Wants vs Needs

Wants vs Needs

All human beings have desires and needs, which can change according to the circumstances of life, age, culture or the region where they live. To be able to cover our wants and needs, people must make decisions about how to spend their money efficiently and, to do this, the first thing we must understand is the difference between wants and needs.

Needs are necessary elements to keep people alive, healthy and safe, such as food, clothing, medical care, shelter and water. Needs are things we must have to survive.

On the other hand, wants are things that we would like to have but that are not necessary to survive. For example, jewelry, magazines, concerts or candy. Wants are those additional things that make our life more pleasant and comfortable. These are things that we can let go if we do not have the necessary resources to get them at a certain moment.

Remember: we should use our money wisely and make sure we attend our needs first and then our wants.

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