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Research Personal Finance: Needs vs. Wants

Your one place to get all your questions answered about all things money related

Money Well Spent?

Needs and Wants

Being successful at budgeting requires you to know if the purchase you are about to make is a need or a want.

A need is typically an item that you have to have to survive (i.e.; food and housing)

A want is typically an item that you would like to have or something that makes your life easier or happier (i.e.; designer clothing)

Needs and wants are different for everyone and its important for you to realize which is which for you. Allowing wants into your budget is a good a healthy way to stick to the budget you created, just make sure you prioritize those wants within your income level.

Needs vs. Wants Poll

Bang for Your Buck Workshop Handout