Wants vs. Needs Showdown Script

Introduction & Warm-Up (5 minutes)

"Good morning/afternoon, everyone! Today, we're going to dive into a topic that affects every single one of us, every day: our money and the choices we make with it. We're going to talk about 'wants' versus 'needs.' Have you ever really thought about the difference between something you have to have and something you want to have?"

"Let's start with a quick warm-up. Take out your Wants vs. Needs Warm-Up or just think about this question: Imagine you have $10. What's the very first thing you would buy? And why? Don't overthink it, just a quick thought or jot down."

(Pause for 1-2 minutes for students to think or write.)

"Alright, who would like to share their $10 purchase and why?"

(Listen to a few student responses. Acknowledge their ideas and briefly connect to the idea of choices.)

"That's a great start! Today, we're going to explore how to make even smarter choices with our money by understanding the difference between what we truly need and what we simply want. This is a superpower for your future finances!"

Defining Wants & Needs (10 minutes)

"Let's get some clear definitions. Take a look at our Wants vs. Needs Showdown Slide Deck."

(Advance to the 'What's a NEED?' slide.)

"First, let's talk about a NEED. A need is something you absolutely must have to survive, stay safe, be healthy, or do your best in life, like getting an education. Think about what your body needs, or what you need to live in your home. What are some things you can think of that are absolute needs?"

(Solicit student responses: e.g., food, water, shelter, clothes, medical care, school supplies.)

"Excellent examples! These are things that are essential for our basic well-being."

(Advance to the 'What's a WANT?' slide.)

"Now, let's look at a WANT. A want is something you would like to have, but you don't need it to survive or thrive. Wants often make life more enjoyable or convenient, but they aren't essential. What are some things you really want right now, but could live without?"

(Solicit student responses: e.g., new video game, concert tickets, latest smartphone, fancy shoes, candy.)

"Great examples! We all have wants, and there's nothing wrong with wanting things! The trick is knowing the difference. On the next slide of our Wants vs. Needs Showdown Slide Deck, we summarize the big difference."

(Advance to 'The Big Difference' slide.)

"So, to recap: Needs are essential for survival and well-being. Wants are things that make life better, but aren't necessary."

(Advance to 'Why Does it Matter?' slide.)

"Why is it so important to know this difference? Because it helps us make smart spending decisions. It helps us save money for things that truly matter, and it gives us financial freedom – control over our money, rather than our money controlling us. This is a skill you'll use your entire life!"

The Prioritization Challenge Activity (15 minutes)

"Now it's your turn to put these ideas into practice! I'm going to hand out the Prioritizing Purchases Playbook Worksheet."

(Distribute the worksheets.)

"On this worksheet, you'll see a list of different items. Your first task is to decide if each item is a WANT or a NEED. Write 'W' for want or 'N' for need next to each item.

"Once you've done that, imagine you have a limited amount of money – let's say a budget of $500 for the month. You need to choose which items you would buy, and in what order, keeping in mind the wants and needs we just discussed. You might not be able to buy everything on the list, so you'll have to prioritize."

"Work individually, and don't forget to think about why you're classifying something as a want or a need, and why you're prioritizing certain purchases over others. I'll be walking around to help if you have questions. You have about 15 minutes for this activity."

(Circulate, offer assistance, and encourage students to justify their choices. Remind them of the budget constraint.)

Share & Discuss (10 minutes)

"Alright, let's bring it back together. I saw some really thoughtful decisions happening! Who would be willing to share a few items they classified and why? What was one item that was tricky to decide if it was a want or a need?"

(Facilitate discussion. Ask students to share their reasoning. You can refer to the Prioritizing Purchases Playbook Answer Key to guide the discussion, but emphasize that some answers might vary based on individual circumstances and justifications.)

"Did anyone have different ideas about what was a want or a need for a specific item? That's perfectly normal! Sometimes, a 'want' for one person might be more of a 'need' for another, depending on their situation. The important part is being able to justify your thinking."

"How about the prioritization challenge? If you had only $500, what were some of the first things you chose to buy? And what did you decide to leave out? Why?"

(Encourage students to discuss their budget choices and the reasons behind them. Highlight how identifying needs first helps manage spending.)

"This exercise shows that making smart financial choices involves understanding needs and wants, and then prioritizing. It's not always easy, but it's a skill that will empower you."

Conclusion & Cool-Down (5 minutes)

"Before we wrap up, let's quickly review our key takeaways. Look at our Wants vs. Needs Showdown Slide Deck one last time."

(Advance to the 'Wrapping Up: Key Takeaways' slide.)

"Today, we learned that Needs are essential for survival and well-being, while Wants are things you desire but can live without. And most importantly, prioritizing helps you make smart financial decisions."

"To finish up and help me see what you've learned, please complete the Wants vs. Needs Cool-Down as an exit ticket. It's a quick way to show your understanding."

(Distribute the cool-down/exit ticket.)

"Thank you all for your great participation and thoughtful contributions today! I hope you feel a little more ready to be the boss of your own money choices. Have a wonderful rest of your day!"

Wants vs. Needs Warm-Up

Instructions: Imagine you have $10. What's the very first thing you would buy? Write down your answer and briefly explain why you would buy that item.

My $10 Purchase:

Why I chose it:

Wants vs. Needs Cool-Down

Instructions: Answer the following questions to show what you learned today.

1. In your own words, what is the main difference between a WANT and a NEED?
   
   
   
   
   
   
   

2. Give one example of an item that is usually a NEED for most people:
   
   
   
   

3. Give one example of an item that is usually a WANT for most people:
   
   
   
   

4. Why is it important to know the difference between wants and needs when you are deciding how to spend money?
   
   
   
   
   
   
   

Prioritizing Purchases Playbook: Wants vs. Needs

Instructions: Read each item below. Decide if it is a WANT (W) or a NEED (N) and write the letter in the space provided. Be ready to explain your choices!

Part 1: Want or Need?

1. Warm winter coat (if you live in a cold climate) ______
2. New smartphone (latest model) ______
3. Groceries (basic food items) ______
4. Subscription to a streaming service ______
5. Rent/Mortgage payment ______
6. Designer sneakers ______
7. Textbooks for school ______
8. Concert tickets ______
9. Water bill ______
10. A fancy coffee drink every day ______
11. Doctor's visit when sick ______
12. Video game console ______

Part 2: The Budget Challenge!

Imagine you have $500 to spend this month after all your absolute needs (like housing and basic food) are met. Look at the list below and decide which items you would purchase with your $500. You might not be able to buy everything! List them in the order you would buy them (highest priority first) and explain why.

Your Available Funds: $500

• New pair of jeans ($50)
• Movie tickets for you and a friend ($25)
• School supplies (new backpack, pens, notebooks) ($40)
• Dinner out with friends ($30)
• New video game ($60)
• Savings for a future big purchase (e.g., bike, computer) ($100)
• Donation to a charity ($20)
• Snacks and drinks for a week ($35)
• New haircut ($20)
• Tickets to a local sports game ($45)
  
  
  My Prioritized Purchase List (and why!):

1. Item: ___________________________ Cost: $______ Why:
   
   
   

2. Item: ___________________________ Cost: $______ Why:
   
   
   

3. Item: ___________________________ Cost: $______ Why:
   
   
   

4. Item: ___________________________ Cost: $______ Why:
   
   
   

5. Item: ___________________________ Cost: $______ Why:
   
   
   

6. Item: ___________________________ Cost: $______ Why:
   
   
   

7. Item: ___________________________ Cost: $______ Why:
   
   
   

8. Item: ___________________________ Cost: $______ Why:
   
   
   

9. Item: ___________________________ Cost: $______ Why:
   
   
   

10. Item: ___________________________ Cost: $______ Why:
    
    
    

Prioritizing Purchases Playbook Answer Key

Part 1: Want or Need?

1. Warm winter coat (if you live in a cold climate) N (Essential for health/safety in cold weather)
2. New smartphone (latest model) W (A basic phone might be a need for communication, but the latest model is a want)
3. Groceries (basic food items) N (Essential for survival)
4. Subscription to a streaming service W (Entertainment, not essential)
5. Rent/Mortgage payment N (Essential for shelter)
6. Designer sneakers W (Shoes are a need, designer shoes are a want)
7. Textbooks for school N (Essential for education)
8. Concert tickets W (Entertainment, not essential)
9. Water bill N (Essential for health and hygiene)
10. A fancy coffee drink every day W (Coffee might be desired, but a fancy one every day is a luxury/want)
11. Doctor's visit when sick N (Essential for health)
12. Video game console W (Entertainment, not essential)

Part 2: The Budget Challenge!

Note to Teacher: Student answers for this section will vary based on their individual priorities and justifications. Encourage thoughtful discussion around their choices. The key is their reasoning and understanding of wants vs. needs within a budget constraint. Below is one possible prioritized list with explanations.

My Available Funds: $500

• New pair of jeans ($50)
• Movie tickets for you and a friend ($25)
• School supplies (new backpack, pens, notebooks) ($40)
• Dinner out with friends ($30)
• New video game ($60)
• Savings for a future big purchase (e.g., bike, computer) ($100)
• Donation to a charity ($20)
• Snacks and drinks for a week ($35)
• New haircut ($20)
• Tickets to a local sports game ($45)
  
  
  One Possible Prioritized Purchase List:

1. Item: School supplies Cost: $40 Why: Essential for education and academic success. (Remaining: $460)

2. Item: New pair of jeans Cost: $50 Why: Clothing is a need; while not designer, new jeans can be essential for comfort/school appropriate attire. (Remaining: $410)

3. Item: Savings for a future big purchase Cost: $100 Why: It's important to save for future goals, promoting long-term financial health. (Remaining: $310)

4. Item: Snacks and drinks for a week Cost: $35 Why: While food is a need, this is for additional snacks beyond basic meals. It's a lower priority than core needs but can contribute to well-being. (Remaining: $275)

5. Item: New haircut Cost: $20 Why: Personal hygiene and presentation are important; can be a low-cost want that boosts confidence. (Remaining: $255)

6. Item: Tickets to a local sports game Cost: $45 Why: Entertainment is a want, but a local game can be an affordable social activity. (Remaining: $210)

7. Item: New video game Cost: $60 Why: Entertainment/hobby; a definite want but can be purchased if the budget allows after needs and savings. (Remaining: $150)

8. Item: Dinner out with friends Cost: $30 Why: Social activity and a want; enjoyable but not essential. (Remaining: $120)

9. Item: Movie tickets for you and a friend Cost: $25 Why: Entertainment; another want for leisure. (Remaining: $95)

10. Item: Donation to a charity Cost: $20 Why: Giving back is a positive value, but it is typically prioritized after personal needs and wants are met, especially with a limited personal budget. (Remaining: $75)