Needs vs Wants
Imagine your mom gives you ₹200. You need a new pencil box for school AND you want a shiny new toy car. You can only buy one. Which do you choose? This is the most important money decision in the world!
- ⚡The difference between a Need and a Want
- ⚡Why smart people buy Needs first
- ⚡How to make good money decisions when you cannot have everything
Needs: Things You Cannot Do Without
A Need is something you must have to live, study, stay healthy or stay safe. Without it, your life gets much harder.
- ◆Food and water — your body needs these every day
- ◆School uniform and books — you need these for education
- ◆Medicine when you are sick — health is most important
- ◆Basic clothes — you need clothes, even if not fancy ones
- ◆A place to sleep — shelter is a basic need
Quick test: If you did not have it for a week, would your life be seriously difficult? If yes → it is probably a Need!
Wants: Nice to Have, Not Must Have
A Want is something that makes life more fun or comfortable — but life works perfectly fine without it. Wants are not bad! But they should come after Needs.
- ◆A new video game — fun, but you already have games
- ◆Extra shoes when your current ones are fine
- ◆A fancier school bag when your old one works
- ◆Ice cream — delicious but not needed for survival
- ◆New sticker set when you already have stickers
The Smart Choice Rule
Here is a secret: Most Wants feel URGENT in the moment. But if you wait 1–2 days, the feeling often disappears. If it is still a strong want after 2 days — maybe it is okay to plan for it!
- 1.Needs are things you cannot live, study or stay healthy without.
- 2.Wants are things that are nice but life works fine without them.
- 3.Always buy Needs first — then Wants if money remains.
- 4.The "urgent" feeling about Wants usually goes away if you wait a day or two.
Look around your room. Make a list of 5 things that are Needs and 5 things that are Wants. Show the list to your parents and discuss!
Your shoes have a big hole and hurt your feet. Is this a Need or Want?
You already have 6 pencils. You want fancy glitter pens. This is a —
Priya had ₹300 and a torn bag. What was the smart choice?
Medicine when you are sick is a —