November 3, 2025
Elementary Lesson and Activity
Money choices can be tricky — even for grown-ups. But learning how to tell the difference between needs and wants is one of the most important money skills we can practice.
A need is something we must have to live and stay healthy, like food, clothes, or a safe place to sleep.
A want is something nice to have, but we can live without it, like video games, new toys, or fancy shoes.
Learning to tell the difference helps us make smart decisions with our money and teaches us that it’s okay to wish, but it’s even better to plan.
🛒 Activity: The Wish List Workout
Goal: Help students understand the difference between needs and wants through sorting, discussion, and reflection.
Materials:
- Magazines, printed pictures, or online images (food, toys, clothes, school supplies, etc.)
- Scissors and glue
- Two sheets of paper labeled “Needs” and “Wants”
Instructions:
- Have your child or students cut out pictures of different items.
- Sort them onto the correct sheet — Needs or Wants.
- After sorting, have them pick one picture and explain their choice out loud or in writing:
- Why is this a need or a want?
- How would it feel to go without it?
- When might this choice change (for example, an umbrella might not seem needed on a sunny day, but it is when it rains)?
Extension Idea:
Create a “Wish List Journal” for students to keep track of things they want and reflect on which items they truly need, which they can save for, and which might just stay wishes.
🧠 Critical Thinking Multiple Choice Questions
1. What is a need?
A. Something we like to have but can live without
B. Something we must have to live and stay healthy
C. Something that looks cool or popular
D. Something we buy for fun
Answer: B
2. Which of these is an example of a want?
A. A winter coat in cold weather
B. Fresh fruits and vegetables
C. A new video game
D. A pair of sneakers for gym class
Answer: C
3. Why is it important to know the difference between needs and wants?
A. So we can spend all our money at once
B. So we can make smart choices about what to buy
C. So we can always get what we want
D. So we never have to make a budget
Answer: B
4. If you only have five dollars, which is the best choice?
A. Buy candy and toys
B. Save it for something you might need later
C. Give it away without thinking
D. Lose it on purpose
Answer: B
5. When can a want become a need?
A. When you really like it
B. When everyone else has it
C. When the situation changes (like needing a jacket when it gets cold)
D. When you see it on sale
Answer: C
💬 Wrap-Up Discussion
Talk with students about how wants and needs can change as we grow.
Ask:
- What is something you used to want but now see as a need?
- How can saving money help us make better decisions?
Remind them:
Smart money choices start with thinking before spending. Every dollar is a decision, and every choice tells a story about what we value.
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