PDA

View Full Version : Need vs. Want


NewPerson
November 30th, 2016, 08:10 AM
Does anyone else have trouble differentiating between need and want?
I always want to save money but my problem is that I can't differentiate a need from a want..and that's where I get stuck.

Say, I know I have to save money but then I see a really nice dress that is on discount, which wouldn't otherwise be...so I buy that but then only to realize later that I could've avoided that altogether and saved money.

Does anyone struggle with this dilemma? Because logically speaking, good things rarely go on sale...so it's not that bad of a deal overall but still goes against 'saving money'.

How do you guys prioritize? When is it okay to 'break the rule', and when not?

bentheplayer
December 1st, 2016, 10:00 AM
Haha I just love this question. Needs VS wants. It depends on perspective innit? Especially since we are growing up in a more materialistic world than our predecessors. There are more choices available (read expensive brands) and more fads to keep up with. First of all you need to recognize what your goal is - to save money or to keep up with the latest trends etc.

But yeah I know how that feels. Its like a battle with yourself. Basic needs should only be water, food, shelter and healthcare. Anything else is a want. :) According to Maslow's hierarchy of needs your most basic needs are things that you need to survival. You don't need to have the latest dress, phone etc to survival but you might want them as they make you feel good, ie boosting your self-esteem etc.

Ask yourself honestly, is that dress really a good thing? Just cos something usually retails at a high price doesn't necessarily mean that it is good or value for money. If you already have dresses at home, why not just use those? Never forget that the textbook marketing technique is to make a product change from being perceived as a need instead of a want. The classic products are smart phones and internet. I know I personally can't live without the internet but not too long ago the internet wasn't even invented yet and life still moves on.

The easiest way to save money is to be comfortable with yourself. There is no need to have the latest gadget or clothes each time a new product line is launched. Once you attain self-actualization you will probably realize that things (wants) no longer matter. Generally you can't expect to have both the latest stuff and money as well unless you are a trust fund baby. In fact many rich people are pretty frugal. They never spend money unnecessarily intentionally.

Try living with want you already have and not buy anything for a month other than food and toiletries. I mean there is nothing wrong with buying stuff you like but you need to be able to control that desire of wanting and buying.

The best way forward is to work out a budget. Deduct the cost of the needs, bills and saving target from you budget to get your disposable income. That amount of disposable income is for you to buy stuff that you want like that cute little dress etc or to save and roll over to the next month(s) for bigger ticket items. Once that disposable income is gone then don't buy any more stuff. Alternatively just bring what you budget for the day in cash so you cant overspend.

NewPerson
December 2nd, 2016, 02:45 AM
Thanks Ben!
That is a pretty profound answer...
But yes, I get your overall point - I think one has to decide what one can and cannot live without. Self-actualisation is key...I agree.

Thanks!

bentheplayer
December 2nd, 2016, 07:34 AM
No problem. I am glad you found it useful. Tbh I am also still struggling with this but the idea is that we don't need most of the things we take for granted in our lives. They are nice to have but not truly necessary. You could try to live a minimalist lifestyle if you want to save money but as always don't go the extreme and deny urself the nicer things in life that you want and can easily afford. Balance is key.

Trevor.
December 29th, 2016, 02:47 AM
Does anyone else have trouble differentiating between need and want?
I always want to save money but my problem is that I can't differentiate a need from a want..and that's where I get stuck.

Say, I know I have to save money but then I see a really nice dress that is on discount, which wouldn't otherwise be...so I buy that but then only to realize later that I could've avoided that altogether and saved money.

Does anyone struggle with this dilemma? Because logically speaking, good things rarely go on sale...so it's not that bad of a deal overall but still goes against 'saving money'.

How do you guys prioritize? When is it okay to 'break the rule', and when not?

Needing something is when you couldn't live without is... Wanting something is something that would make you happy if you had. If you need something get it. If you really want to save money I would only get the stuff I need like... Food... Some cheap clothes and shoes?... If you want a new tv try getting a older version so it would help you save. Remember to compare prices too that helps A Lot :)

Just JT
December 29th, 2016, 03:21 AM
I agree with the other posters. But also for some people, maybe like yourself, it's hard to differentiate between the two. For me I find it easy. Like said above things that are need based are food clothing shelter, all those basic needs of survival we need to live.
Want is anything more than that I wand a new bike, an older good running high quality mongoose mountian bike that has all there new parts on it. And runs great. But I don't need a new one. If I go without it there will be no consequences of having it or not other than the money spent to buy it

In the end it's a personal choice everyone makes for themselves