On this write-up, I am focusing on the difference between needs and wants. After reading the article, you should be able to identify what is a want and what is a need. You should also have the ability to determine how needs and wants affect how we spend our money. This is a need vs want affair.
What is a need? A need is something you ought to have in order to survive. So when you’re thinking about that, can you think of some examples of things we need in order to survive.
To give you a clue, look around your house and think of things that are in your house that you need in order to survive. One thing that you need in order to survive is your house itself. You need shelter. Without a house, we would not be able to survive.
Your house protects you and keeps you safe. It keeps you safe from the heat in the summertime and from the cold in the wintertime. It gives you a warm bed to sleep in, provide you with running water, and it provides you with heat in the winter.
You also need water. Your body is made up of mostly water, and so in order for your body to function, you need water. So we need water in order to survive.
We all need food too in order to survive. Your body uses food for energy, and without that food, we wouldn’t be able to do the things that we do on a daily basis like talking, walking, running, reading, going to school. Your body uses food as energy for all of those things.
Think of it like gas in your car. If you didn’t put gas in your car, your car wouldn’t run, and your body is the same way without food and water.
What other needs do we have? Well, we also have things we need in order to perform daily tasks or to complete a job. Can you think of some examples of things you need in order to get tasks or jobs done throughout the day?
One thing is a car, and although we don’t need the nicest car, I might want a very nice convertible, for example, but I don’t need that. However, with my family, I definitely need a van or some sort of car that’s large enough to get them around.
I do need a car to go to my job, I need a car to take my kids to school or to doctor’s appointments, and if I don’t have a car, then I need some other form of transportation to get me to and from places.
Another example would be toothbrush and toothpaste. You need these things in order to keep your teeth nice and clean, to prevent you from getting cavities and your teeth going bad.
There are other things that we need, such as a hairbrush, soap. Things that we need in order to complete daily tasks.
We also need clothing. It doesn’t have to be the nicest clothing, it doesn’t have to have the latest and greatest character on it that we like, but we need clothing and shoes to keep our body protected.
These are just a few examples. They’re not all examples, but again let’s review. I want you to think to yourself what a need is. A need is something that we ought to have in order to survive or to complete a daily task to take care of ourselves or perform a job.
What is a want? Wants are things we would like to have but do not need. Can you think of some examples of wants?
One example is toys. Toys are great, and they’re fun to play with. Which kid doesn’t love toys? But remember the definition of a want something you want to have and remember the definition of a need in need is something you ought to have in order to survive. Toys are great to play with, but you do not need them in order to survive.
Look at an iPad. A lot of people have these, but an iPad is not a need, it’s a want. It’s something that we want in order to make our day go smoother in order to have the ability to have a computer right at our fingertips.
There are all kinds of examples of things we want, and again the ones mentioned are just a few.
I want you to look at each of the following to determine if it’s a need or a want. Peanut butter and jelly sandwich. Would that be a need or a want? You’re correct if you said it was a need. Its food, it’s something we need to have in order to survive. It might not be what you want to have for dinner or for lunch, but as long as it’s food, it’s something that you need in order to survive.
Is a bike a need or a want? You are correct if you said it’s something I want. A bike is nice to have, and it’s fun to play on, and it’s fun to get exercise on, but it’s not something that you need. It’s something that you want to go out and have fun and play on.
Is soap a need or a want? You are correct if you said it is a need. We all need soap to get our body clean, to get the germs off of our hands, to make our body smell good. Soap is definitely something that we need to keep our bodies healthy and clean.
How does the difference between need vs want influence how people spend money? How does it drive what we buy, and how does it make a difference when it comes to our money?
Well, people first spend their money on things they need, then they tend to spend on things they want afterward. We ought to make sure that we use our money to buy things that we need and then save up money to buy things that we want.
By now, I am certain that it is clear on the need vs want aspect. To put it simply, a need is something that you must have, for you to live. On the other hand, a want is something that you wish to have, in order to add comforts in your life. A need represents the necessities while a want indicates desires.