Wants vs. Needs
A school computer is a want or a need?
A need
What is a budget?
A plan for how you will spend and save your money.
What does it mean to save money?
Keep money to use in the future instead of spending it now.
A shirt costs $11. You have $10. Do you have enough money to buy it?
No
How much money is one $5 bill worth?
$5
Is fancy winter coat is a want or a need?
A want
You have $20 and spend $5. How much money is left?
$15
Name one reason someone might save money.
To buy something expensive, pay for an emergency, or reach a goal.
Which is cheaper: a snack for $3 or a snack for $5?
The $3 snack.
You buy a $4 item and a $3 item. What is the total cost?
$7
You need new shoes because your old ones have holes. Is this a want or a need?
A need
You have $50. You spend $20 on groceries and $10 on a bus pass. How much is left?
$20
You save $5 each week for 4 weeks. How much do you save?
$20
You want to buy something that costs $25, but you only have $20. What are two things you could do?
Save more money or choose something cheaper.
You pay $10 for an item that costs $6. How much change should you get?
$4
Name four things people need to live.
Food, water, shelter, clothing
You have $100. You need to spend $40 on food and $30 on bills. How much is left for saving or wants?
$30
You want a $40 pair of shoes. You have saved $25. How much more do you need?
$15
A backpack costs $30 at one store and $24 at another. How much cheaper is the second backpack?
$6 cheaper
You buy lunch for $8 and a drink for $2. You pay with a $20 bill. How much change do you get?
$10.
You have money for groceries or a new video game, but not both. Which should you buy first, and why?
Groceries, because food is a need.
You have $60. You need to spend $35 on necessities. You want a $30 hoodie. Can you afford it without spending more than you have?
No. You would have only $25 left after necessities, so you cannot afford the $30 hoodie.
You receive $50. You save $20 and spend $15. How much money do you have left?
$15.
You have $15. You want a $9 shirt and a $7 snack. Can you afford both? How much would you be over or under budget?
No. They cost $16 total, so you are $1 over budget.
You have $30. You buy groceries for $12.50 and toiletries for $7. How much money is left?
$10.50