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← Money Smart: Weighing Needs & Wants

Grades 6–8 reading level

Money Smart: Weighing Needs & Wants

Adapted with AI from the original open resource by FDIC. Nothing is invented — only the reading level changes.

Lesson 3: Weighing Needs and Wants

Topic: Needs and Wants

Overview

This lesson helps students explore the difference between things we need and things we want. Using fun storybooks and hands-on math activities, students will practice sorting, thinking, and deciding which items matter most. They'll create mini-books, play sorting games, and work together in class activities. There are also extra independent and small-group activities that teachers can use throughout the school year to keep practicing this skill.

Objectives:

  1. Define needs and wants
  2. Tell the difference between needs and wants
  3. Compare needs and wants, and decide which matter more

Handouts:

  • Needs and Wants
  • My Needs and Wants Mini-Book

Teacher Presentation Slides:

  • Definitions: Needs and Wants
  • Chart: Needs and Wants
  • Story Problems: Weighing Needs and Wants

Essential Questions:

  • What are needs and wants?
  • How do I choose between my needs and wants?

Assessment Activities:

Before the lesson (Pre-Assessment):

  • Activity: What Are Needs and Wants?

After the lesson (Post-Assessment):

  • Handout: Needs and Wants
  • Handout: My Needs and Wants Mini-Book
  • Story Problems: Weighing Needs and Wants slide
  • Activity: Class Reflection

Time: 45 minutes

Supplies:

  • Chart paper, markers, pencils
  • Projector (for teacher presentation slides)
  • A stuffed animal and play objects representing an animal's needs and wants (optional)
  • Internet access (optional)
  • Suggested books (optional):
  • Lily Learns About Wants and Needs by Lisa Bullard (Pre-K–2)
  • If You Give a Mouse a Cookie by Laura Numeroff (Grades 1–2)
  • Bunny Money by Rosemary Wells (Pre-K–2)
  • Sam and the Lucky Money by Karen Chinn
  • Almost Zero by Nikki Grimes

Preparation:

  • Make copies of the student handout
  • Set up the projector with the presentation slides
  • Have a glossary ready with key vocabulary words

Warm Up: What Are Needs and Wants? (10 minutes)

Start a deeper conversation about needs and wants by reading a picture book together as a class. Two good choices are Lily Learns About Wants and Needs by Lisa Bullard (Pre-K–2) or If You Give a Mouse a Cookie by Laura Numeroff (Grades 1–2).

Before reading, ask students to guess what the main characters might need in the story, and what they might just want.

Next, show the Definitions: Needs and Wants slide and the Chart: Needs and Wants slide. Read the definitions aloud:

A need is something you must have to live a healthy life — like shelter, food, water, and clothes.
A want is something you would like to have but could live without — like ice cream, toys, candy, or video games.

Look at the example items together. Then use the slide to build a class chart, or make your own T-chart (a two-column chart) on poster paper.

Label one side "Things We Need for Our Classroom" (examples: pencils, paper, desks) and the other side "Things We Want for Our Classroom" (examples: markers, stickers, toys).

Explain that a need is something we must have to get through our school day successfully, while a want is something that would simply be nice to have. Ask students to look around the room and spot one item that fits each category. Write their answers on the chart.

Money Smart Tip! After talking about classroom needs and wants, it helps to also discuss how the class can make sure everyone has the supplies they need — and how to take good care of shared classroom materials.

Teacher Tips:

  • Look for grade-level suggestions throughout this lesson to help adjust activities for your students.
  • Keep the focus on needs versus wants, and connect the idea to everyday classroom life. Give students plenty of practice deciding which items matter more.
  • Make time to explore the books and any technology resources mentioned in the guided and extended activities.

Guided Exploration: The Difference Between Needs and Wants (20 minutes)

Ask students to imagine someone shopping for school supplies. Ask:

  • What items might she need to buy?
  • What things might she want but not truly need for school?

Talk together about how she might make decisions during her shopping trip.

Introduce the My Needs and Wants Mini-Book handout. Read the pages aloud and show students how to fill in each page and put the book together.

Grade-Level Tips:

Pre-K–K: Cut out the book pages ahead of time and assemble the books for younger students. They can draw pictures, use stickers, or paste magazine cutouts instead of writing words. You can also do this activity together as a whole class during circle time — read the pages aloud, color the "needs," circle the "wants," and build a class list. Afterward, send individual copies home so families can make their own books together.

Grades 1–2: Students can add an estimated price next to each need and want they choose. Once finished, let them read their mini-books to a partner.


Prioritizing Needs and Wants (10 minutes)

Ask students whether we can always get everything we want. Explain that sometimes we have to choose between a need and a want — or even choose between two different wants. As a class, talk about the choices the characters in the story made.

Pick three things the main character wanted in the story, and ask students:

  • How would you decide between these choices if you were the main character?
  • Which would be your first choice? Your second? Your third?
  • What made you choose the way you did?

After talking about the story, let students practice sorting needs and wants by completing the Needs and Wants handout, or by playing the Pet Needs Classification game. In this game, the class imagines a pretend pet and works together to sort out what it would need versus what it might just want.

Grade-Level Tips:

Pre-K–K: For the handout, match each picture to "needs" or "wants" together as a class, then let students color the page. For the game, give students a stuffed animal along with play items like a blanket, food bowl, treats, and toys. Have them sort the items into "needs" and "wants."

Grades 1–2: For the handout, students can rank the three pictured "wants" from most to least important. For the game, break into small groups. Give each group a picture of a pet and have them brainstorm and draw its possible needs and wants.


Wrap Up: Class Reflection (5 minutes)

Ask students: What are needs and wants? How do you choose between something you need and something you want? Let them share their answers. Use this discussion to check understanding, and consider introducing free-exploration centers so students can keep exploring the topic.


Extended Exploration

Note: Use these activities throughout the year to keep building on the lesson. They can be done as a whole class, in small groups, or during center time, and can take different amounts of time.

Literacy Center

Possible Book Selections:

Note: These books connect to the lesson's money topic, but feel free to use other books from your library that spark similar discussions. For younger students who aren't reading yet, read the book aloud or do a "picture walk" — looking closely at the pictures to guess the story before reading the words.

**Pre-K–K: Bunny Money by Rosemary Wells**
Max and Ruby are trying to find the perfect birthday present for their grandma. But when unexpected problems come up, they have to spend the money they had carefully saved.

Discussion Questions: Do Max and Ruby need to buy their grandma a birthday present? What are some things Max and Ruby needed to buy, and what are some things they wanted to buy? If you didn't have money to buy a present, what else could you do?

***Sam and the Lucky Money by Karen Chinn*
Sam is finally old enough to spend his Chinese New Year money however he likes — but he doesn't have quite enough. Sam learns about making choices and spending wisely, and discovers that some things can't be bought with money.

Discussion Questions: What would you buy if someone gave you an envelope full of money? Have you ever received money as a gift and had to decide how to spend it? What would you want to buy most? What is one thing you think you would need to buy?

***Almost Zero by Nikki Grimes*
Dyamonde really wants a pair of red high-top sneakers, but they cost too much. Her mom teaches her about wants, needs, and making smart choices with money.

Discussion Questions: Have you ever wanted something as badly as Dyamonde wants her red sneakers? How do you decide between a want and a need?

Speaking, Listening, and Writing Prompts:

Try these prompts through show-and-tell, circle time talks, partner discussions, or writing.

Pre-K–K: Give students a picture or real object to help them think about the topic. Younger students can talk about pictures and objects while a teacher writes down their ideas as a group.

Topic: What is something you need for your classroom or your room at home? What is something you want for your classroom or your room at home?

Grades 1–2: Students can explore these prompts through journaling or independent writing.

Topic: Name three things you want and three things you need. If you could only get one of your wants, how would you decide which one to pick?

Math Center

Math Station Activities:

Students can try these activities on their own or in small groups — great for center time or for early finishers.

Pre-K–K:
Materials: Two large bags (one labeled "Needs," one labeled "Wants"), a large box of classroom items (like crayons, stuffed animals, or a milk carton) or pictures representing needs and wants, plus simple words or sentence starters.

Instructions: Set out the bags and the box of items. Students search through the box and place each item in the correct bag — "Needs" or "Wants." To practice early writing, students can trace or copy the name of a need and a want (or a simple sentence) and turn it in when finished.

Grades 1–2:
Materials: Poster board or large paper, glue, markers, scissors, and magazines.

Instructions: Have students draw a line down the middle of their paper, labeling one side "Needs" and the other "Wants." They cut out and glue pictures of needs and wants onto their poster.

At the bottom of the poster, students write a number sentence: ___ Needs + ___ Wants = ___ Total.

Story Problems:
Show the Story Problems: Weighing Needs and Wants slide. These problems can be printed or projected, then solved together as a class, in small groups, or independently.

Original licensed under Public Domain. This adaptation is provided free by OER.ai.