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Starter. On the Yellow Post it note stick on the board something you think your parents will spend money on each week On the Pink post it note stick on the board what you spend your money on each week . Discussion- Y our parents money.

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  1. Starter On the Yellow Post it note stick on the board something you think your parents will spend money on each week On the Pink post it note stick on the board what you spend your money on each week

  2. Discussion- Your parents money • What do your parents, guardians or other adults you know spend money on? • (Answers should include the home/mortgage or rent, food, clothes, school • Fees, holidays, utilities, toys, presents, petrol, car etc)

  3. Task 1Make a list of NEEDS and WANTS for the average UK teenager

  4. What is the difference in our lives? Need Want

  5. Definitions • What is a “Need”? (Answers should include shelter, food, clothes-basic items that are essential to a person’s survival etc) • What is a “Want”? (Answers should include holidays, toys et – items that are nice to have)

  6. Task 3 • Decide if the item is a need or a want • Going through the list of Needs and Wants, ask the group to further categorise the items into • Fixed (regular monthly payments e.g., mortgage) • Variable expenses (e.g. one-off purchases, holidays)

  7. Tier 6&7 Task in your books You must write a paragraph (at least) to explain the difference between needs and wants, give examples. Explain which are the most important people? You may think both are important?

  8. Homework Createa poster (Can be word processed)describe needs and wants of yourself and your parents You must explain: • Needs and Wants • Variable and fixed costs To make it more attractive include images or draw yourself (maybe magazine clippings)

  9. WHAT MY PARENTS SPEND MONEY ON A need a necessity to survive A FIXED PAYMENT IS A REGULAR MONTHLY PAYMENT A VARIABLE PAYMENT IS A ONE OFF PURCHASSE NEEDS and WANTS A want is a luxury item not needed to survive WHAT I SPEND MONEY ON

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