Honors economics by Mitchell Teer https://padlet.com/teerm1/4am7egl1lzar5wmr How do you define wants and needs and how does this impact your decision making when it comes to personal finance and budgeting? What is a financial goal you can set for yourself? en-us 2023-10-03 15:39:51 UTC 2026-01-22 19:05:05 UTC hello@padlet.com https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730731875 A want is something that you can live without and a need is something that you cannot live without. I need to work on cutting down expenses on my wants]]> 2023-10-03 18:07:39 UTC https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730731875 https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730732190 Ask yourself if you will die/be homeless without something and if the answer is yes then it’s necessary. That can impact how much you spend on unnecessary items. I can set a goal to not go out to eat and instead cook meals at home.]]> 2023-10-03 18:07:50 UTC https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730732190 https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730732223 Wants are something that is not as valuable as a need something you could live without. A need is a necessity something you can not go without. This impacts your budget and decision making because if you don’t have enough money for the things you need to get you through you can budget things that you want. ]]> 2023-10-03 18:07:52 UTC https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730732223 Wants and Needs https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730733640 A want is something that is not an essential living expense and is something that probably makes you happy. A goal I can set for myself is to spend less money on small unnecessary things.]]> 2023-10-03 18:08:48 UTC https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730733640 Exit Ticket for MR TEER https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730733683 I define wants and needs as simple as it gets. If i can’t live without it, i need it. So things like car payment, groceries, haircut, utilities are needs. ]]> 2023-10-03 18:08:50 UTC https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730733683 https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730734639 I would define want as something that won’t benefit your life, yes it would make you happy but it doesn’t benefit anything and I would describe a need as something that would benefit you sometimes it won’t make you happy but it will benefit in the end. A financial goal for me is saving up enough money before I start college.]]> 2023-10-03 18:09:28 UTC https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730734639 https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730734663 Needs are a necessity. A roof over your head, water, food, utilities. Wants are things you can live without. Designer clothes, vacations, candy. Knowing and understanding this can help you budget better and make better choices regarding your money.]]> 2023-10-03 18:09:29 UTC https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730734663 https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730734969 A want is something you don’t necessarily need to survive or is a basic necessity. A need is something necessary for basic survival and daily life. When it comes to budgeting I prioritize needs before wants. A financial goal I can set for myself is trying to save money now so I’ll have a start to my savings in the future.]]> 2023-10-03 18:09:41 UTC https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730734969 https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730735131 Wants is something you don’t need to survive and a need is something you need to survive. This impacts your decision when it comes to budgeting because you would need to make sure you get your needs and if you have money left over, you can get some of the stuff you want. A financial goal for me would be making sure I save my money and spend it on reasonable things not just everything I want]]> 2023-10-03 18:09:46 UTC https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730735131 Exit Ticket https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730735415 A need is necessity for survival, a want is something to help improve your daily life and entertain yourself. A financial goal I can have for myself is to start budgeting and to start saving up money. ]]> 2023-10-03 18:09:57 UTC https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730735415 https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730735558 Wants and Needs are separated into two categories with one being more in demand than the other. A want is something that that is needed but not a necessity. A Need is something that is necessary to live or survive. These two categories have an impact on what decision are made for budgeting. My financial goal is to be stable and still afford the things I want.]]> 2023-10-03 18:10:02 UTC https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730735558 https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730735615 Wants are items you use in order to function daily in your life. Some peoples wants can cost more or be different. Needs are things you may get to excite yourself or others. A financial goal I always set for myself is having $2,500 dollars in my account before each school year starts in my spending account. I use the rest of the money to invest]]> 2023-10-03 18:10:05 UTC https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730735615 Winston https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730736326 A need is something you need to survive. A want is something you dont need to survive. I will budget college. ]]> 2023-10-03 18:10:33 UTC https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730736326 https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730736963 A want is something that we desire, something we can live without. A need is something that is a necessity and we can’t live without. This can impact your personal financial because you tend to want the things we desire more than a necessity. A financial goal I can give myself is saving $150 a month and minimizing on eating out.]]> 2023-10-03 18:10:56 UTC https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730736963 Exit Ticket https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730737461 Aidan

I define wants as any of my hobbies, personal items that may interest me, or something I want to buy in the moment. Needs for me are my gas expenses, emergency food savings, or the portion of car insurance I pay for. This allows me to designate a certain amount for each. A concrete goal I set is only designating 30% of any received cash as disposable income. The rest is either saved or designated for upcoming payments(either insurance or gas).]]> 2023-10-03 18:11:15 UTC https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730737461 https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730738655 A want is something that will improve your quality of life and a need is something that helps you survive. This makes me think whether I need to purchase something or not. A financial goal I can set for myself is having money left over for fun after buying everything I need.]]> 2023-10-03 18:12:04 UTC https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730738655 https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730739970 A want is something that i desire having, but it’s not a necessity. A need is something essential for everyday living. My financial goal is to create a simple budget for myself. ]]> 2023-10-03 18:12:55 UTC https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730739970 https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730740577 A want to me is something I can plan for or enjoy. Like a new book, a trip Im planning on going on soon, places I go with my friends, etc. A need is something I absolutely have to have to get somewhere or do something. Like my car. I have to buy a lot power steering fluid for my car so I don’t lose the ability to steer my car. ]]> 2023-10-03 18:13:18 UTC https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730740577 https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730746943 I define wants as something you desire but can live without, and needs as something you may or may not desire but can't live without.
The line isn't always clear on whether something should be budgeted as a want or a need and can lead to too much or not enough spending.
One financial goal I can make is to not spend more than $50 on pet supplies before the new tank is completed.]]> 2023-10-03 18:17:29 UTC https://padlet.com/teerm1/4am7egl1lzar5wmr/wish/2730746943