Needs vs. Wants
Planning & BudgetingThe distinction between essential expenses (housing, food, insurance) and discretionary spending (dining out, entertainment).
Example
Example: For someone earning $60,000/year trying to build a solid financial plan, understanding needs vs. wants is a key piece of the puzzle. Applied to a monthly budget, this concept could help you save an extra $200-$500/month. Build your plan with our 50/30/20 budget calculator.