Summer 2022
1 of 2
BUILDING BLOCKS STUDENT WORKSHEET
Budgeting for needs and wants
SPEND
Name:
Date: Class:
BUILDING BLOCKS STUDENT WORKSHEET
Budgeting for needs and wants
Have you ever wanted something new, but you weren’t sure
whether you really needed it?
Understanding the differences between needs and wants helps you make a budget
to manage your spending and informs your daily spending choices. Covering all
your needs before you spend money on your wants is a wise nancial habit.
Instructions
Read the scenario below.
Follow the steps to gure out Pechola’s monthly budget.
Answer the reection questions.
Scenario
Pechola just moved out of her parents’ house and into her rst apartment.
She has a job as an assistant teacher and brings home $1,200 each month.
Needs, wants, and Pechola’s monthly budget
The items in the table on the next page are the things Pechola spends money
on in a typical month.
§ A
dd the monthly costs together to gure out if Pechola stays in her budget.
°
W
rite the total at the bottom of the monthly cost column.
§ D
ecide whether each item is a need or a want and check the appropriate box
in the “Need or want?” column.
§ D
ecide which items you think should be in Pechola’s budget. Write each item’s
cost in the “Your choices” column and calculate their total cost.
Summer 2022
2 of 2
BUILDING BLOCKS STUDENT WORKSHEET
Budgeting for needs and wants
Item Monthly cost Need or want? Your choices
Car payment $250
Need Want
Specialty coffee from a
coffee shop
$35
Need Want
Rent $600
Need Want
Streaming TV service $15
Need Want
Dinners out with friends $75
Need Want
Groceries $100
Need Want
Savings $100
Need Want
Cell phone $70
Need Want
Movie and snacks at
the theater
$20
Need Want
Total This cell is empty. This cell is empty.
Reection questions
1. Did you stay within Pechola’s budget? Yes No
2. If so, was it hard to stay within Pechola’s budget? Why or why not?
3. If not, which item(s) could Pechola do without to stay within her budget?
4. If this were your budget, which items would you select?
