English

1. Understanding the difference between “Needs” and “Wants”.
   In order to understand this difference, you will have to learn what “Need” expenses are and what the “Want” expenses are. Then you will be much more able to complete the second part of the task which is to self-evaluate your own “Needs” and “Wants”.
   
2. Finding the Balance Between “Needs” and “Wants”.
   For many people, balancing “Needs” and “Wants” is often crucial for healthy financial prospect. Since you now learned the difference between the two, your task now will be to prioritise your own “Needs” and “Wants” in order to achieve the perfect balance between them which will serve as a solid foundation for future planning.
   
3. Analyse what makes you want something.
   After learning about the differences between “Needs” and “Wants”, and making your own prioritised list, you may find yourself with a long list of “Wants”. In this task, you will be asked to analyse your consumer habits and what affects them. For your self-evaluation it is important to know if the commercials have a stronger impact on your “Wants” or your “Needs”.
   

1. Understanding the difference between “Needs” and “Wants”.
   

   You may use these links to collect some information about the definitions and meaning of the economic terms “Needs” and “Wants” in order to get important information to solve your tasks:

   In this link you will learn to understand the differences between “Wants” and “Needs” and after that, you will be able to decide what a want is and what a need is.
   https://www.thebalance.com/wants-vs-needs-1388544

   In this article, you will learn to understand the differences between “Wants” and “Needs” and after that, you will be able to decide what is a want and what is a need.
   https://keydifferences.com/difference-between-needs-and-wants.html

   One of the most important things in good money managing is to be aware of the social and financial situation you have in order to satisfy your needs and wants in accordance with the income you have.
   https://www.kidseconposters.com/economic-wants 

   Once you understand the differences between “Wants” and “Needs” and when you are able to decide what is what, an important step is to learn how to avoid temptations and how to be careful in the situations when some products have large additional costs. In the short video in the article, you can watch the tips which are important for a better understanding of the topic.
   https://www.takechargeamerica.org/understanding-wants-vs-needs/  

   In order to evaluate what you are currently spending money on, through this article you will find information that can help you to decide what “Wants” and “Needs” do you have in your life. Your aim is to compare the wants and needs you have with the wants and needs you should have according to your income.
   https://www.makingsenseofcents.com/2017/06/wants-and-needs.html  

   Using information gathered with your research, make two lists with 5 “Want” products and 5 “Need” products and discuss your conclusions with your family, using a poster, a presentation, or any other form you prefer.

2. Finding the Balance Between “Needs” and “Wants”.
   

   You may use these links to inform yourself on the topic of balancing and prioritising that what you really need and what you want to do or have.

   In this article, you can find ways to establish a balance between “Wants” and “Needs” in your life. This topic will help you to learn how to prioritize the needs against the wants. http://thedreamcatch.com/balancing-your-wants-and-needs/

   In this article, you can find steps that can help you separate “Wants” and “Needs” and which will help you figure out how to afford what you really want. Please read 3 important steps and in accordance with the examples in step 2 in the article, make your own list of Wants you can reduce or change in order to make your financial situation better. Create a list divided into two columns, each one labelled”Needs” and “Wants” (wishes). Write down your responses between these two columns and decide when you would like to meet each target. Remember to avoid judging your “Needs” and “Wants” – instead, use it as a tool that motivates you to create a plan of action and to follow through.
   https://www.thesimpledollar.com/financial-wellness/separating-needs-wants-and-what-you-really-want/  

   After the first part of the task is complete, through this article you will learn how to balance between “Wants” and “Needs”. Your task here is to make your own spends by 50 - 30 - 20 rule which means 50% of your budget/spends should go towards your needs and 30% of your budget/spends should go towards your wants. The remaining 20% should not be spent at all and should directly go for your savings. The aim is to make your own financial plan and find a balance in these limits. Use the lists you made in the first part of the task. If you are not satisfied with your first list, you can make a new one and then solve this final part of the task.
   https://www.sbsfin.com/strike-a-balance-between-wants-and-needs-for-a-healthy-financial-life/  

   Inform your family about it in the form of a presentation and discuss with them your conclusions. It would be great if you can include the other members of your family. Explain to them the task you solved and let them try to make their own lists.

3. Analyse what makes you want something.
   

   Do commercials affect your decisions? You may use these links in order to get informed about the impacts on our decisions when buying products and services.

   In these links, you will discover the reasons why people are buying some products or services. Through these articles try to find the main reasons for buying products. When you are reading, try to make a connection between this article and your lists you have made a task before.
   https://www.nasp.com/article/681D0DBE-784B/discover-the-2-reasons-why-people-buy-any-product-or-service.html
   https://www.abacademies.org/articles/a-study-on-the-influences-of-advertisement-on-consumer-buying-behavior-7177.html  

   After completing the research, make a list of 3 brands that you bought after you saw the commercial. Also, make a list of 3 brands that you refused to buy after seeing the commercial. After you complete both lists, categorise your answers in two categories – “Wants” and “Needs”. This task can be made in the form of the PowerPoint presentation, in the poster form, or just simply in one piece of paper. Also, it would be great if you can include the other members of your family. Explain to them the task you solved and let them try to make their own lists of brands after the commercial impact.

After the solving first task of this WebQuest, we can conclude that needs and wants are separate things that compel actions for satisfaction. Needs are based on physiological, personal, or socio-economic requirements necessary for you to function and live. Wants, on the other hand, refers to something which is good to have, but not essential for function and live.

In the second task, you learned that the answer to sustaining yourself from day-to-day while also reaching financial goals is building a budget that balances your needs with your wants.

So, needs can be distinguished from wants on the basis of their level of importance. The distinction is between what is required and what is desired.

In the third task, you learned that it is impossible always to have what you want and it is important to focus on those things that you already have. When we spend money on wants without determining if they are really a priority, then we often got short with the money in the areas of our lives that really matter - things like saving money for college, emergencies, retirement savings, etc.

Learning and understanding the difference between “Needs” and “Wants” makes things easier, but not everything depends on understanding these terms or income you earn. It mainly depends upon your attitude, patience, and perseverance towards achieving your financial goals.