Student Worksheet

My Wants And Needs - Activity Instructions

“Yeah, but I NEED this!!!”

How many times have you said this to someone when, in reality, you don’t need something, you just want something? In this activity, you’ll look at the differences between wants and needs and prioritise a list of things you want.

For some people, it can be very difficult to tell the difference between the things they want and the things they need. Not knowing the difference can lead to a lot of stress and anxiety, as well as preventing people from being able to save money for the things that they really do need.

The only things we actually need are those which we need to survive: a place to live, clothes to keep warm, food and water. Wants are the things that, while they’re not essential, can make life more enjoyable.

Part A: Needs And Wants

Step 1.

Think of five things you need and five things you want and rank them on the table below, with 1 being the thing you want or need the most.

In your opinion, what is the difference between needs and wants?

Part B: Wish List Tables

At this stage in your life, you hopefully have the cost of your basic needs (those things you require to survive) met by someone else (like your parents or caregivers). But how about your wants? These are those added things that we could do without but desire because we believe they will improve our standard of living. Not many people have the money nor the desire to purchase everything that they want. That’s why we prioritise and often forego some of our wants, whilst fulfilling others.

Step 1.

Create a wish list of your current wants in the 'wish list' table below. You should also consider the reasons why you want these items:

Step 2.

Now reorganise this list in order of priority from highest to lowest and include an approximate cost of each item:

Do the things that you most want cost the most? Explain:

Do all the things on your wish list have monetary value? (Can they be bought with money?) If yes, why do you think you only chose items that you can buy? If no, what items don't have monetary value and why?

Taking It Further

Save for the items on your wish list by completing My Monthly Budget.

My Wants And Needs

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