As a kid, it’s easy to get caught up in all the products being advertised on TV and feel that you simply can’t live without that new toy or trinket. Sound like a familiar scenario? If so, you may want to refresh yourself on the concept of wants vs. needs. Wants are items you would like that aren’t necessary for your survival. Needs, on the other hand, are items that you absolutely must have in order to live comfortably.

Together with a parent, take a look at the list of items below. Discuss which items are wants and which items are needs. Knowing how to distinguish between the two is important so you can prioritize your money appropriately as you get older.

• BICYCLE
• SCHOOL SUPPLIES
• JACKET
• STUFFED ANIMAL
• TELEVISION
• SHOES
• DESIGNER JEANS
• TRANSPORTATION
• GLASSES
• MEDICINE
• SKATEBOARD
• COMPUTER
• FRUITS AND VEGGIES
• CUPCAKES
• MAGAZINES
• HOUSING