Wants vs. Needs
Definition of a WANT?
Something that is nice to have, but you can live without.
Definition of a NEED?
Something that is essential to live/ survive.
What is a Salary?
Money earned over a period of time.
What is the definition of the word EXPENSE?
Anything you spend money on.
What is a budget?
A plan for how much money will be spent and earned.
NEED!
NEED!
Where does a Salary come from?
Whatever job you have...comes from the company or person you work for.
What is a FIXED expense?
The amount of money spent is the SAME every month.
Candy is an example of what?
What can you buy with a Salary?
Anything you want!!
What is a VARIABLE expense?
Amount you spend CHANGES every month.
Is a First Aid/ Medical kit a want or need?
NEED! You need first aid supplies incase of an emergency. Some people need medication to live a more healthy lifestyle.
Clothing is an example of?
Need! You need clothes to protect you from cold weather, the sun...
TV Subscriptions (Hulu, Netflix), Rent, Car payments
Is food a want or need?
NEED!
Video games is a want or need??
Want
Examples of VARIABLE expenses include?
Gas prices, restaurant costs, water/electric bills, going out and buying clothes.