When the lines between needs and wants are blurred, curbing our spending becomes a difficult task. Teach your children this crucial tool and empower them for life.
Points to cover when showing children how to identify needs and wants:
- How to tell the difference between a need and a want.
- How to prioritize between needs and wants.
- When a want can turn into a need.
- How to pay for wants that aren’t built into a monthly budget.
Conversation starters for kids under age 9:
- What are some things you need in order to survive?
- Can you list some things you wish you could have?
- Is it more important to pay for the things we need or for the things we want?
- How can we pay for some wants?
Conversation starters for kids over age 9:
- Can you list all of your wants and needs?
- When can a want become a need? Does it ever happen the other way?
- Why is it important to allow ourselves to have some of our wants?
- Do our needs change throughout our lives?
- Do wants ever fade away?
- Can you think of a plan that can help you buy something on your “want” list?
Are your kids experts at pinpointing their needs and wants?