subject: The Difference Between Needs And Wants: Questions For Kids [print this page] Children, as innocent beings, usually have a hard time understanding the difference between needs and wants. This especially applies to teenagers who are vulnerable to peer pressure and mass advertising appeal. They tend to spend on things that they do not even need. Education plays a big role in getting kids to understand what needs and wants are. They need to know that needs are essentials for their survival and wants are things that they can wait to have.
Rather than preaching kids to demonstrate the difference between needs and wants, parents could ask them questions to answer for themselves. Questions that make kids to think about their priorities and responsibilities. These questions will make them rationalize their actions too.
Q1) Is this spending for my physical well being? Am I spending on my food? Am I spending to pay rent? If yes, then this spending is necessary and therefore spend it. I need to eat and I need to live and sleep at a place.
2) Is this spending within my budget for this week? Will I have enough money left for essentials after this spending? If yes, then spend the money on it. If not, then think about the drawbacks to face for over spending!
Question 3. Is spending money on this item providing good value for money? Is it reasonably priced, or is it the best deal around? If yes, spend the money. Do some research on the internet. Ask you friends how much they have got it for.
Q4) Is it possible to postpone this spending? Can I buy this at another time when I have more money? If yes, postpone the spending until later.
Q5) Will something tragic happen if I don't spend right now? Will I fall sick? Will I starve? If your answer is that there will be no major dramas, then postpone your spending to another time.
6) Is there someone out there who is happy to give away what I want for free? Maybe there is something that people do not need and just did not get to get rid of it yet. So ask around. Everything can be obtained for free if you have the will and patience, from used laptops to scholarships!
Children will best recognise and differentiate their needs and wants when they are given the experiences and education on it. It is important to teach your kids needs and wants as early as possible to give them best possible start to their financial journeys ahead.
by: Ricky Gastaud
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