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COMPARE - Needs vs. Wants

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136 views4 pages

COMPARE - Needs vs. Wants

Uploaded by

joshua.carlino
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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NGPF Activity Bank

Budgeting
Spanish version

COMPARE: Needs vs. Wants


Although online resources and financial gurus will tell you that it’s pretty clear cut for what
qualifies as a need versus a want, in real life it’s often not that clear. For example, if you decide to
live in Cleveland while your family lives in Phoenix and visiting them is a priority for you, then you
might consider 4 flights a year a necessity. On the other hand, your extreme love of scuba diving
might make 4 flights a year to Hawaii or Florida seem like a need, when it’s possibly more of a
want.

Part I: Assess Your Values


Assuming that your fundamental needs of housing, clothing, and food have been met and you
already have a savings plan in place, your budget may allow you to spend on a few extras.

1. Review the list below, putting a:


● 1 next to those that are needs for you,
● a 2 next to high priority wants, and
● a 3 next to low priority wants.
● You can leave some blank if they don’t fit into your lifestyle at all
● Fill in the empty boxes with items you value that we haven’t included
# ITEM # ITEM

3 Trendy clothing 2 Personal hobbies (membership fees,


equipment, uniforms, clubs or teams, etc)

2 Non-essential beauty/hygiene or 2 Professional expenses (employment


grooming items/services resources, online course subscriptions,
membership fees, conference attendance,
etc)

3 Subscriptions (Netflix, Hulu, Spotify, 2 Holiday and other gift giving


etc)

3 Ride-sharing or mobility apps (Uber, 2 Charitable or religious donations


Lyft, Bird, Jump)

2 Vacation/travel 1 Transportation costs (maintenance, car


payments, insurance, public
transportation)

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2 Electronics (video games, phones, etc.) 2 Cell phone plan

3 Out-of-home entertainment 3 Dining out


(amusement parks, movies, bowling,
etc)

2 Contributing to family income / Giving 2 Gym membership


money to family

Part II: Plan Your Discretionary Spending


2. Let’s pretend you have roughly $900 per month to divide among the categories above.
Reflect on the priorities you’ve set above, and create a budget for the needs and wants
you’d like to be able to fulfill each month.
ITEM AMOUNT YOU’LL
SPEND

Trendy clothing 0

Non-essential beauty/hygiene or grooming items/services 100

Subscriptions (Netflix, Hulu, Spotify, etc) 50

Ride-sharing or mobility apps (Uber, Lyft, Bird, Jump) 50

Vacation/travel 200

Electronics (video games, phones, etc.) 50

Out-of-home entertainment (amusement parks, movies, 100


bowling, etc)

Contributing to family income / Giving money to family 100

Trendy clothing 50

Gym membership 50

TOTAL $900

Using your “wants” budget above, answer these questions:

3. Which of those items would be easiest to give up, if your life circumstances forced you to?
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Trendy clothing

4. Which of those items would be hardest to give up? Why?

Payments to family

5. How do your values inform your spending decisions in this category?

What you value more you put more money Into

Part III: Consider This Example


Your cousin graduated from college and got an intro-level job in human resources at a large
company in Washington, DC. Leftover from college, they have one nice suit, a few business
appropriate shirts and pants, and one professional pair of shoes. Your cousin’s job requires them
to be in business attire every day for work.

6. Would you consider your cousin’s desire to upgrade their wardrobe a need or a want?
Explain why you feel as you do.

A need as they do not have enough clothing to comfortably work everyday with what they have.

7. Assume that your cousin decides they need a wardrobe update. What would you feel is an
appropriate amount of business clothing for your cousin to own in order to succeed at their
job?

At least one full outfit per weekday, with one or two spares.

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8. What should be your cousin’s approach to purchasing their wardrobe updates?

Shop used, or ask others for old donations before spending a large amount on clothes.

www.ngpf.org Last updated: 9/15/20


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