Financial Literacy 2

EN22212
Name: _________________________ M.2/___ No: ___

Wants Vs Needs Worksheet

Part 1: Understanding Needs vs. Wants
1. List three items you bought recently:
- Item 1: ________________
- Item 2: ________________
- Item 3: ________________
2. For each item, indicate whether it was a 'Need' or a 'Want':
- Item 1: ________________ [Need/Want]
- Item 2: ________________ [Need/Want]
- Item 3: ________________ [Need/Want]
3. Explain why you categorized each item as you did:
- Item 1: ________________
- Item 2: ________________
- Item 3: ________________
Part 2: Analyzing Influences on Purchasing Decisions
4. Identify what influenced you to make each purchase (e.g., advertising, friends, needs):
- Item 1: ________________
- Item 2: ________________
- Item 3: ________________
5. How might you approach these decisions differently in the future?
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Part 3: Scenario-Based Decision Making
Imagine you have a budget of $100 for personal spending this month. Here are some options:
- A. New video game: $60
- B. Movie night with friends (ticket and snacks): $25
- C. Save for a new bike: Save $100
- D. New sports equipment: $40
- E. Donate to a charity: Any amount
6. How would you spend or save this money? List your choices and amounts:
- Choice 1: ________________ Amount: ________________
- Choice 2: ________________ Amount: ________________
- Choice 3: ________________ Amount: ________________
- Choice 4: ________________ Amount: ________________
- Choice 5: ________________ Amount: ________________
7. Explain the reasoning behind your choices:
_____________________________________________________________________________
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Part 4: Reflective Questions
8. What do you think are the most important factors to consider when making a purchase?
__________________________________________________________________________
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9. How can understanding the difference between needs and wants help you make better
financial decisions?
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