Wants Vs. Needs

Before you learn how to manage your money, it's important to understand the difference between what you need and what you want.

Needs are necessary for survival. Wants are things you desire but can live without.

"Needs" are necessary for survival. "Wants" are things you desire but can live without. For example, you need housing, food and clothing, but you might want to own a nice car.

Take a few minutes to think about your needs and wants.
Use this worksheet to list what you need for survival, as well as what you want for comfort or to improve your life.

Write down how much you spend on these items each month. Are you spending as much or more for your wants as you spend for your needs? If so, it may be time to rethink how you spend your money.

Getting what you want requires planning. Money management – putting yourself on a budget and sticking to it – will help you reach your goals.


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