Difference between Needs and Wants ( How to Differentiate Between Needs and Wants)
800 بار بازدید -
3 سال پیش
-
Difference between Needs and Wants
Difference between Needs and Wants ( How to Differentiate Between Needs and Wants)
In this video, I explained the difference between needs and wants with examples, and how to differentiate between needs and wants as well.
HERE IS THE BLOG FORMAT
We don't always distinguish between the things we want and the things we really need, and as a result, we spend without thinking about how our short-term wants can be a hindrance to us having enough to buy our vital necessities or reach our long-term goals.
In this video, we explained:
1. How to tell the difference between needs and wants.
2. How to set spending priorities
3. How to identify your usual spending habits.
1. How to tell the difference between needs and wants.
In order to have more money to spend, the first step is to know the difference between your needs and your wants. Here are some basic definitions to remember.
A) Yours needs is considered a necessity, something required and essential for life, while
B) Your wants are considered a desire, something wished for and non-essential.
Knowing these definitions, a roof over my head will be considered a need. The same with clothing and food. A vacation is a want, and so are meals in restaurants, video games, gym memberships, and designer shoes.
Needs and wants can differ for most people. For example, someone who lives near a bus route might consider a car as a luxury, while someone who doesn't have access to public transit might see a car as a necessity. Also, needs and wants may change over time. A big home may be a need when you are raising a family, but might not be what you need when your children are all grown and out of the house.
Knowing the difference between needs and wants is the first step. The next step is setting priorities so you know where to spend your money.
2. How to set spending priorities.
A good way to set spending priorities can easily be classified in 3 ways:
A) Items that are essential for healthy living like basic food, shelter, clothing.
B) Items that are not essential but important like a bicycle or transit pass, running shoes, cell phone, and
C) Items that are not essential and not important like candy bars, spa treatments, paid music downloads.
Often, we think we make spending decisions based on rational factors like need, price, and budget, although we do that sometimes, we are also influenced by many other factors like advertising, impulses, and what our friends and family buy.
Whenever you are unsure about your spending decisions and habits, always remember these key points.
Needs are things that are essential for life, and wants are non-essential items that we would like to have.
It's important to differentiate between needs and wants and to balance them in your life.
Set spending priorities so you will have money for the things you really need and want.
Many factors influence how you spend, including emotions, habits, and peer pressure.
Watch how these different factors affect your spending decisions so you can get control of them.
3. How to identify your usual spending habits .
Sometimes it may seem as if expenses keep piling up endlessly. But you can control many of your expenses. It takes awareness, planning, and a little self-control. With the help of a budget plan, you can easily identify where you spend your money on a weekly, monthly, and even yearly basis.
Every one of us has expenses that come from some type of income. Whether it comes from a paycheque, an inheritance or investments, a monetary gift, etc. You still need to know how to keep track of your income and manage it to cover your expenses and save for future goals.
Always remember what gets measured gets improved. To identify your spending habits, there are two things you must do with your expenses:
A) Know what you spend.
B) Reduce unnecessary spending.
I provide information on business, personal finance, life in Canada, and moving to Canada utilizing various sources.
Contact me via Instagram: Instagram: darlingtonobasi.c
Twitter: Twitter: dcobasi
Linkedin:LinkedIn: darlington-c-obasi-49b5236b
#differencebetweenneedsandwants
In this video, I explained the difference between needs and wants with examples, and how to differentiate between needs and wants as well.
HERE IS THE BLOG FORMAT
We don't always distinguish between the things we want and the things we really need, and as a result, we spend without thinking about how our short-term wants can be a hindrance to us having enough to buy our vital necessities or reach our long-term goals.
In this video, we explained:
1. How to tell the difference between needs and wants.
2. How to set spending priorities
3. How to identify your usual spending habits.
1. How to tell the difference between needs and wants.
In order to have more money to spend, the first step is to know the difference between your needs and your wants. Here are some basic definitions to remember.
A) Yours needs is considered a necessity, something required and essential for life, while
B) Your wants are considered a desire, something wished for and non-essential.
Knowing these definitions, a roof over my head will be considered a need. The same with clothing and food. A vacation is a want, and so are meals in restaurants, video games, gym memberships, and designer shoes.
Needs and wants can differ for most people. For example, someone who lives near a bus route might consider a car as a luxury, while someone who doesn't have access to public transit might see a car as a necessity. Also, needs and wants may change over time. A big home may be a need when you are raising a family, but might not be what you need when your children are all grown and out of the house.
Knowing the difference between needs and wants is the first step. The next step is setting priorities so you know where to spend your money.
2. How to set spending priorities.
A good way to set spending priorities can easily be classified in 3 ways:
A) Items that are essential for healthy living like basic food, shelter, clothing.
B) Items that are not essential but important like a bicycle or transit pass, running shoes, cell phone, and
C) Items that are not essential and not important like candy bars, spa treatments, paid music downloads.
Often, we think we make spending decisions based on rational factors like need, price, and budget, although we do that sometimes, we are also influenced by many other factors like advertising, impulses, and what our friends and family buy.
Whenever you are unsure about your spending decisions and habits, always remember these key points.
Needs are things that are essential for life, and wants are non-essential items that we would like to have.
It's important to differentiate between needs and wants and to balance them in your life.
Set spending priorities so you will have money for the things you really need and want.
Many factors influence how you spend, including emotions, habits, and peer pressure.
Watch how these different factors affect your spending decisions so you can get control of them.
3. How to identify your usual spending habits .
Sometimes it may seem as if expenses keep piling up endlessly. But you can control many of your expenses. It takes awareness, planning, and a little self-control. With the help of a budget plan, you can easily identify where you spend your money on a weekly, monthly, and even yearly basis.
Every one of us has expenses that come from some type of income. Whether it comes from a paycheque, an inheritance or investments, a monetary gift, etc. You still need to know how to keep track of your income and manage it to cover your expenses and save for future goals.
Always remember what gets measured gets improved. To identify your spending habits, there are two things you must do with your expenses:
A) Know what you spend.
B) Reduce unnecessary spending.
I provide information on business, personal finance, life in Canada, and moving to Canada utilizing various sources.
Contact me via Instagram: Instagram: darlingtonobasi.c
Twitter: Twitter: dcobasi
Linkedin:LinkedIn: darlington-c-obasi-49b5236b
#differencebetweenneedsandwants
3 سال پیش
در تاریخ 1400/05/29 منتشر شده
است.
800
بـار بازدید شده