Needs v Wants

As a substitute teacher I talk with a wide array or a diverse set of students every day.  My conviction is that the age of students that I teach which are mainly middle through high school lends itself to the basic understanding of knowing the difference of practical versus emotional spending.  Most students must still learn that in order to live within our means and stick to a budget means mostly spending money on things that we need which is practical spending.  Versus buying all sorts of things that we simply want or desire which is emotional spending.  Research shows that habits and patterns of thought learned as teens or children will likely continue into adulthood.  So talking to students about their lifestyles and what they need to purchase as a middle or high school student and getting them into the habit or behavior of doing that is a precursor to practical spending as an adult.  The first time these kids are living on their own they will be able to differentiate between what they need to spend money on versus what they simply want or feel spending money on.  Thus helping to create responsible citizens who know how to function in our larger economy making them more successful and our country more successful by mastering this basic financial literacy tool.  

Wow! This is really thought provoking. When I was teaching, my students always told me they could earn a living without going to college. So we broke it down in what things cost: Rent, insurance, car payment, food, entertainment, family, taxes, etc. The students got to see the big picture. Granted some students could actually make it on their pay check, yet it opened their eyes up!

I appreciate your title, Needs v. Wants. In a way it reminds me of a current often-airing television commercial, of a young woman saying she was actually able to go through high school without a car or a cellphone. Oh my. The "younger generation" is used to having so much, and when they're on their own someday, they still think they need everything and that's when they go in debt. It'd be nice to teach a class to do without their perceived essentials for a day and see if they can survive.