Youth Month: Needs vs Wants

Needs vs Wants

» Saving for a Rainy Day

One lesson that we continue to learn, even as grown-ups, is the difference between needs and wants. A need is something that you require because it is necessary or very important. A want is something you would like to have. If you need help understanding the difference between needs and wants here are some examples.

» Needs:

  • clothing (basic items such as t-shirts, socks, pants)
  • medical care
  • nutritious food
  • shelter
  • basic utilities

» Wants:

  • electronics
  • jewelry
  • toys
  • candy
  • video games

It can be very easy to say we need something, when in reality, we really want whatever the item may be. For example, at dinner time you may find yourself saying you NEED to have a cheeseburger and fries for dinner, but really you need food and you just want a cheeseburger and fries.

Keeping in mind the difference between needs and wants can help you make smart spending choices. And being a smarter shopper will help you achieve the financial goals that you have for yourself! Do you have a safe place to save your money? If not, check out our options for Youth Savings!