By : Kareem Kobeissy 10/13/2026
What is the difference between needs vs wants? Needs are basic essentials every human needs to survive, and wants are extraordinary things that people can live without. Examples of wants are, designer clothes, luxurious purses, a vacation, eating at restaurants, streaming services, video games, the latest iphone, etc. Examples of needs are food, water, ordinary clothing, education, shelter, taxes, and groceries. A way to balance wants and needs is the 50/30/20 rule which is 50% used for needs, 30% used for wants, and 20% is used for savings or debts. Wants are good and all but, It’s better to put needs first then wants to survive. For example if you make $100,000 a year, $50,000 should be used for necessities, $30,000 should be used for wants, and $20,000 used for savings/debts.
Source: https://www.creditrepair.com/blog/finance/needs-vs-wants/
