Were there any items that you weren’t sure about? Choose
one of the items that you feel might be a “gray” area and
explain why you think it is more of a need or a want:
Acvity 1
NEEDS VS. WANTS
Needs and wants can vary from person to person: someone
who works remotely may need internet access at home,
but free WiFi at the library may be just enough for a reree.
Read through the following list and decide whether you
think each item is a need or a want for you.
Expense Need Want
Health insurance
The latest iPhone
A mobile phone
Spofy subscripon
Car payment
Tickets for a music fesval
A
pplica
tion f
ees f
or
post-sec
ondary
educa
tion
Gym membership
Haircut
Dry cleaning
New cleats for soccer
Childcare
Buying coee during work breaks
Donaon to a local charity
Need
Expense/
Month
Want
Expense/
Month
$ $
$ $
$ $
$ $
$ $
$ $
Smart nancial planning means making sure your needs
are taken care of rst and using what’s le over for your
wants. In the table below, make a list of your six most
important needs and wants and how much you spend on
them each month.
Gis and Charitable Giving
It may feel really good to donate to the local food pantry or
to send Aunt Rose a beauful birthday gi, but what part
does “giving” play in your budget? Is it an obligaon as a
member of society, or is it something that’s nice to include if
you have extra money? Write a short paragraph on whether
you think gis and donaons to charity are “needs” or
“wants” and why. Keep in mind that charitable giving may be
tax deducble.
Building Your Future • Book 1
6
CHAPTER 1: Spending Wisely
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