have no savings
Buying things without thinking is called what kind of spending?
Impulsive spending
Why is income important?
It gives you money to spend and save
What is one smart money habit?
Saving / budgeting / thinking before spending