Needs vs Wants

Can you distinguish the difference between needs vs wants?

Definition of a Need

The definition of a need is something you MUST have in order to live.

Food for example, or adequate shelter.

Definition of Want

The definition of want is something you would like to have.

A lot of people cannot tell the difference and find they are overspending and living paycheck to paycheck.

When it comes to needs vs wants a lot of people just do not give spending another thought.

It has been surmised that we spend the first half of our lives accumulating possessions and the second half trying to get rid of it.

This is probably true for most people.

How Far Do We Go?

Do you long for a higher paying job? Or wish for a raise.

It isn't about making more money.

It is about making better decisions with the money you do make.

I am blown away when I am told how much money some people make; only to find out they are living paycheck to paycheck.

Maybe we can blame our families.

We were brought up expecting certain things, whether we really needed them or not. The neighbours have it so we have to go get one too.

What message is this sending to our children?

Are they destined to repeat the debt cycle?

In a lot of cases the answer is yes.

For some of us buying things and spending money is filling a void.

We think that this shiny new item is going to make a better person.

We will be liked more.

We will be happier.

A day or two later and the sensation is gone. And off we go again in search of the item du-jour.

Hopefully as we get older we can make the distinction between needs vs wants.

Unfortunately for some it is too late.

They have tons of stuff that serves no purpose really and they have put themselves in debt doing so.

Now I am not suggesting that we all have to adopt a Ghandi-like existence.

It is okay to purchase things for enjoyment or pleasure. Just try to not go overboard with your spending.

So are we powerless to stop ourselves? Of course not. Here are some tips to help you assess if you need to rush out and spend.

• Mute the television during commercials. They are too loud and they encourage spending, so turn off the volume.


• For every dollar you spend on a want, put an equal amount in a savings account.
• Can you do without this precious item? (Whatever it is) Does a friend have one that they don't need anymore?


• Ask yourself why it is that you "want" this item. Write the answer down. Wait a few days. The urge will probably pass.


• If it is a rather expensive item, save for it. Delayed gratification. And you will appreciate it more if and when you do purchase it.

As part of your personal growth plan you must get your personal finances in order.

Stress in relation to poor money management is a major cause of poor emotional health.

Understanding needs vs wants is one of the steps you must take in getting control of your personal finances.

And it is one of the keys to a healthy lifestyle.

Related pages:

Personal core values
Definition of lifestyle
Healthy lifestyle factors
How to live a healthy lifestyle
Life lessons
Personal growth solutions
Signs of depression in men
Time management is important
Typres of responsibility