Income is money that comes into your wallet or bank account. Income can be different things! You can earn income from mowing the neighbor’s yard. You can earn income by bagging groceries or even by babysitting!
Income can also be gift cards you get at Christmas or your birthday!
Expenses are things that require you to spend money. Expenses can be for things you want or things you need. You might want a sporty new car, but do you really need one? You need a
place to live, a roof
over your head!
Needs are things that
are necessary
for everyday living.
Wants are things you would like to have, but you can live without them! You might want a new pair of designer jeans, can certainly do without
but you them.
It’s ok to get the things you want as long as you have enough income left to take care of your needs!
Now it’s your turn! Can you tell the difference between a want and a real need? 1. Water to drink: want or need? 2. A soft drink: want or need? 3. A fancy coat: want or need? 4. A coat to keep you warm: want or need? 5. Money to pay the power bill: want or need? 6. Health insurance: want or need? 7. A new Game Boy: want or need? 8. Money to pay the rent: want or need? 9. Money to go to the movies: want or need? 10. Money for a haircut: want or need?
Answers: 1. Need 2. Want
3. Want 4. Need 5. Need 6. Need 7. Want 8. Need 9. Want 10. Need
Written by: Genny Simpson
All images are from MS ClipArt.
January 29, 2013