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 needs 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 1 Professional expenses (employment

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

2 Subscriptions (Netflix, Hulu, Spotify, 2 Holiday and other gift giving

etc)

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

Lyft, Bird, Jump)

2 Vacation/travel 1 Transportation costs (maintenance, car

payments, insurance, public
transportation)

1 Electronics (video games, phones, etc.) 1 Cell phone plan

3 Out-of-home entertainment 2 Dining out

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 (amusement parks, movies, bowling,
etc)

2 Contributing to family income / Giving 2 Gym membership

money to family

Part II: Plan Your Discretionary Spending

2. Let’s pretend you 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

Professional expenses (employment resources, online 100

course subscriptions, membership fees, conference
attendance, etc)

Electronics (video games, phones, etc.) 24

Transportation costs (maintenance, car payments, 60

insurance, public transportation)

Cell phone plan 30

Non-essential beauty/hygiene or grooming items/services 15

Subscriptions (Netflix, Hulu, Spotify, etc) 40

Vacation/travel 200

Personal hobbies (membership fees, equipment, 90

uniforms, clubs or teams, etc)

Holiday and other gift giving 100

Dining out 100

TOTAL $759

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?

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

Dining out. It's a thing I've gotten accustomed to.

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

Not by much.

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.

Need. they require it, so if my cousin wants to keep their job, they need to wear those clothes.

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?
7 outfits max.

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

Off the rack, 2nd hand.

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