Instructions
Use this worksheet to explore the concept of budgeting, differentiate between needs and wants, and practice your problem-solving and calculation skills. Answer the questions thoughtfully and use the space provided.
Part 1: Understanding Needs vs Wants
1. Define what 'needs' and 'wants' mean to you. Write your definitions below:
2. List three examples of each.
Part 2: Calculating a Budget
Imagine you have a monthly allowance or salary of $200. You have the following expenses:
- Food: $50
- Transport: $30
- Entertainment: $60
- Savings: $40
3. Calculate how much money you will have left after these expenses.
Part 3: Problem Solving
4. You want to buy a new video game that costs $55. If you decide to save $10 from your allowance each week, how many weeks will it take for you to save enough money to buy the game?
Part 4: Reflection
5. Why is it important to distinguish between needs and wants when budgeting? Write your thoughts below: