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Vol. 1.1-4n4

Module 3

www.funancialquest.com – Online Course Module

www.funancialquest.com

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Online Course

Vol. 1.1-4n4

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www.funancialquest.com

Module 3

Needs Vs WantsDuration: 30 Mins

Vol. 1.1-4n4

www.funancialquest.com Module 3: Needs Vs Wants

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Needs Vs Wants

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Needs Vs Wantswww.funancialquest.com Module 3: Needs Vs Wants

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•What is it?•Needs•Wants•Think before you spend•Why is it important?•How to tell the difference?•What's it's use in real life?•Examples•Conclusion

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What is it?www.funancialquest.com Module 3: Needs Vs Wants

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What is this concept all about?

Need- something you have to have Want -something you would like to have

Needs are things which are absolutely necessary and can affect the day to day life in case of their absence. Wants are things beyond our needs which may help enrich our lives and make give us happiness. The secret is to balance both the Needs and the Wants and never let the Needs suffer because of an uncontrolled pursuit of the wants.

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Needswww.funancialquest.com Module 3: Needs Vs Wants

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What are Needs?

In actuality, you only need four things to survive:•Roof – Your house, room or dormitory•Nutrition – Food, water and supplements•Health & Hygiene – Necessary expenditure to maintain good health & hygiene•Clothing – Decent clothes & attire to make you look presentable and give confidence•Others – Some important or urgent expenditures like taking an Auto rickshaw instead of a bus to reach for an appointment on time.

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Wantswww.funancialquest.com Module 3: Needs Vs Wants

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Everything which goes beyond the basic needs can be termed as wants. Some of the examples can be:

•A new Toy Plane you saw at a friend’s house•A new bicycle when your current one is absolutely fine•Latest iPhone when your basic phone has all the functionalities you currently require•Eating out in an expensive restaurant for free toys

Vol. 1.1-4n4

Wantswww.funancialquest.com Module 3: Needs Vs Wants

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Everything which goes beyond the basic needs can be termed as wants. Some of the examples can be:

While we are learning to differentiate between the Needs and the Wants, it does not mean that you should only buy things that you need. The key is to Balance your Needs and your Wants, with a priority always fixed on the Needs.

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Think before you spendwww.funancialquest.com Module 3: Needs Vs Wants

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Handle with Care

Before you buy something, ask yourself, “Do I need this item, or do I just want it?” You may be surprised at how many things are actually “wants.A Balanced approach would not just ensure that your Needs are taken care of, it would also ensure that you have savings to meet some of your wants too!Take the following steps to ensure a balance:-Make a habit to save regularly, even if it is in small amounts-Plan your expenses – take note of even small expenses-Prioritise your wants too – which of your wants to meet first?

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Why is it important?www.funancialquest.com Module 3: Needs Vs Wants

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Balanced Living is Important!

Life is but a balancing act. Too much of anything thus is bad. Sometimes, we get confused between our priorities and for some wants, get deprived of our needs.Thus it is important to keep the balance and be aware of the needs and the wants. It is important to save and plan expenses.

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Vol. 1.1-4n4

How to tell the difference?www.funancialquest.com Module 3: Needs Vs Wants

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The Judgement

Here are a few questions which can be asked in case there is a confusion.-Would you be able to afford it with your current savings?-Would not having the thing affect your day to day living?-Would delaying the buy affect your day to day living?-Would buying a cheaper version affect your day to day living?-Would it affect your long and short term saving goals?-Would you be making the purchase just because it feels good?

Vol. 1.1-4n4

How to tell the difference?www.funancialquest.com Module 3: Needs Vs Wants

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The Judgement

If the answer to most of the above questions is ‘NO’,

You should term the item as a ‘Need’ and go ahead and make the purchase! In any other circumstance, it is merely a ‘Want’ and its purchase should be delayed as long as possible.

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Vol. 1.1-4n4

What's it's use in real life?www.funancialquest.com Module 3: Needs Vs Wants

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The Yin-Yan of Life.

Our resources are always scares when it comes to meeting all our needs and wants.

Thus, life is a balancing act of choices between Needs and Wants. If we pursue the wants without a check, our Needs may be left unattended and thus may affect our day to day lives.

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Vol. 1.1-4n4

Example 1www.funancialquest.com Module 3: Needs Vs Wants

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Identify the Need and the Want among the following:

•A Laptop which can take care of all homework and study needs•A Gaming Laptop which can take care of all the latest game specs.

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•A New Illustrated book of Atlas for your Geography lessons•A new comic book your friends were talking about

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•A Pen drive to save your important project work files•An iPod which can store 5000 songs

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Vol. 1.1-4n4

Conclusionwww.funancialquest.com Module 3: Needs Vs Wants

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What have we learnt today?

•We have got the following learning in this module• What are needs and Wants• Why is it important to understand Need Vs Wants• A few examples to help distinguish between a Need and a Want

Vol. 1.1-4n4

-End of Module 3-

www.funancialquest.com Module 3: Needs Vs Wants

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When ready, test your knowledge and receive a score!

Note: The test contains 10 Objective Type Questions to be finished in 10 mins duration.

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