Separating Needs from Wants

In today's economy, we must learn how to economize.

It is important that we define and separate our needs from our wants.

Needs are those supports our basic existence. While wants are those needs but bought/acquired extravagantly or expensively.

Example, say, we are hungry and we are in need of food, we can eat on budget of P100 per meal however we choose to savour foods costing us P1,000 per meal. Foods cooked at home are simple, yes! But it is also nutritious and coming from the labor of our loved ones who cooked for us.

Tips:
Before we spend what we earned, let's put in mind to set aside our savings first then expenses last. Simply put: Income less Savings = Expenses*


*Thanks to Mr. Colayco's idea