Updated: Apr 8, 2020
Wants are sold by society!
A 101 financial tip to good money management is to understand the difference between a need and a want. A need is a necessity, an obligation, an essential, a must-have, you almost can't live without. How about, what is a want? Want is a desire, a craving for, a wish, a good to have, should have but (actually) it's alright without. "I'm feeling lazy today, just spend a little more on transport, take a cab." "Once in a life time wedding, just go for the best hotel banquet, dear." Anything over and beyond the basic needs of a roof over your head, enough food to fill your stomach, basic hygiene and healthcare, and comfortable clothing to cover your body - is considered a want.
Want is a desire, a craving for,
a wish, a good to have.
Here's an interest fact, do you realized that once a need is fulfilled, that item became a want to you. Because you already have it, a second serving is probably an extra or backup. As compared to someone who doesn't possess it, he still stands on the minimum needs bar, while you have already crossed it. Thus, a needs and a wants may be viewed differently under different lens. Does that mean we should only buy the things we need? Well, of course not! Life is meant to be lived, not survive. To live means to have a good balance in all aspects of your life. Occasional treats to some wants is ok, but do so when you can afford to. If you struggle to save every month, then that's when you need to prioritize your basic needs, wants are just good to have. Once you become better at differentiating between needs and wants, you will be better in handling your own money, you will be not subjected to peer pressure because you understands that everyone's needs and wants are different.
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