Wisdom on Wants and Needs
Below find wisdom on wants and needs from experts and personal finance professionals.
Share your insights with us and we will share them in a follow up blog!
And absolutely use the Sammy Rabbit songs in this blog to talk to and teach your kids and students about great money habits. Help them to learn the language and basic principles of personal finance. Teach them to distinguish and understand the difference between wants and needs. It will empower them for a lifetime.
That is what we “want!”
Susan Doty, Executive Director, Center for Economic Education and Financial Literacy, University of Texas Tyler (CEEFL)
The Doty Mantra: “Everything we value is scarce. Because everything we value is scarce, we can’t have it all. Because we can’t have it all, we must make choices. Every choice we make means giving up something else. The most valued alternative we give up when we make a choice is our real cost … our opportunity cost!
Whether it is a want or a need, is YOUR choice worth its opportunity cost?”
NOTE: Parents and teachers can find free financial education resources today to immediately beginning teaching their children and students all about great personal finance and money habits at the CEEFL’s Sammy Rabbit Dream Big Financial Education Resource Hub!
North Carolina A&T State University Cooperative Extension
Children must learn to distinguish between needs and wants. When they learn to do this, it becomes easier to budget money and they learn about priorities. Everyone has the same basic needs but how we meet those needs is different.
Read more from this blog on wants and needs at the North Carolina A&T State University website.
Amy Morin, LCSW, Author of 13 Things Strong Kids Do and Editor in Chief at the Verywell Mind
…it’s not easy to explain to your child that the toy truck they think they need, isn’t as important as the electricity you actually need to keep your home running.
Saying no is an important part of teaching children that they can’t have everything that they want (even if it’s affordable). Kids need to know you will provide everything they need. Teaching them the difference between needs and wants will set them up with proper financial priorities that will benefit them later in life…
Read more from this blog by Amy Morin on wants and needs on the Verywell Mind website.
University of Nebraska Lincoln Extension
…Helping children determine a “want vs. need” when purchasing something with their own money establishes a baseline for knowing the value of money…
Read more from this blog on wants and needs at the University of Nebraska Lincoln Extension website.
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