Introduction
With over 25 years of experience in the financial literacy education space, our work consistently shows that teaching kids about money is most effective when lessons are simple, engaging, and aligned with what schools are already teaching. This page highlights how the song “Wants and Needs” aligns with national and state financial literacy standards for grades K–8, supporting responsible decision-making, habit formation, and long-term financial well-being.
Helping children build strong money habits starts with understanding how to make good choices. The song “Wants and Needs” teaches one of the most foundational financial concepts kids can learn early: knowing the difference between what we want and what we need—and how that difference affects the choices we make every day.
Song Overview
Song: Wants and Needs
Primary Financial Concept:
Understanding the difference between wants and needs helps children make smarter choices, prioritize what truly matters, and use money wisely.
Key Message:
It pays to know the difference between wants and needs. When children learn to identify necessities first, they build the foundation for thoughtful spending, saving, and long-term financial responsibility.
National Standards Alignment
Council for Economic Education (CEE)
National Standards for Personal Financial Education
Standard 1: Decision Making
Grade Bands: K–2 | 3–5 | 6–8
Effective decision making requires comparing costs and benefits.
How the song aligns:
Teaches children to evaluate choices by distinguishing needs from wants
Reinforces trade-offs and consequences
Encourages thoughtful, intentional decision-making
Standard 2: Money Management
Grade Bands: K–2 | 3–5 | 6–8
How the song aligns:
Supports prioritizing needs before wants
Reinforces purposeful spending
Introduces basic planning and responsibility
Jump$tart Coalition
National Standards in K–12 Personal Finance Education
Financial Decision Making & Money Management
Grade Bands: K–2 | 3–5 | 6–8
How the song aligns:
Reinforces responsible spending decisions
Helps students evaluate trade-offs
Connects everyday choices (food, entertainment, saving, spending) to outcomes
National Financial Educators Council (NFEC)
Core Financial Literacy Framework
Grade Bands: K–2 | 3–5 | 6–8
How the song aligns:
Builds financial responsibility and behavioral awareness
Encourages children to pause and reflect before spending
Supports habit-building through repeated practice
Social-Emotional Learning (CASEL)
Competencies:
Responsible Decision-Making · Self-Management
Grade Bands: K–2 | 3–5 | 6–8
How the song aligns:
Strengthens self-control and impulse awareness
Encourages thoughtful choice-making
Helps students understand consequences of decisions
Standards Alignment by Grade Band
K–2 (Ages 5–7): Basic Awareness & Choice
Big idea: Not everything I want is something I need.
Uses clear, relatable examples (books vs. toys, water vs. soda)
Builds early awareness of priorities
Encourages pausing before choosing
Reinforces simple decision-making skills
Grades 3–5 (Ages 8–10): Trade-Offs & Priorities
Big idea: Choosing one thing means giving up another.
Highlights trade-offs between wants and needs
Encourages thoughtful spending decisions
Reinforces planning and prioritization
Supports responsible money habits
Grades 6–8 (Ages 11–13): Responsibility & Opportunity Cost
Big idea: My choices have consequences, now and later.
Introduces opportunity cost (“What shall I trade for?”)
Encourages needs-first thinking
Builds self-management and delayed gratification
Supports long-term financial responsibility
State-Level Standards Alignment (Selected States)
The song Wants and Needs aligns with financial literacy or economics standards across multiple states:
California (CA)
Grade Bands: K–2 | 3–5
Primary Focus: Choices, trade-offs, economicsTexas (TX)
Grade Bands: K–2 | 3–5 | 6–8
Primary Focus: Personal financial literacy & responsible spendingNew York (NY)
Grade Bands: K–2 | 3–5 | 6–8
Primary Focus: Economic decision-makingWashington (WA)
Grade Bands: K–2 | 3–5 | 6–8
Primary Focus: Financial decision-making & consequencesOhio (OH)
Grade Bands: K–2 | 3–5 | 6–8
Primary Focus: Planning & money managementIowa (IA)
Grade Bands: K–2 | 3–5 | 6–8
Primary Focus: Life skills & responsibilityUtah (UT)
Grade Bands: 3–5 | 6–8
Primary Focus: Money as a managed resourceWisconsin (WI)
Grade Bands: K–2 | 3–5 | 6–8
Primary Focus: Habit-based decisionsMassachusetts (MA)
Grade Bands: K–2 | 3–5 | 6–8
Primary Focus: Responsible money use
Why This Song Works in the Classroom
Clear, age-appropriate examples
Strong alignment with financial literacy and SEL standards
Scales naturally from early elementary to middle school
Easy to pair with discussion, activities, and real-life scenarios
Bottom line:
Wants and Needs helps children learn that good money choices start with knowing what truly matters.
Download the Standards Alignment PDF
If you’d like a downloadable PDF version of this standards alignment for classroom use, curriculum review, or district adoption, please contact us. We’re happy to provide a printable version that makes it easy to share, reference, and integrate into lessons or program materials.
More Resources Supporting the Song
Activities Free and/or with Premium Money School subscription
5 Power Packed Reasons to Teach Kids the Difference Between Wants and Needs
Additional Songs and Fun Resources
Keep:
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parents, teachers, and community leaders learning and growing their financial literacy teaching skills by reading Sam X Renick's series of articles: Money Lessons Parents Should Teach Kids!
delivering financial education at home, in school, and other venues with Sammy's Dream Big Financial Education curriculum!
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