Picture this: You’re scrolling through your phone, and BOOM- that new sneaker drop, a perfume ad, and a flash sale for that ₦20k dress you almost forgot about. You smile, click… and just like that, money poof- gone.
If you’ve been there, you’re not alone.
The issue isn’t always about how much you earn, it’s about clarity. Clarity in knowing what truly matters, what can wait, and how to build the discipline to choose wisely.
That’s what this blog is all about: understanding the difference between your needs and your wants and why mastering that difference is one of the most life-changing money skills you’ll ever learn.
1. What Are Needs?
Needs are your non-negotiables- the essentials that keep you alive, safe, and functional. They form the backbone of survival and well-being.
Examples of Real-Life Needs:
Physical: Food, water, rent, basic clothing, medical care
Functional: School transport, a basic smartphone for online classes, hygiene products
Safety: Secure shelter, electricity, clean water
Example: Paying ₦5,000 for monthly Wi-Fi to attend Zoom lectures = Need
Upgrading to a ₦20k unlimited data plan just to binge TikTok = Want
2. What Are Wants?
Wants are the extras- things that bring fun, luxury, or convenience but aren’t essential to your survival or productivity.
Common Examples of Wants:
Branded sneakers when your current pair still works
Upgrading your phone because a newer model dropped
Multiple streaming services (Netflix, Apple Music, Spotify)
Takeout three times a week instead of cooking
Wants are not bad- we all have them. But trouble starts when you treat your wants like needs, especially when money is tight.
3. The Psychology Behind Spending
Humans are wired to want more. Shopping triggers dopamine, the feel-good chemical in the brain. That’s why buying something new can feel like a mini high.
So no- you’re not weak or irresponsible. You’re human.
But in a world that constantly markets to your desires, discipline over dopamine is the real superpower. And it starts by asking yourself: Do I really need this?
4. Why Mixing Up Needs and Wants Is Financially Dangerous
Many young people fall into money traps because they:
Use spending as emotional therapy (“I need that bag to feel better”)
Borrow money to maintain a lifestyle they can’t afford
Go into debt for luxuries instead of building savings
Red Flag Example:
Taking a loan to throw a ₦3M wedding when you have no emergency savings. Weddings are beautiful but starting marriage in debt is not the vibe.
5. Use the 50/30/20 Budget Rule
This simple rule can help you balance your income:
50% → Needs (rent, tuition, bills)
30% → Wants (entertainment, shopping, leisure)
20% → Savings and debt repayment
Even if you’re earning a little, start where you are.
Saving ₦1,000 consistently beats saving ₦10,000 once.
6. How to Tell a Need from a Want
Before any purchase, ask:
Can I survive without this?
Do I need it for school, work, or health?
Is there a cheaper/free alternative?
Am I buying this to impress someone?
If the answers lean toward ego, emotion, or social pressure, it’s likely a want.
7. How to Control Wants Without Feeling Guilty
You don’t have to cancel joy to be smart with money- just schedule it better.
Try this:
Set financial goals first: E.g., “₦5,000 weekly goes to savings.”
Pause before buying: If you still want it in 48 hours, revisit it.
Use a wishlist: Instead of impulse spending, plan for your wants.
Self-control is not punishment, it’s power.
Final Thoughts
Life’s too short to always feel broke and anxious.
The simple act of distinguishing your needs from your wants can transform your relationship with money, reduce financial stress, and build long-term peace of mind.
Start today. Be intentional, not impulsive.
Your bank account- and future self- will thank you.
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