Money Minds

Needs vs Wants

100

Is water a need or a want?

Need

200

Is a PS5 a need or a want?

Want

300

Is a winter coat a need or a want?

Need - but that doesn’t mean that a $1000 jacket is also a need.

400

Is a pet a want or a need

A Need - it is a responsibility that you take on yourself that is not mandatory 

500

You have $200 left over - Rent is $100, your shoes are torn and new ones are $70, Loan payments are $20, and Lego is $30. What is getting skipped. HINT: You may not have money for everything

Rent, Loan payments and Shoes are the most important, save the remaining $10 for next month

What does it mean?

100

What is money you earn called?

Income 

200

What do you call setting money aside for later?

Saving

300

What is a plan for how to spend your money?

A budget 

400

What is extra money a bank pays you for keeping your money there?

Interest 

Math Money

100

You have $10, you spend $4. How much is left?

$6

200

You earn $5 a week doing chores. How much after 3 weeks?

_$15

300

You have $50. You save 10%. How much did you save?

$5

400

You earn $100 a month, spend $70. How much do you save in 6 months?

$180

Real life Scenarios

100

You want to go to the mall but you only have lunch money. What do you do?

Pay for lunch - It’s a need

200

You get $30 for your birthday. Should you spend it all or save some?

Save - Starting the habit early is always important

300

You borrow $20 from your mom - what is this transaction called

A loan

400

You just got $50 from your grandma for your birthday. Your friend group is going to an amusement park next week — tickets are $40. But your mom says you need new school supplies and they cost $30. What do you do?

Buy the school supplies first because it’s a need. You only have $20 left so you can’t afford the amusement park