Learn the difference between ‘wants’ and ‘needs’

So what are ‘needs’? To put it simply, ‘needs’ are anything you must have to survive; specifically a place to live, clothes to wear and food and drink to sustain you. ‘Wants,’ on the other hand, are the things you desire, but don’t necessarily need to live. Here’s where it gets a bit murky, though. You need food to eat, but do you need to buy a lunch every day at your local fast food outlet, or could you pack a lunch from home? If so, that fast food meal becomes a ‘want’ rather than a ‘need.’ Similarly, you probably regard a cell phone as a necessary item, but does it have to be the latest iPhone? If it’s designer or the very latest model, it’s probably a ‘want.’

It’s okay to indulge in ‘wants’ sometimes, but it can get you in trouble if you overdo it. For example, if you have to borrow money to buy your desired item, or if making that purchase means giving up the things you actually need.