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Needs vs Wants

Needs vs Wants_pic

Most of the time, you may find yourself spending more on things which you do not need. Yes, we always have countless necessities when it comes to achieving convenience, but are they really that necessary? There’s nothing wrong about attaining your wants, but once they start to get in the way of your budget, certain steps have to be taken in order to halt expenditures. You may ask, “How may I distinguish my needs from my wants?” Well, look no further than our valuable tips:

1. No one can survive without needs.

Food, water, nutrients, medicine, you name it. All of the things which add to your good health are the perfect examples of needs. Just take a look at your monthly grocery list – more than half of those written are food and beverages, basic sustenance which provides those well-needed energy and nutrients for your body. Wants, on the other hand, are those which you can live without. They may add ease, pleasure, and convenience, but even when they’re not present, you can still survive.

2. Wants will always be costlier than needs.

Just think about it, you’d be able to save more if you were to cook your own meal, rather than buy them ready-to-eat through fast food or a restaurant. The same goes for cellphones and other forms of gadgets. If your unit still works then you would no longer need to buy a new one, or until such time that your current unit fully gives up due to overuse. Wants are basically costlier than needs. This is due to the fact that wants dwell more on the brand and aesthetics, rather than basic functionality. Consider our first two examples, expensive meals from fine-dining restaurants provide a perfect setup for social media photos, the same goes for expensive gadgets; you’re merely paying for the brand name, and not for its functionality (you’d only need it for call and text, after all).

3. One will always outweigh the other.

Needswill always top wants as a priority. When you’re trying to decide whether you’re going to avail that new cellphone unit or that delicious pack of organic vegetables, consider which would be most advantageous to you. The main thing about wants is that they would only provide temporary comfort, temporary happiness. Needs are more long-term, and you’ll feel the advantages for years to come. That example we mentioned earlier, that tough choice between a new cellphone and a pack of organic vegetables, you’re more inclined to experience the latter’s benefits than the former.

While mastering to differentiate your needs from your wants would be most beneficial to you in the long run, you must also consider saving up for the future. There are countless expenditures along the way, sudden expenses, emergencies, etc. So much that you would at least need to set aside a few amounts every month to make up for your “needs.” You may have to open a savings account if you’d want to achieve that. Look no further than Cebuana Lhuiller’s Micro Savings Account. Initially offered in our Rural Bank branches, it is now available through our entire Cebuana Lhuillier branch networks. Simply put, you can use your 24K Plus Cards at any of our Cebuana Lhuillier Pawnshop and Bank Branches in order to withdraw your savings. With a minimum deposit amount of only P50 and no minimum maintaining balance, it’s incredibly easy to apply for one. You can even check your savings amount via our SMS service, reliable and ready to serve you 24/7. Visit your nearest Cebuana Lhuillier branch now – we assure a fast, easy and secure transaction.