This half term we are concentrating our efforts on how we spend our money wisely.
This week we revisited the idea of “Want vs Need”.
We discussed that ‘want’ and ‘need’ depends on a person’s individual circumstances and can change over time. We thought about how we could decide if a need is real and if we are just being caught up with the excitement of wanting something in the moment. We brainstormed different scenarios and shared our personal want/need dilemmas to help us consider how we can ensure we make wise purchase decisions.
A handy tip to help us with making good decisions is called the “24 Hour Rule”. This rule suggested you wait for a specific time to consider your options. If after a day, you find you don’t want it as much, then you may decide to save your money instead. You can also use this time to investigate if you can get the item cheaper elsewhere or do some extra research to ensure it is worth the money. The “24 Hour Rule” is an incredibly helpful tool to ensure you spend your money wisely and not impulsively.
We ended our session learning about “TRADE OFFS”. When someone buys something, they are making a choice – a trade-off – whereby they decide to buy one thing and
forego another. Acknowledging that a trade-off is being made is important when making a new purchase. With brands for example, the trade-off is between price and a logo. Sometimes, a person buys something cheaper but of lesser quality because they need it now, as opposed to waiting while they budget and save enough money. The trade-off is
time and quality.
In conclusion, we decided when making a spending decision, it is important to consider not only whether something is a need or a want but also to keep in mind another important trade-off that is being made when undertaking that purchase.
Well done girls. I am looking forward to our meeting next week!
