Understanding Wants and Needs

What is the primary difference between a want and a need?

• A want is a desire for non-essential items, while a need is essential for survival.

• A need is a luxury item, while a want is a basic necessity.

• A want is always more important than a need.

• Wants and needs are the same and can be used interchangeably.

What is the primary difference between a want and a need?

• A want is a desire for non-essential items, while a need is essential for survival.

• A need is a luxury item, while a want is a basic necessity.

• A want is always more important than a need.

• Wants and needs are the same and can be used interchangeably.

List three personal wants you have right now.

• A fancy dinner at a five-star restaurant

• A new car to drive

• A subscription to a streaming service

• 1. A new book to read, 2. A vacation to a tropical destination, 3. A new gadget to enhance productivity

Identify two essential needs that everyone has.

• Health and technology

• Transportation and education

• Food and shelter

• Clothing and entertainment

How can excessive wants impact your budgeting?

• Excessive wants can improve financial discipline and planning.

• Excessive wants have no effect on budgeting at all.

• Excessive wants can disrupt budgeting by leading to overspending and insufficient funds for essential expenses.

• Excessive wants can help save money for future investments.

How can excessive wants impact your budgeting?

• Excessive wants can improve financial discipline and planning.

• Excessive wants have no effect on budgeting at all.

• Excessive wants can disrupt budgeting by leading to overspending and insufficient funds for essential expenses.

• Excessive wants can help save money for future investments.

What strategies can you use to manage your wants effectively?

• Focus solely on short-term pleasures

• Prioritize, budget, practice delayed gratification, and review goals.

• Spend without tracking expenses

• Ignore your desires completely

What strategies can you use to manage your wants effectively?

• Focus solely on short-term pleasures

• Prioritize, budget, practice delayed gratification, and review goals.

• Spend without tracking expenses

• Ignore your desires completely