You might already be familiar with the idea that there are a few basic things all people must have to survive. These things include food, clothing, and shelter and are known as needs. Needs can also include things that are essential to sustaining or improving your quality of life, like medicines and education.
In addition to needs, many people also have wants. A want is something that isn’t essential to survival, but which we would like to have if we can, such as toys, movie tickets, or a swimming pool.
It’s important to understand the difference between needs and wants because it can help you know how to spend and save wisely. Figuring out if something is a want or a need can be easy! Ask yourself questions like “What will happen if I don’t have this item?” or “Can I live without it?” If nothing will happen if you don’t have it, or if you can live without it, the item is a want. We must always first take care of our needs because those are the things that keep us healthy, safe, and able to lead a good life.