NGPF Activity Bank

Budgeting
Spanish version
Virtual Adaptation Ideas

COMPARE: Needs vs. Wants

Although online resources and financial gurus will tell you that it’s pretty clear cut for what qualifies as a need versus a
want, in real life it’s often not that clear. For example, if you decide to live in Cleveland while your family lives in Phoenix
and visiting them is a priority for you, then you might consider 4 flights a year a necessity. On the other hand, your
extreme love of scuba diving might make 4 flights a year to Hawaii or Florida seem like a need, when it’s possibly more
of a want.

Part I: Assess Your Values

Assuming that your fundamental needs of housing, clothing, and food have been met and you already have a savings
plan in place, your budget may allow you to spend on a few extras.

1. Review the list below, putting a:

● 1 next to those that are needed for you,
● a 2 next to high priority wants, and
● a 3 next to low priority wants.
● You can leave some blank if they don’t fit into your lifestyle at all
● Fill in the empty boxes with items you value that we haven’t included

# ITEM # ITEM

3 Trendy clothing 2 Personal hobbies (membership fees, equipment,

uniforms, clubs or teams, etc)

2 Non-essential beauty/hygiene or grooming Professional expenses (employment resources,

items/services online course subscriptions, membership fees,
conference attendance, etc)

3 Subscriptions (Netflix, Hulu, Spotify, etc) Holiday and other gift-giving

3 Ride-sharing or mobility apps (Uber, Lyft, Bird, Charitable or religious donations

Jump)

3 Vacation/travel Transportation costs (maintenance, car payments,

insurance, public transportation)

3 Electronics (video games, phones, etc.) 3 Cell phone plan

Out-of-home entertainment (amusement parks, 3 Dining out

movies, bowling, etc)

2 Contributing to family income / Giving money Gym membership

to family

www.ngpf.org Last updated: 9/15/20

1
Part II: Plan Your Discretionary Spending
2. Let’s pretend you earn the 2019 average college graduate income and you’re using the 50/30/20 method of
budgeting. You’ll have roughly $900 per month to divide among the categories above. Reflect on the priorities
you’ve set above, and create a budget for the needs and wants you’d like to be able to fulfill each month.

ITEM AMOUNT YOU’LL SPEND

$80
Personal Hobbies
$100
Clothes
$100
Transportation
$50
Cell Phone Plan
$80
Phone
$50
Emergency Funds
$164
Dining out
$20
hygiene
$205
Vacation
$51
Contributing to family income
TOTAL $900

www.ngpf.org Last updated: 9/15/20

2
Using your “wants” budget above, answer these questions:

3. Which of those items would be easiest to give up, if your life circumstances forced you to?
The easiest to give up would be my phone plan.

4. Which of those items would be hardest to give up? Why?

The hardest to give up would be my phone because there are reasons why I need my phone there could be an
emergency, to communicate with family, and to develop essential skills.

5. How do your values inform your spending decisions in this category?

My values inform my spending decision because certain things were important to me and certain things I
didn’t find important as I can live without them.

Part III: Consider This Example

Your cousin graduated from college and got an intro-level job in human resources at a large company in Washington, DC.
Leftover from college, they have one nice suit, a few business-appropriate shirts and pants, and one professional pair of
shoes. Your cousin’s job requires them to be in business attire every day for work.

6. Would you consider your cousin’s desire to upgrade their wardrobe a need or a want? Explain why you feel as
you do.
Want, I feel as if it’s a Want because they could have given them something worse and a nice suit is good for
them and shirts are really good because they probably couldn’t afford the really nice shirts and the shoes are
perfect the reason I say that is because they are professional shoes and they don’t need to go and buy any
more shoes unless she/he can’t fit them anymore.

7. Assume that your cousin decides they need a wardrobe update. What would you feel is an appropriate amount
of business clothing for your cousin to own in order to succeed at their job?

www.ngpf.org Last updated: 9/15/20

3
 I feel as if a few suits for each day would be good for them so it can get them through the week and it would
be clean.

8. What should be your cousin’s approach to purchasing their wardrobe updates?

Their Approach should be buying something that is well-priced something that is business-wise.

www.ngpf.org Last updated: 9/15/20

4