Needs & Wants

Distinguish between needs and wants

Needs vs Wants

Needs are things we must have to survive — food, water, shelter, clothing and healthcare. Wants are things we would like but can live without — sweets, toys, games, designer clothes. Understanding the difference helps us make good money decisions.

Example

Sorting Needs and Wants

NEEDS: bread, clean water, a warm jacket, school shoes, medicine WANTS: chocolate, a new phone, designer sneakers, video games, fizzy drinks Test: 'Can I survive without it?' Yes → it's a WANT No → it's a NEED

Note

Remember

Sometimes the line is tricky — you NEED shoes (need) but you WANT expensive branded shoes (want). Always pay for needs first before spending on wants. A budget helps you plan for both.

Key Vocabulary

NeedsThings essential for survival (food, water, shelter)

WantsThings we desire but can live without

ChoiceDeciding between options when resources are limited

PriorityWhat is most important and should come first

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