Topic Summary
Do you really need that item?
A need is anything that you require to maintain your physical, emotional, and financial health. Examples include clothing, food and housing. A want is something that can improve the quality of your life.
Buying a designer jacket: you need clothing, but that’s an expensive option.
If you struggle to distinguish between a need and a want then you should ask yourself these questions:
- Do I really need this item to live and function?
- Can I get this in a less expensive way, like choosing a different brand?
- Would your life be different with this item? You may get more compliments or attention, but is that a compliment for you or a jacket?
Buying a designer jacket is a want.
Question
Which of the following is considered an essential expenditure?
Discussion
When might ‘new trainers’ be a want, and when might they be a need?
How it works in real life
When you make purchases in the next week, tally up the items that are needs and wants. Let’s see how much we spend in each category.