The difference between need and want is very important in our daily life. A need is what one must have in order to live safely, e.g. food, water, clothes, and a house. A want is a thing that you would like to have but is not necessary for your survival, e.g. a new phone, video games, or fashionable clothes.
Generally, people spend 60% of their money on needs. The remaining 40% is used for wants or things that make life more enjoyable or comfortable. Knowing the difference gives people a better way of deciding how to use their money. For instance, if you spend excessively on wants, you might not have enough to cover your needs.
Almost 70% of people have confessed that they regret buying things that were only wants, not needs. Thus, learning about needs and wants can assist you in money saving and in avoiding stress.
Main Difference Between Need and Want
The main difference between them is that needs are things that you have to have in order to live a safe and healthy life, while wants are things that you wish for but can live without. Needs are the first things to come are food, clean water, clothes, and shelter. Wants are things like a smartphone from Google Pixel, a laptop from Dell, or a game console from Sony PlayStation.
They do not make life any less difficult but more convenient or enjoyable. No one needs different things; everyone needs the same things. But the people’s wants can be very different depending on their preferences and what is fashionable. When you spend money, you should take care of what you need first as your safety and health depend on it. Wants should be bought only if there is a little money left after the needs.
Need Vs. Want
What is Need?
A need is a very important thing that every human should have in order to live well. For example, food can be considered a need because it provides energy to the body and keeps it working. Water is also a need because the body cannot survive without it.
It is said that close to 800 million people do not have access to clean water which in turn highlights how crucial this need is. Furthermore, clothes are instrumental in protecting us from cold or heat and shelter is where we feel safe and get our rest back. Besides that, healthcare is also a need as it keeps us healthy. Biotechnology vaccines, such as mRNA vaccines, help people stay safe from diseases and they also save millions of lives. Lack of these necessities might make your health deteriorate to the point of death. Needs are the ones that are most important for keeping our body and mind safe.
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Needs almost don’t differ from one person to another. Everyone needs water, food, shelter, and healthcare regardless of whether they live in a city or a village. The quality of these needs may vary between rich and poor areas. Those who have better access to nutritious food and safe drinking water are more likely to live longer and healthier lives. Moreover, education can also be considered a need because it enables people to learn and get better jobs. A study conducted by the World Bank concludes that countries providing basic needs like education and healthcare to their citizens are 20% faster in economic growth than others. That is also the reason why needs are the basis of a good life.
What is Want?
A want is a thing that you would like to have but is not necessary for your survival. Studies show that individuals spend approximately 40% of their money on wants instead of needs. Wants may change very fast depending on what is fashionable and the latest technology. Just take the iPhone as an example; a lot of people want to have a new iPhone every year while their old phone is still functioning well.
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Buying too many wants can cause money problems if you don’t buy your needs first. Experts say you should spend only about 50-60% of your money on needs, and use the rest for wants and savings. Wants are often encouraged by ads from companies like Tesla, which sells electric cars, or Microsoft, which sells software and games. Sometimes a want can become very important if your situation changes. For example, having a car from Tesla might be a need if you live somewhere without buses or trains.
Comparison Table “Need Vs. Want”
| Meaning | Must have for living | Nice to have, but not necessary |
| Examples | Food, water, shelter, clothes | Smartphone, video games, toys |
| Same for all? | Yes | No |
| Spending Priority | First | After needs |
| Quantity | Limited and fixed | Unlimited and growing |
| If not met | Serious health problems | Sadness or disappointment |
| Change over time | Rarely changes | Often changes |
| Feelings | Safety and survival | Pleasure and fun |
Difference Between Need and Want in Detail
Get to know the Difference Between Need Vs. Want in Detail.
1. What They Mean
Needs are must-haves for living safely and staying healthy, like food and shelter. Without these, life is in danger. Wants are things that make life more fun or comfortable but aren’t needed to live.
People always choose needs first because they are more important. Wants depend on what people enjoy. Like a child who wants a video game, but food comes first. Needs stay the same for everyone; wants change a lot.
2. How Many of These?
Needs are limited and fixed. Everyone needs about the same amount of food and water. For example, about 2-3 liters of water is needed per day to stay healthy, no matter who you are.
Wants are many wants and keep growing. When people earn more money, they want bigger houses, faster computers, or new phones like the Samsung Galaxy. Wants keep growing and may never be fully satisfied.
3. Effects on Health and Life
If needs are not met, bad things happen very fast. Lack of food or water causes many diseases. Over 9 million people die every year because they don’t get enough food or healthcare.
Wants don’t affect life or health directly. Missing wants might make people sad or bored, but it won’t cause harm. That’s why needs come first.
4. How People Spend Money
Most money goes on needs first, especially for poor families. In the US, families spend about 30-50% of their money on food and housing.
Wants are bought after needs. These include hobbies, travel, or luxury clothes. Spending too much on wants can cause debt and money problems.
5. Are Needs and Wants the Same for Everyone?
Needs are almost the same for everyone, no matter where they live. People worldwide need food, water, and shelter.
Wants differ a lot. Some need cars if no buses exist; others want fancy cars for fun.
6. How They Affect Emotions
Needs relate to survival. If people don’t have needs, they feel worried or scared.
Wants relate to happiness. Wants make people feel good but only for a short time.
7. What Role Do They Play in Business?
Needs create jobs like farming and healthcare. Governments work to make sure people get these.
Wants drive businesses to create new things. Companies like Tesla and Microsoft make products for customers’ wants. This helps the economy grow but can also cause waste.
Key Difference Between Need and Want
Here are the key points showing the Difference Between Need Vs. Want.
- Needs are must-haves; wants are nice-to-haves.
- Needs are the same for all; wants differ.
- Needs are limited; wants are unlimited.
- Most money goes to needs; wants get less.
- Not having needs causes harm; not having wants causes sadness.
- Buy needs first; wants later.
- Needs stay the same; wants change.
- Needs cause worry if missing; wants cause short happiness.
- Examples: Food and water are needs; phones and games are wants.
- Not buying needs causes serious problems; skipping wants usually does not.
- Governments help provide needs; businesses sell wants.
- Needs are basic for everyone; wants depend on income.
- Needs help survival; wants help comfort.
- Needs are easier to plan; wants require control.
FAQs: Need Vs. Want
Conclusion
When you understand the difference between needs and wants, you can make smarter decisions with your money. Needs keep you alive and healthy. Wants make life more enjoyable but are not necessary for survival. If you spend too much on wants, you can get into money trouble and might not pay for your needs. For example, the latest smartphone made by Apple or Samsung is a want, but drinking clean water is a need.
Experts say you should spend about 50-60% of your income on needs first, then use the rest for wants and savings. Doing this helps avoid debt and keeps your money safe. So, knowing the difference between need and want is very helpful for living a good life.
