Do you know the difference between needs and wants?

I think you can also ask this question without refering to money. I want to go for vacation because it is fun, but I only need to do it when I am exhausted. I want a lot of things if I don`t get them it wouldn`t bother me but what I need is something I couldn`t live without. My friend for example I need him all the time but I think I would drive him nuts if I would always tell him: I want you ! The difference got nothing to do with money though.

I think for those who are not very financially well off we need to know the difference between wants and needs as it involves money and the question of affordability.Those who are very rich and are loaded with money this question does not rise at all.There are so many luxury items I want say for example an LCD TV,a very posh house, a posh car etc.But my needs are different instead of shelling out on high rents i need to get myself a small apartment which will also turn out to be an investment for my future.Since I have to live within my budget i do know my needs and my wants.But there are times when I go overboard on small items like clothes or footwear,they are not my needs at that moment but when something catches my eye i do get it for myself.

Your needs are things that will sustain you in your daily life. Your wants are thing that you can do with out. example: Paying your rent/mortgage is a need, going to spend the night at a hotel, just because you feel like it is a want, and do not need to be done, boots, if they are bought for work, work boots, they are needed. If they are bought for fashion, whey are wants, and are not necessary to buy. vegetables are needed for healthly eating, candy is not needed, it is something that you want, and is not necessary to spend money on. Hope these examples help you understand the difference between wants and needs.