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Needs vs. Wants

There's a difference!?

by Liam Byrne

Wants? Needs?

What's the difference?

Wants?Needs?

Needs: Goods and services that we need in order to live. Basic necessities.

Wants: Goods and services that we don't necessarily need, but wish we had. Think of them as luxuries, but

not things we need to survive.

Fun Fact

Fun fact:

Studies have shown that the more advertising a person is exposed to, the more they buy and consume.

How much of what you buy are things that you have seen on TV or in an ad? Do you think about whether it's a need or a want when you're about to make the purchase?

Examples of Needs

Shelter

Clothes

Examples

of

Needs

Food

Basic insurance

A Tip

A tip:

Not all needs are created equal. Everybody needs food to survive, but which is the more important one to have? Water or soda? A healthy salad or macaroni and cheese?

Examples of Wants

Entertainment

Toys

Examples of

Wants

Luxury cars

Jewelry

Question to Consider

Question to Consider

Think about the amount of money you spend per month. How much of your budget do you spend on wants? Do you think there are a few things that you can cut out, and still live a wholesome life?

Some Helpful Advice

Tips

on

Spending

  • Be happy with what you have.

There are more important things to life than

owning a fancy computer with cool widgets.

  • Don't let your needs turn into wants.

Sometimes our needs can cause us to spend

more than we should. Choose water over soda.

Buy the cheaper car instead of the fancier one.

  • Think before you buy.

Before you buy something, think carefully.

Is it a need or a want?

  • Wait before you purchase.

Not sure about buying something? No rush! Go home and

really think about it before you come to any fast

conclusions.

  • Evaluate your budget.

Really think about how much you currently spend on wants.

Are you spending more than you should? Should you cut some stuff out?

Something

to

Consider

Something to Consider

Spending money on wants is okay. As long as you are doing it in

moderation and still sticking to your budget, go have fun.

Life is meant to be lived, not survived.

Maslow's Hierarchy of Human Needs

These will come after

Maslow's Hierarchy of

Human Needs

Your most basic needs come first

Scenario #1

Scenario #1

Q&A time!

You are deciding between a new car that costs $17,000 with zero miles and a navigation system, and a three-year-old car with 7,000 miles and no navigation system for $12,000.

You have $10,000 in savings and will take out a loan for the remaining amount.

What are the wants? What are the needs?

Answer

Scenario #1 Answer

Wants: The brand new car.

Needs: The used car.

Why?: The brand new car will put you $7,000 in debt if you buy it, whereas the used car will only have you paying back $2,000. Even though the used car doesn't have all the bells and whistles of the new car, it is still reliable and has low miles.

Scenario #2

Scenario #2

You find a computer model that will more than meet your needs. You are deciding between a new version that would cost $3,000, a refurbished version with the same features for $1,500, and a brand new computer that costs $1,800 with all the features you need.

The refurbished version comes with a warranty, and you've bought a refurbished portable music player from the same company with no problems.

What are the wants? What are the needs?

Scenario 2 Answer

Answer

Wants: The new laptop with no features you need.

Needs: The refurbished computer. (Maybe) the new computer with the features you need.

Why?: You can meet both your wants and needs by buying the refurbished computer. Since the refurbished version comes with a warranty and you have had good experience with the company in the past, your best option would be to buy the refurbished computer.

Scenario #3

You have received $500 from your grandparents for your high school graduation. You've been wanting to buy a new watch and upgrade your wardrobe since you are starting a new job in a few weeks. However, you will be moving out on your own soon and will need to pay 3 months rent in advance, which totals to $1,500. You believe you can save enough money from your job to pay for rent, but you're not entirely sure.

What are the wants? What are the needs?

Scenario #3

Scenario #3 Answer

Needs: Rent.

Wants: The new watch and clothes.

Why?: While you may want to buy a new watch and clothes, you need to have enough to pay rent first. If you're really not positive whether or not you can save enough to pay rent after buying the wants, it's better to be safe than sorry and stick with paying rent.

Answer

In a nutshell...

Conclusion

  • Needs are basic necessities that help us live, while wants are things we wish we had, but aren't necessities.

  • Evaluate your budget. Think critically about what things you're about to buy are needs, which ones are wants, and what you can afford.

  • Think about Maslow's Hierarchy. Rank your needs. Which one is the most important to have?

Works Cited

  • https://en.wikipedia.org/wiki/Maslow%27s_hierarchy_of_needs
  • http://www.accumulatingmoney.com/spending-money-needs-vs-wants/
  • https://www.makingsenseofcents.com/2017/06/wants-and-needs.html
  • https://www.thebalance.com/wants-vs-needs-1388544
  • https://www.investopedia.com/university/teaching-financial-literacy-kids/teaching-financial-literacy-kids-needs-and-wants.asp

Works Cited

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