What I want and what I need.

Alot of times we hear people say, "I need to get a new pair of shoe or i need to subscribe my cable tv". The common word in this two statements is need. We also hear people say, "i want to own a big house close to a lake. Or i want to travel round the world". The concept of wants and need has profound effect on our daily life's, since it determines to a great extent what we have to own, do and achieve. Alot of times many people use these words interchangeably, due to their inability to understand this concept very well and how it affects their life's.

A need is an urgent requirment for something or a necessity. A want is a desire or wish for something which may not be urgent. Wants can sometimes mean luxuries. Needs are usually basics, what we need for sustainance. The basic human needs are shelter, foods and cloths. That is not to say that we do not need anything other than the three mentioned elements. If we can afford the already mentioned needs and still have enough resources to acquire other needs then it is okay. If you own two cars, a house and lots of cloths to wear and you still desire to own a fancy sports car, that is a Want and not a Need. If you have enough financial resources to acquire the sports car then it is okay, but if you do not, then you have to set your priorities right.

What happens when you purchase something you want instead of something you need when you're in a budget.

1. There is a possibilty of you reselling what you bought expensively at a lower price, so that you can settle your most pressing need.

2. You're likely to experience financial strain as a result of your action.

How to identify your needs from your wants:,

1. Make a scale of preference. A scale of preference is a list of our needs in other of importance. The most pressing needs are found at the top and the least pressing at the bottom of the list.

2. Endeavour to stick to your budget.

Note: You have fully attained maturity when you can differentiate between your needs and wants.