What is your understanding of Needs & Wants in relation to finances and how do you draw the line between these two?
Needs are essential expenses for survival while wants are non-essential items or services that enhance comfort or enjoyment.
Needs are the things that we must have in order to survive while wants are things that we obtain to make our life easier or for leisure.
Needs are essentials like the basic needs for survival like food, housing etc but wants are non-essential that enhance comfort or lifestyle
Needs are essential expenses required for survival and basic functioning, such as food, housing, and healthcare. Wants, however, are non-essential items or services that enhance comfort, enjoyment, or lifestyle, like luxury gadgets or vacations. Prioritizing needs over wants is crucial for effective financial management, ensuring basic necessities are met before spending on extras.
Needs are what we can not do or live without and wants are what we desire but are not necessary in our daily life's. We need food and water for a proper nutrition, but eating at KFC or sparkly water is what we want but not necessary.
In financial terms, needs are the essential expenses required for survival and basic well-being. These include:
Food and clean water, Shelter
Wants, on the other hand, are non-essential items or services that enhance comfort, pleasure, or status. They include: paying for Netflix, paying for gym
Food and clean water, Shelter
Wants, on the other hand, are non-essential items or services that enhance comfort, pleasure, or status. They include: paying for Netflix, paying for gym
Needs are the essential materials needed at the moment that we can't do without while wants are the non-essential materials we can do with and is not needed at the moment
My understanding is that needs are necessary whereas wants are most probably things i can do without so i'd not treat them as things that i must have