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Mastering Budgeting: Distinguishing Needs, Wants, and Savings

Understanding how to budget is key to financial wellness. Learn the difference between needs (essential for survival, like food and shelter) and wants (non-essential luxuries like sweets or games). Discover how to manage your income from various sources, such as pocket money and gifts, and identify your expenses, including immediate purchases and planned savings. Plan your short-term savings for fun activities, and long-term savings for future goals. This guide helps you take control of your finances, ensuring you can enjoy life while saving for what really matters.

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Mastering Budgeting: Distinguishing Needs, Wants, and Savings

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  1. SEN Knowing and Growing Budgeting!

  2. Needs Needs are things you must have in order to live. (food, water, shelter)

  3. Wants are things you would like but are not necessary in order to live. (cake, sweets, fashionable clothes, mp3 players, computer games) Wants

  4. Income This is money you have, which you can spend or save.(Pocket money, earnings, birthday money, Christmas money)

  5. These are the things that you spend your money on.(Snacks, sweets, games, trips to the cinema, bowling, swimming) Expenses

  6. This is the money that you don’t spend right away. You keep it somewhere safe to spend later on something you are waiting to buy. Short-term savings (for a concert, school trip, new clothes/boots) Long-term savings (saving for the future) Savings

  7. How much money do you get every week? Decide how much you will spend. Decide how much you will save – maybe for going on holidays. Budgeting

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