Summary
Students will identify a need and engage with wants and needs through a brief activity. They will reflect on the difference between want and need. They will then complete a budgeting activity to understand saving versus spending. Students will recognize that having what you need is important, and be able to determine whether something is a need or a want.
Essential Question(s)
What is the difference between a want and a need? What should I spend my money on? How do I get what I need?
Snapshot
Engage
Students identify and discuss a need.
Explore
Students discuss whether certain items are wants or needs.
Explain
Students learn the definitions of terms and watch a video about wants and needs.
Extend
Students complete a budgeting activity.
Evaluate
Students complete a reflection.
Materials
Lesson Slides (attached)
Reflection Sheet (attached; one per student)
Budget Builder handout (attached; one per student)
Counters (beans, Bingo counters, etc.; quantity per student determined by teacher)
Containers for counters
Pencils
Engage
5 Minute(s)
Use slides 2-4 of the Lesson Slides to introduce the lesson and review the essential questions and lesson objectives.
Display slide 5 and pass out a copy of the attached Reflection Sheet to each student. Have them begin by filling in box #1 with something they need. Try not to guide their thinking toward a true need, as the goal is to establish what they believe qualifies.
Next, have students turn to an Elbow Partner to discuss. Once each pair has had a chance to share, have a class discussion about their choices.
Explore
5 Minute(s)
Have students take a few minutes to fill out the table in box #2 on their Reflection Sheet by circling "want" or "need" for each item. This should be done independently, but consider reading the items aloud so that students of all reading stages may participate.
Once all students have had time to answer, display slide 6. In response to the activity’s titular question, "Do I Need It?," instruct students to hold a "thumbs-up" if they believe the item is a need, or a "thumbs-down" if they believe it is a want.
Transition through slides 8-13 to go through the responses. The first round should be done quickly and without discussion as a formative assessment to gauge how well students understand want versus need.
Explain
5 Minute(s)
Display slide 14. Discuss the definition of need with students (to require something because it is essential, or very important).
Go back through slides 8-13 and have students discuss their responses. Encourage students to think about what situations may cause wants to become needs. Allow students to change their answers on their reflection sheet by crossing out the original answer and circling the new answer.
Display slide 16 and have students reflect on the discussion in box #3.
Extend
20 Minute(s)
Pass out a copy of the attached Budget Builder handout to each student. Ensure that students understand the meaning of "budget".
Display slide 17. Consider whether you will read each item to students or have them complete it independently. Remind students not to make changes. Once the counter touches the paper, it is stuck! Once each student is finished, discuss where they ran out of counters.
Display slide 18. Have students reflect in box #4 before moving on, then allow them to move the counters around. Discuss with students what they changed and what they chose to spend counters on both times. Consider asking: What will you do differently? Did your answers change? How? What costs more than you expected? What did you decide against?
Transition through slides 19-22 to discuss "emergencies." This reinforces saving, which has not yet been covered.
Discuss the definitions of need and want on slide 23.
Evaluate
10 Minute(s)
Display slide 24. Have students use the Think-Pair-Share strategy to discuss whether they were correct about their initial want.
Move to slide 25 and have them complete boxes #5 through #7 on the Reflection Sheet. Collect these to assess understanding.
Resources
BuzzWithBee. (2020, November 29). Needs and Wants for Kids. Youtube. https://www.youtube.com/watch?v=6OAqNtueu0U
K20 Center. (n.d.). Elbow partners. Strategies. https://learn.k20center.ou.edu/strategy/116
K20 Center. (n.d.). Think-pair-share. Strategies. https://learn.k20center.ou.edu/strategy/139