Q. Whatisa need? A. A need is something you cant live without Q. What is a want? A. Something you don’t need but would be nice to have Q. How to prioritize? A. Choose your needs over your wants, if you run out of money because you spent it on your wants you won't have any left to pay you bills. Prioritizing is important when you budget because you might not have enough money to get something you want right away but if you can calculate carefully you may be able to get after some time. Q. What is a Value? A. Something that someone likes to do and they feel it is important to them. Some families value vacation so they budget for it and they like to spend money on it. Some other people value sports and spend money on it. If you want to be able to get a value then you must be good at managing you needs and wants. Q. Why is prioritizing in a budget important? A. If you don’t prioritize then you might buy a lot of wants and then you might not have enough money for your bills. If you can't pay your bills you will go into debt and then you won't be able to get any of your wants or values. Prioritizing can affect your spending of money a lot.