Tomorrow's Millionaires: Needs vs. Wants

When the lines between needs and wants are blurred, curbing our spending becomes an

impossible task. Teach your children this crucial tool and empower them for life.

This month’s goal: Showing children how to identify needs and wants.

Pointers to cover:

• How to tell the difference between a need and a want.
• How to prioritize between needs and wants.
• When a want can turn into a need.
• How to pay for wants that aren’t built into a monthly budget.

Conversation starters

For kids under age 9:

• What are some things you need in order to survive?
• Can you list some things you wish you could have?
• Is it more important to pay for the things we need or for the things we want?
• How can we pay for some wants?

For kids over age 9:

• Can you list all of your wants and needs?
• When can a want become a need? Does it ever happen the other way?
• Why is it important to allow ourselves to have some of our wants?
• Do our needs change throughout our lives?
• Do wants ever fade away?
• Can you think of a plan that can help you buy something on your “want” list?

Your Turn: Are your kids experts at pinpointing their needs and wants? Share your conversation highlights with us in the comments!