Need vs. Want Quiz

Directions: Read each item below. Decide whether it is a Need or a Want. Circle your answer.

1. School backpack
   • Need  • Want
   
   
2. Movie ticket
   • Need  • Want
   
   
3. New video game
   • Need  • Want
   
   
4. Lunch at school
   • Need  • Want
   
   
5. Candy bar
   • Need  • Want
   
   

Once finished, be ready to share why you classified one item as a need and another as a want.

Monthly Budget Sheet

Name: _________________________ Date: _______________

Your Monthly Income (e.g., allowance, chores): $ ____________

1. List Your Income Sources

| Income Source | Amount ($) |
|---------------------------|------------|
|1. ________________________| __________ |
|2. ________________________| __________ |
|3. __________________| __________ |
|Total Income | **** |

2. Plan Your Needs

Needs are things you must have (food, school supplies, etc.). List up to 5 needs and their costs.

| Need Item | Cost ($) |
|---------------------------|------------|
|1. ________________________| __________ |
|2. ________________________| __________ |
|3. ________________________| __________ |
|4. ________________________| __________ |
|5. __________________| __________ |
|Total Needs | **** |

3. Plan Your Wants

Wants are things you would like but don’t need (toys, games, treats). List up to 5 wants and their costs.

| Want Item | Cost ($) |
|---------------------------|------------|
|1. ________________________| __________ |
|2. ________________________| __________ |
|3. ________________________| __________ |
|4. ________________________| __________ |
|5. __________________| __________ |
|Total Wants | **** |

4. Set Your Savings Goal

How much money will you put into savings this month? $ ____________

5. Calculate Remaining Balance

Remaining Balance = Total Income – (Total Needs + Total Wants + Savings)

Remaining Balance: $ ____________

6. Reflection Questions

1. Which expense (need or want) was the hardest to pay for? Why?
   
   
   
   
   
   
2. How do you feel about the amount you chose to save? What could help you save more next month?
   
   
   
   
   
   
3. If your remaining balance is negative, how will you adjust your needs, wants, or savings to stay within your budget?
   
   
   
   
   
   

Shopping Simulation Game Kit

Objective:

• Students will apply their budgeting decisions from the Monthly Budget Sheet to purchase items without exceeding their remaining balance.
• Reinforce needs vs. wants and making trade-offs.

Materials Needed (per station):

• Play money (denominations: $1, $5, $10 bills)
• Item cards (laminated or printed): see table below
• Price tags or stickers
• Shopping record sheet (simple table to track purchases and remaining balance)

Item Cards and Prices:

Setup:

1. Arrange 3–4 stations around the room, each with the full set of item cards and a stack of play money.
2. Provide each student group (2–3 students) with their completed Monthly Budget Sheet showing Remaining Balance.
3. Give each group a Shopping Record Sheet to note purchases and subtract costs.

How to Play:

1. Each group decides which items to “buy” using their remaining budget.
2. One student plays the cashier, ensuring the correct amount is paid and change given if needed.
3. Shoppers select item cards and exchange play money with the cashier.
4. Record each purchase and updated balance on the Shopping Record Sheet.
5. Continue buying until the group decides to stop or runs out of money.

Guiding Questions During Play:

• Why did you choose this item over another?
• Was this a need or a want? How did that factor into your decision?
• How much money do you have left, and how close are you to your savings goal?

Debrief (5 minutes):

• Ask each group to share one trade-off they made (e.g., skipping a want to afford a need).
• Discuss how their choices matched their original budget plan.
• Highlight strategies for balancing needs, wants, and savings in real life.

Reflection on Choices

Take a moment to think about the choices you made during today’s shopping simulation.

1. One purchase I’m proud of is:

1. One purchase I might change is:

1. What I learned about balancing needs, wants, and savings is:

Advanced Budget Worksheet

Name: _____________________________ Date: ________________

1. List Your Income Sources

| Income Source | Amount ($) |
|---------------------------------|------------|
|1. _____________________________| __________ |
|2. _____________________________| __________ |
|3. _____________________________| __________ |
|4. _____________________________| __________ |
|Total Income | __________ |

2. Categorize Your Expenses

Fixed Expenses (same cost each period):
| Item | Cost ($) |
|-----------------------------|----------|
|1. _________________________| ________ |
|2. _________________________| ________ |
|3. _________________________| ________ |
|Total Fixed | ________ |


Variable Expenses (costs that fluctuate):
| Item | Cost ($) |
|-----------------------------|----------|
|1. _________________________| ________ |
|2. _________________________| ________ |
|3. _________________________| ________ |
|Total Variable | ________ |


Discretionary Expenses (wants or non-essentials):
| Item | Cost ($) |
|-----------------------------|----------|
|1. _________________________| ________ |
|2. _________________________| ________ |
|3. _________________________| ________ |
|Total Discretionary | ________ |

3. Emergency Fund Planning

1. Target size for your emergency fund (e.g., 3–6 months of essentials): $ ________
   
   
2. How much will you contribute this month toward your emergency fund? $ ________
   
   
   

4. Set Your Savings Goals

Short-Term Goal (0–6 months): ________________________________
Amount: $ ________


Medium-Term Goal (6–24 months): _____________________________
Amount: $ ________


Long-Term Goal (2+ years): _________________________________
Amount: $ ________

5. Allocate Your Budget

Using your totals from above, allocate your Total Income across these categories:

• Fixed Expenses: $ ________
  
• Variable Expenses: $ ________
  
• Discretionary Expenses: $ ________
  
• Emergency Fund Contribution: $ ________
  
• Savings Goals Total: $ ________
  
  

6. Calculate Remaining Balance

Remaining Balance = Total Income – (Fixed + Variable + Discretionary + Emergency Fund + Savings Goals)
Remaining Balance: $ ________

7. Reflection Questions

1. Which category (fixed, variable, discretionary, emergency fund, savings) was the hardest to allocate? Why?
   
   
   
   
   
   
2. How will establishing an emergency fund change your financial security? Give one example.
   
   
   
   
   
   
3. What strategy could you use next month to increase your savings or reduce unnecessary spending?
   
   
   
   
   
   

Future Goals Planning Template

Name: _____________________________ Date: ________________


Use this template to outline your financial goals, set a timeline, and map out actionable steps. Be as specific as possible.

1. Short-Term Goal (0–6 months)

Goal Description: ____________________________________________


Target Date: ____________________


Estimated Cost: $ _______________


Why This Goal Matters:

___________________________________________________________


Action Steps:

1. ________________________________________________
   
2. ________________________________________________
   
3. ________________________________________________
   
   
   Resources Needed (e.g., savings, part-time job, supplies):
   
   ___________________________________________________________
   
   
   Progress Checkpoints:
   
   • By (date): __________________ – ____________________
   
   • By (date): __________________ – ____________________
   
   
   Reflection/Notes:
   
   
   
   
   
   

2. Medium-Term Goal (6–24 months)

Goal Description: ____________________________________________


Target Date: ____________________


Estimated Cost: $ _______________


Why This Goal Matters:

___________________________________________________________


Action Steps:

1. ________________________________________________
   
2. ________________________________________________
   
3. ________________________________________________
   
4. ________________________________________________
   
   
   Resources Needed:
   
   ___________________________________________________________
   
   
   Progress Checkpoints:
   
   • By (date): __________________ – ____________________
   
   • By (date): __________________ – ____________________
   
   
   Reflection/Notes:
   
   
   
   
   
   

3. Long-Term Goal (2+ years)

Goal Description: ____________________________________________


Target Date: ____________________


Estimated Cost: $ _______________


Why This Goal Matters:

___________________________________________________________


Action Steps:

1. ________________________________________________
   
2. ________________________________________________
   
3. ________________________________________________
   
4. ________________________________________________
   
5. ________________________________________________
   
   
   Resources Needed:
   
   ___________________________________________________________
   
   
   Progress Checkpoints:
   
   • By (date): __________________ – ____________________
   
   • By (date): __________________ – ____________________
   
   
   Reflection/Notes:
   
   
   
   
   
   

4. Anticipated Challenges & Solutions

List possible obstacles you might face and how you plan to overcome them.

1. Challenge: _______________________________________
   Solution: ________________________________________
   
   
2. Challenge: _______________________________________
   Solution: ________________________________________
   
   
3. Challenge: _______________________________________
   Solution: ________________________________________
   
   
   

5. Accountability & Review

Who will support you or check in on your progress?_________________________


How often will you review and adjust your plan?_____________________________

Use this template regularly to track progress, stay motivated, and adjust your plan as needed. Good luck achieving your financial goals!

Case Study: Real-World Budgeting

Meet Taylor, a 17-year-old high school senior who balances school, a part-time job, and planning for college. Taylor wants to manage money wisely this semester by tracking income, covering expenses, saving for future goals, and still having a little spending money.

Background

• Grade: 12th
• Part-time job: weekend barista (15 hours/week)
• Monthly income goal: cover personal expenses and contribute to college fund
• Long-term goal: Save $1,200 by summer for college application fees and a dorm security deposit

Monthly Income & Expenses

Scenario Highlights

1. Taylor’s total income of $800 is allocated across fixed, variable, discretionary, and savings categories.
2. After all planned expenses and savings, Taylor has a remaining balance of $185 to decide how to use (extra savings, fun money, or adjusting categories).
3. Taylor aims to maintain at least a $50 monthly emergency stash and contribute $200 toward the college fund.

Points for Analysis

• Which category could Taylor reduce if unexpected costs arise (e.g., car repair)?
• How might Taylor reallocate the remaining $185 to meet the $1,200 summer goal faster?
• What trade-offs did Taylor make between wants (coffee, outings) and savings?
• If Taylor wants to increase the emergency stash to $75/month, how would that affect discretionary spending?


Read this case study carefully. In your group, identify strengths, risks, and possible adjustments to Taylor’s budget. Prepare to share your recommendations.

Savings and Investment Scenarios

Use these scenarios to practice allocating money among different savings and investment vehicles. Refer to the Investment Basics Slides for guidance on risk, return, and diversification.

Scenario 1: Conservative Saver

Alex has $600 to set aside this month. They want to minimize risk and keep funds accessible for short-term needs.

1. Allocate Alex’s $600 across these options (total must equal $600):
   
   • Savings Account (low risk, liquid): $ ________ (%)
     
   • Bonds (moderate risk, fixed interest): $ ________ (%)
     
   • Stocks (higher risk, potential growth): $ ________ (%)
     
     
2. Rationale for your allocation (why these percentages?):
   
   
   
   
   
   
3. Expected trade-offs and potential outcome (e.g., stability vs. growth):
   
   
   
   
   
   

Scenario 2: Balanced Builder

Jordan has $1,000 to invest toward a medium-term goal (6–24 months). They’re comfortable with some risk but still value stability.

1. Allocate Jordan’s $1,000 across these options (must equal $1,000):
   
   • Savings Account: $ ________ (%)
     
   • Bonds: $ ________ (%)
     
   • Stocks: $ ________ (%)
     
   • Emergency Fund Top-Up: $ ________
     
     
2. Explain how your allocation balances risk and return:
   
   
   
   
   
   
3. Describe how this plan supports Jordan’s medium-term goal:
   
   
   
   
   
   

Scenario 3: Growth Seeker

Taylor has $800 and a long-term horizon (2+ years). They’re willing to accept volatility for higher potential returns.

1. Allocate Taylor’s $800 across these options (must equal $800):
   
   • Savings Account: $ ________ (%)
     
   • Bonds: $ ________ (%)
     
   • Stocks: $ ________ (%)
     
   • Alternative (e.g., index fund, real estate fund): $ ________ (%)
     
     
2. Justify the aggressive or diversified approach you chose:
   
   
   
   
   
   
3. Identify one risk you’re taking and how you’d mitigate it:
   
   
   
   
   
   

Reflection Questions

1. Which scenario felt easiest to allocate? Which was hardest? Why?
   
   
   
   
   
   
2. How does your risk tolerance influence your allocation decisions?
   
   
   
   
   
   
3. What real-world factors (e.g., emergency needs, market changes) might lead you to adjust these allocations over time?
   
   
   
   
   
   

Interactive Budgeting Spreadsheet

This online spreadsheet lets you build, adjust, and visualize your personal budget in real time. As you enter income, expenses, and savings goals, formulas calculate balances and generate charts to guide your decisions.

Getting Started

1. Open the spreadsheet link provided by your teacher.
2. Make a copy to your own account so you can edit.
3. Rename the file with your name and date.

Spreadsheet Tabs

1. Income

– Enter all income sources (e.g., wages, allowances, gifts).

– The Total Income cell updates automatically.

2. Expenses

– Three sections: Fixed, Variable, Discretionary.

– Transfer your figures from the Advanced Budget Worksheet.

– The sheet sums each category and calculates Total Expenses.

3. Goals & Savings

– Input short-, medium-, and long-term savings targets from the Future Goals Planning Template.

– Specify monthly contributions toward each goal and an emergency fund.

4. Summary & Charts

– View a pie chart of expense categories vs. savings.

– See a bar graph comparing income to total outflow.

– The Remaining Balance cell shows money left after all allocations.

5. What-If Scenarios

– Adjust sliders or input alternative values to test changes:

• Increase/decrease savings contributions

• Reallocate discretionary funds to emergency backup

• Model a sudden expense (e.g., car repair)

– Observe how modifications affect your balance and charts.

Student Tasks

1. Copy your numbers from the Advanced Budget Worksheet into the Income and Expenses tabs.
   
   
2. Set savings goals in the Goals & Savings tab based on your Future Goals Planning Template.
   
   
3. Analyze the Summary & Charts to identify which expense category consumes the largest share of your income.
   
   
4. Use What-If Scenarios to test how cutting 10% of discretionary spending or boosting your emergency fund affects your Remaining Balance.
   
   
5. Screenshot or print your updated Summary page and include it in your group presentation during the Reflection and Action Plan session.

Tip: Save your work frequently and experiment with different allocations to discover the budget that best supports your financial goals.

Group Discussion Prompt Cards HS

Use these prompts to spark conversation in your small groups. Distribute one card per group and discuss each question. Be ready to share key insights.

• Prompt 1: Describe a recent financial decision you made. Was it a need or a want? What influenced your choice?
  
  
• Prompt 2: When tracking your variable expenses, which unexpected cost surprised you the most? How might you adjust next month?
  
  
• Prompt 3: Think about your discretionary spending. What criteria do you use to decide if something is worth buying?
  
  
• Prompt 4: How would you prioritize contributions to your emergency fund versus a medium-term goal (like a laptop upgrade)? Why?
  
  
• Prompt 5: Explain the difference between fixed and variable expenses using real examples from your life.
  
  
• Prompt 6: Which investment vehicle (savings account, bonds, stocks) aligns best with your risk tolerance? Why?
  
  
• Prompt 7: If your monthly income increased by 20%, what changes would you make to your budget allocations?
  
  
• Prompt 8: What is one challenge you anticipate in sticking to your budget, and how can you overcome it?
  
  
• Prompt 9: In the Taylor case study, what trade-off did the student make that you found most interesting? Would you make the same choice?
  
  
• Prompt 10: How can diversification protect your portfolio? Provide a concrete example.

Reflection and Action Plan Worksheet

Name: _____________________________ Date: ________________

Part 1: Reflection

1. One insight I’ll remember from today’s workshop is:
   
   
   
   
   
   
2. The biggest budgeting challenge I anticipate is:
   
   
   
   
   
   
3. To improve my budgeting decisions, I will:
   
   
   
   
   
   

Part 2: SMART Goals

Use the SMART framework to set clear, actionable goals for the next month.

Goal 1

• Specific (what exactly will you achieve?): _________________________
  
  
• Measurable (how will you track progress?): ________________________
  
  
• Achievable (what steps will you take?): __________________________
  
  
• Relevant (why is this goal important?): _________________________
  
  
• Time-bound (by what date will you accomplish it?): _______________
  
  

Goal 2

• Specific: _________________________
  
  
• Measurable: ________________________
  
  
• Achievable: __________________________
  
  
• Relevant: _________________________
  
  
• Time-bound: _______________
  
  

Goal 3

• Specific: _________________________
  
  
• Measurable: ________________________
  
  
• Achievable: __________________________
  
  
• Relevant: _________________________
  
  
• Time-bound: _______________
  
  

Accountability

Who will support or check in on your progress? _________________________

How often will you review and adjust your plan? ________________________