Needs Vs Wants

In a relatively affluent society, people tend to blur the line between needs and wants, and as a result, they tend to buy many things they want but do not need. Needs are the basic necessities whereas wants are the desires. Take a look at your store room and you might find many white elephants there. Do you recall the many occasions you walked into a supermarket wanting to buy just bread and margarine but ended up with one trolley load of items?

In a recessionary time like what we are going through and experiencing now, people might begin to learn to realise the difference between needs and wants when they are forced to tighten their belts, in terms of spending. In a tight-budget situation, whatever expense item that can be foregone are the wants.

Inherently, people tend to rationalise things, they tend to justify their spending on the wants by rationalising them so that they perceivedly become needs. That will help to remove the guilt feeling that they might be buying something they don't really need. But, the fact of the matter is, they always end up buying things they don't need.

Instead of rationalising the purchases, let's be more rational about our purchases, do not be overwhelmed by emotions and quick impulses. Ask ourselves some hard questions such as "Do I really need it?", "Are there alternatives to this?", "Can I live without it?". Try this in your next shopping trip.