Hello Little Buffalos!

Summer is here, and it's the perfect time to talk about the importance of wants vs needs! Knowing the difference can help you make smart money choices and have even more fun this summer. Let's dive into how you can save and spend wisely.

 

 

What are Needs?

Needs are things you must have to live a safe and healthy life. Think about the essentials you need to live:

 

  1. Food: You need healthy meals to give you energy and keep you strong, especially when you’re out playing in the sun.
  2. Clothing: You need clothes to stay comfortable, like a hat to protect you from the sun and a swimsuit for those fun pool days.
  3. Shelter: You need a safe place to live, like your home, where you can cool down after a hot day.

 

What are Wants?

Wants are things you enjoy and would like to have, but can live without. These are fun extras that make summer even more enjoyable. Here are some examples:

 

  1. Treats: Candy and ice cream are delicious, but they are extras after a nutritious meal.
  2. Toys: You may want the latest pool toy or doll.
  3. Games: Board games or a new video game can be great for rainy summer day, but you don’t need them to survive.

 

Saving for Summer Fun

Knowing the difference between wants and needs helps you make better choices about how to spend your money. When you get an allowance or earn money from chores, you might want to spend it all on summer treats (wants). But it’s smart to think about what you need first!

Here's how to have a fantastic summer while saving smartly:

 

  1. Make a List: Write down things you need and things you want. This will help you see the difference clearly.
  2. Prioritize Needs: Take care of your needs first. This way, you won’t run out of money for important things.
  3. Save Up: If there’s something you really want, save a little bit of your money each week until you can afford it. This teaches patience and responsibility.

 

 

Check out the fun and educational games we offer for our Little Buffalo members!

Download the Super Hero Savings Smash Worksheet to test your knowledge about money and becoming a Super Hero saver.

 

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Inactive Accounts

 

If your child's account has no activity for 18 months, an inactivity fee will be charged. To avoid this fees, you can make a deposit, transfer, or similar actions. 

 

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Education Savings Account

 

Secure your child's future with a Coverdell Education Savings Account (ESA)! Save for their higher education expenses while retaining control until they're ready. Invest in their tomorrow, today with an ESA.

 

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