Responsible money management is as easy as mastering two skills: distinguishing between needs and wants, and creating and sticking to a budget. Students learn both in this module as well as long-term financial goal-setting and prioritization of needs.

Key Concepts

  • A Need is something that we must have in order to survive. Water, food, shelter and clothing are examples of needs.
  • Want is something that we desire, but do not need in order to live. A new bicycle is an example of a want.
  • A Goal is something specific that you work towards. For example, you might have a goal to get A grades in all of your classes this year.
  • Budget is a plan for your money.
  • Income is all of the money that you are given or earn. Gross Income is the amount of money your boss pays to you. Net Income is the amount of money that you receive after taxes have been taken.
  • Taxes are the money that people pay to the government for public services such as roads, schools, police and fire departments.

Download key concepts pdf

Session 1: Do I Need That?

Duration: 30 minutes


  • To differentiate, and prioritize between, needs and wants
  • To create short-term and long-term financial goals

Downloadable materials (pdf)

Presenter outline
Classroom activities

Session 2: Planning for Your Money

Duration: 30 minutes


  • To recognize the general aspects of a budget
  • To relate income and expenses to daily living