{"id":507,"date":"2024-04-09T14:21:27","date_gmt":"2024-04-09T14:21:27","guid":{"rendered":"https:\/\/tfolifeacademy.com\/tfowealth\/?post_type=read_it&#038;p=507"},"modified":"2024-04-09T14:21:27","modified_gmt":"2024-04-09T14:21:27","slug":"needs-vs-wants","status":"publish","type":"read_it","link":"https:\/\/tfolifeacademy.com\/tfowealth\/readit\/needs-vs-wants\/","title":{"rendered":"Needs vs. Wants"},"content":{"rendered":"<section class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]Saving up to buy \u201csomething\u201d is embedded with a lot of financial lessons. This exercise will be focused on:<\/p>\n<ul>\n<li>Purchasing items that bring joy and value to their life<\/li>\n<li>Understanding the concept of trade-offs<\/li>\n<li>Researching and comparison shopping; and<\/li>\n<li>Developing a long-term savings plan which includes the concept of earning<\/li>\n<\/ul>\n<p>The goal is to teach thoughtfulness and intentionality behind every purchase and to instill good habits in our children to make smart financial choices.<\/p>\n<ol>\n<li>Have your child make a list of needs and wants.<\/li>\n<li>Help them to prioritize their list and choose the item(s) they want to save for by discussing the qualitative \u201cvalue\u201d of the item. Highlight that some things that add joy or value to our lives do not cost money and alternatively, some things that do cost money do not always bring joy or value.\n<ul>\n<li>What is the value or joy that the item will bring them?<\/li>\n<li>How will this item enhance their lives?<\/li>\n<\/ul>\n<\/li>\n<li>As they narrow down their top choice(s), discuss the concept of tradeoffs.\n<ul>\n<li>Saving for this item may mean foregoing other things.<\/li>\n<li>If along the way, they choose to use the money for something else, it might mean taking longer to save or working more.<\/li>\n<\/ul>\n<\/li>\n<li>Have them research the prices and teach them the importance of comparison shopping.<\/li>\n<li>Create a timeline and discuss ways to earn.<\/li>\n<li>Over the course of saving, check in and determine if this item still has a perceived value to your child.\n<ul>\n<li>Do they still prioritize this item over other things?<\/li>\n<li>Do they still feel that this item will bring them joy?<\/li>\n<\/ul>\n<\/li>\n<li>As they get closer to their savings goal, discuss if there were any adjustments they had to make along the way and if this is the highest and best use of funds.<\/li>\n<li>When goal is met and the item is purchased, explore:\n<ul>\n<li>How does it feel?<\/li>\n<li>Does it provide the joy and value they hoped?<\/li>\n<li>Do they feel more accomplished because they earned it?<\/li>\n<\/ul>\n<\/li>\n<li>If you notice that the joy has worn off, it is a great time to talk about the lessons learned.\n<ul>\n<li>What different decision would they have made?<\/li>\n<li>What will they do different next time?<\/li>\n<li>How will they make better buying decisions in the future?<\/li>\n<\/ul>\n<\/li>\n<li>Go back to the original list and start the process over.<\/li>\n<\/ol>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"<p>When children\/grandchildren start thinking about that next set of purchases they have in mind they want to start saving for, don&#8217;t miss this golden opportunity to discuss with them the concepts of needs versus wants and financial tradeoffs. As part of financial literacy month, this article will explore a simple exercise you can take your younger family members through to teach them how to demonstrate thoughtfulness and intentionality behind their purchase decisions, a habit hopefully they carry forward for years to come.<\/p>\n","protected":false},"featured_media":508,"template":"","read_it_category":[16],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Needs vs. Wants - TFO Life Academy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tfolifeacademy.com\/tfowealth\/readit\/needs-vs-wants\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Needs vs. Wants - TFO Life Academy\" \/>\n<meta property=\"og:description\" content=\"When children\/grandchildren start thinking about that next set of purchases they have in mind they want to start saving for, don&#039;t miss this golden opportunity to discuss with them the concepts of needs versus wants and financial tradeoffs. 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