This worksheet asks you to track your family's spending for one week. Since I don't know what your specific family bought this week, I cannot fill in the real data for you. However, I can show you exactly how to complete the assignment by creating a
sample week of purchases. You can use this example as a guide to fill in your own real-life purchases.
Here is how to solve it step-by-step using sample data:
Step 1: Understand "Needs" vs. "Wants"
*
Needs: Things you must have to live or stay healthy (food, water, electricity, medicine, basic clothes).
*
Wants: Things that are nice to have but not necessary (toys, video games, candy, fancy decorations).
Step 2: List Sample Purchases
Let's imagine these were the purchases made in one week:
1. Groceries (milk, bread, eggs) - $45.00
2. Electricity bill - $80.00
3. New video game - $59.99
4. Bus fare to school - $10.00
5. Ice cream treat - $5.50
Step 3: Sort Them into Columns
*
Groceries ($45.00): Need (You need food.)
*
Electricity bill ($80.00): Need (You need power for lights/heat.)
*
Video game ($59.99): Want (It’s for fun, not survival.)
*
Bus fare ($10.00): Need (You need transportation to get to school.)
*
Ice cream ($5.50): Want (It’s a treat.)
Step 4: Calculate the Totals
Now, add up the money spent in each column.
Needs Total:
$45.00 + $80.00 + $10.00 =
$135.00
Wants Total:
$59.99 + $5.50 =
$65.49
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How to Fill Out Your Worksheet
You would write your own items in the blank rows like this:
Under "Needs" Column:
* Row 1: Description: `Groceries`, Amount: `[Your Amount]`
* Row 2: Description: `Electric Bill`, Amount: `[Your Amount]`
* Row 3: Description: `Bus Fare`, Amount: `[Your Amount]`
* ... (add more if needed)
*
Total Row: Add all the amounts in the Needs column. Write the sum here.
Under "Wants" Column:
* Row 1: Description: `Video Game`, Amount: `[Your Amount]`
* Row 2: Description: `Ice Cream`, Amount: `[Your Amount]`
* ... (add more if needed)
*
Total Row: Add all the amounts in the Wants column. Write the sum here.
Since this is a personal tracking activity, there is no single "correct" answer key. The correct answer is whatever your actual family spent, sorted correctly and added up accurately.
Final Answer:
To complete this worksheet, list your family's actual purchases from the past week. Place essential items like food, bills, and transportation under
Needs, and fun items like toys or treats under
Wants. Add up the dollar amounts in each column separately to find the
Total for Needs and the
Total for Wants.
Parent Tip: Review the logic above to help your child master the concept of economics for kids worksheet.
