Wants Vs. Needs
Objective
Students will demonstrate financial literacy, critical thinking, and decision-making by distinguishing between wants and needs in everyday spending activities. Given a variety of items, students will apply reasoning to categorize expenses as essential or nonessential. Working individually or collaboratively, students will justify their classifications and discuss how personal values, priorities, and limited resources influence financial choices. Through this activity, students will develop a deeper understanding of responsible money management and the importance of making thoughtful spending decisions.
Directions for this Extension Activity:
In this activity, students will explore the difference between wants and needs by sorting a variety of everyday items and expenses into the correct categories. Students must use reasoning and critical thinking skills to determine which items are essential for daily living and which represent personal desires. Working individually or in small groups, students will discuss their choices and explain the reasoning behind their classifications. After completing the sort, students will reflect on how identifying wants and needs can help people make smarter spending decisions and manage money responsibly.
Duration: ~15 minutes* [will vary based on students' level of need]
Digitability Curriculum Concepts: Financial Literacy, Communication, Social Skills
Incorporating Bankability:
Throughout this activity, students can earn dollars for staying on task, completing the wants and needs sort, presenting to the class, and helping their peers during the activity. This encourages participation, positive behavior, and peer support. Current Bankability users can integrate these earnings into their classroom economy. No Bankability account? Use the templates provided and click here to learn more about bringing Bankability to your program.
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