Needs vs Wants
Give one example of a "need" and one example of a "want."
need: water, want: toy
If you have $1, and you choose to put it in a piggy bank, are you saving or spending?
Saving
What does the word "budget" mean in one sentence?
plan for how to use money
If an item is on sale for less money, is that always the best choice? Give one reason yes or no
Not always; maybe you don't need it.
Is food a need or a want? Explain in one sentence why
need (food)
Explain one reason why someone might save money instead of spending it right away.
to buy something bigger later.
If you have $10 and want to buy a $6 snack and save $4, did you budget correctly? Explain.
Yes; $6 + $4 = $10.
Name one question you should ask before buying a toy.
Do I need it? Can I afford it?
Marcus has a backpack and wants a toy car. Which is a need and which is a want?
backpack = need, toy = want
True or False: Saving money can help you buy something bigger later. Explain your answer.
True; saving builds money for later.
Create a simple budget for $20 that includes at least one need and one want. List where the money goes.
$20 → $12 food (need), $5 toy (want), $3 save.
Two stores sell the same toy: Store A sells it for $12, Store B sells it for $10 but it's far away. What could you think about before deciding where to buy it?
Consider travel cost/time vs savings (e.g., $2 extra for gas may offset $2 savings).
List three examples of needs a family might plan for each month.
housing, food, clothing
If you find $5 on the ground, what is one smart thing you could do with it? Give two choices (one for saving, one for spending).
save $4 and buy a small treat for $1
Explain why it's important to plan how to use your money before you spend it
prevents running out of money
Explain how waiting a few days before buying something you want can help you make a smart choice.
Helps avoid impulse buys; time to think.
Lina needs warm shoes for winter that cost $40 but also wants a new video game that costs $60. Describe how Lina could decide which to buy now and which to save for later.
Prioritize need (shoes costing $40) now; save for game costing $60 later.
Sam wants a bike that costs $60. He has $25 now and can save $5 each week. How many weeks until he can buy the bike?
He needs $35 more; at $5/week, 7 weeks.
Maya receives $30 for her birthday. She wants to save half, spend $10, and give the rest to charity. How much does she save and how much does she give away?
Save $15, spend $10, give $5.
Describe a plan to save for something that costs $40 if you can only save $8 each week. Include how many weeks and one tip to stay on track.
Save $40 / $8 = 5 weeks; tip: set goals and track progress.