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NEEDS VS WANTS - THINK YOU KNOW THE DIFFERENCE?

Think of all the things in the world you want – a uni degree, the latest game system, concert tix, new shoes, European vacation… the list can be endless. Now think about your bank account? Got enough to pay for all that stuff? Probs not. The fact is, most of us don’t. So what do we do? We prioritise.

There’s only so much money to go around (unless you’re a Kardashian… ) so you need to choose what you do with yours. This isn’t always as fun as it sounds, because some choices aren’t really a question - like, you need to eat and you need somewhere safe to sleep. Things like this, which would be pretty hard to live without, are called your needs.

On the other hand, you have the wants. This is all the stuff that isn’t necessary to your survival, but that makes life fun and gives you kicks – think music, books, fancy clothes and dinner out.

If you’re not sure, ask yourself ‘Do I absolutely have to have this?’ – if the answer is yes, you’ve identified a need. If the answer is maybe or no, you’ve got a want. The line can look blurry sometimes….. I NEED food vs I WANT to eat out every day … how you can manage that really depends on how much money you have coming in.

 


 

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Any advice in this information is general and has been prepared without taking account of your particular objectives, financial situation or needs. Before you act on any advice you should consider whether it is appropriate for you. IMB Ltd trading as IMB Bank ABN 92 087 651 974 AFSL/Australian Credit Licence 237 391