Wants vs Needs
This is something absolute baseline required for human survival, such as water, simple food, or a safe place to live.
What is a Need?
This payment method uses real physical paper bills and metal coins that you hold directly in your hand.
What is Cash?
This is the general term for the official specific type of money that a country chooses to use, like Dollars, Euros, or Yen.
What is Currency?
This is a written financial plan that tracks exactly how much money you earn versus how much money you spend over time.
What is a Budget?
This is the act of buying an item suddenly on the spot without checking your budget or thinking about it first.
What is Impulse Buying?
This term describes something you wish to have to make life more fun or comfortable, like a gaming console, but you can live perfectly fine without it.
What is a Want?
This plastic card is safely linked straight to your own real-life bank account, instantly removing your money the second you tap it.
What is a Debit Card?
This is the official name of the specific currency we use every day here in Canada.
What is the Canadian Dollar (or CAD)?
This term describes any cash flowing into your wallet, such as an allowance, birthday gifts, or money earned from mowing lawns.
What is Income?
Online shopping apps make impulse buying dangerously easy by offering this type of speed feature, where you don't even look at a digital cart.
What is One-Click Buying (or Instant Checkout/Instant Tap)?
This everyday object is technically a need for modern school and safety, but upgrading to the newest $1,500 iPhone version makes it a want.
What is a Cell Phone (or Smartphone)?
This plastic card allows you to buy items today using a temporary bank loan, but you must pay it all back later or face heavy penalties.
What is a Credit Card?
This dynamic number constantly shifts up and down to determine exactly how much one country's money is worth compared to another.
What is an Exchange Rate?
This term describes any money flowing out of your wallet to pay for items, snacks, or bills.
What is an Expense?
Grocery stores intentionally place candy bars and small toys right next to this specific area to trick you into impulse buying while you wait.
What is the Checkout Line (or Cash Register area)?
This is the common financial problem that happens when someone pays for all their "wants" first, leaving them without enough cash to pay for shelter or groceries.
What is running out of money for Needs (or Financial Debt)?
This is the specific penalty fee a credit card company charges you if you fail to pay your bill back in full by the end of the month.
What is Interest?
Because the Canadian Dollar is typically worth less than the US Dollar, a Canadian traveler visiting Florida will need to bring ________ Canadian Dollars to buy a $20 American souvenir.
What is More than $20 CAD?
To make sure you do not run out of cash, your total living expenses should always be lower than this other category.
What is your Total Income?
This is the recommended rule of thumb where you force yourself to wait a full 24 to 48 hours before buying a non-essential item to see if you still actually want it.
What is the Cooling-Off Period (or The Waiting Rule)?
A Grade 7 student buys standard winter boots to walk to school safely, which is a need. However, they demand a specific $250 designer brand name logo just to look cool. This type of spending is called a _______.
What is a Status Symbol (or Peer Pressure Spending)?
When shopping on digital online gaming stores, players often use these digital payment apps or electronic wallets instead of physical plastic cards.
What are Online/Digital Payments?
This is the underlying reason why global exchange rates constantly fluctuate every single day on the global market.
What is Supply and Demand (or Global Economic Power)?
This smart budgeting strategy involves setting aside a small portion of your allowance immediately when you receive it, before you buy anything else.
What is Paying Yourself First (or Savings)?
Social media apps use short videos, targeted advertisements, and influential internet personalities to create this specific psychological fear, driving Grade 7s to buy trendy items immediately.
What is FOMO (Fear of Missing Out)?