Managing Household Finances Early: Need vs Want
Ready for an exciting printable activity that makes economics fun and engaging for young learners? This activity focuses on understanding "needs" and "wants" within a household context. Kids will explore common household items and categorize them, learning about how families make spending choices. It's a hands-on way to see economics in action!
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Age: 7 to 10-year-olds | Activity Time: 1-2 hours | Items Needed: Writing tools, colored pencils (optional)
What It Will Help Your Child or Student With
- Develop Financial Awareness: Begin building financial literacy skills by exploring the concepts of responsible spending, budgeting, and saving.
- Enhance Analytical Skills: Encourage students to think critically about the importance of different household items.
- Spark Conversation: Facilitate discussions about needs versus wants, promoting communication and collaborative learning.
- Foster Reflection: Conclude with a reflection activity where students consider how to distinguish between needs and wants in their own lives and family spending.
Classroom Resources
Learn more about the difference between needs versus wants.
A comprehensive video about needs, wants and opportunity costs:
Suggested Activity Plan:
- Introduce the concepts of needs (essential for survival) and wants (things we desire but aren't necessary for survival). You can use real-life examples or short videos to illustrate the difference.
- Discuss different categories of goods (tangible items) and services (actions performed for others).
- Get started on the printable worksheets!
Worksheet Preview
What's in the Printable Worksheet Pack?
This activity pack includes three engaging printable worksheets:
- Needs vs. Wants Sorting Sheet: Students categorize household items into needs and wants.
- Goods vs. Services Matching Sheet: Students match examples of goods with corresponding services.
- My Family's Spending Tracker: Students track their own family's spending (with parental help) and categorize expenses as needs or wants.
Click on the download link below to get started. Please note that this printable pack is only for paid members.
