What Makes Your Wants & Needs Different From Your Desires & Indulgences?

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The Propensity To Spend


Spending is giving one's monetary or non-monetary valuables to take care of their needs, their wants, cravings satisfaction or even indulgences. However, while setting a scale of preference a lot of people hardly include the amount of money they spend on their indulgences and this is because they deem these indulgences to be minor.

They calculate the amount of money they spend per unit on these indulgences, and it hardly ever carries any weight on one's financial standings. Now, an indulgence can be called a desire, not necessarily what we would deem as a need or a want.

From my experience, I have come to see needs as a necessity, while a want is that extra utility you get to enjoy for having more necessities. In fact, I occasionally see wants as needs which helps one to derive extra satisfaction. For example, a car might be a need because it caters for a necessity of transportation.

Any type of car would cater for the need of transportation, but going further to actually select a Mercedes GLE over a Peugeot is what differentiates a need from a want.

The both of them can cater for a particular problem going forward to different further is where the difference comes in. In my experience, a choice narrows down the essence and the meaning to the two concepts of economics and this is why a belief that a person who has multiple choices no longer has needs but wants, in essence, desires here resembles wants.

Desires for example is craving one's fetish or fantasy beyond their financial capabilities, getting married for example can be a need, a want and also a desire, it depends on the perspectives which gives it its meaning.


Need, Want & Desires


A person who wishes to marry the most beautiful girl in the world is only having a desire, this is because, they do not need to actually marry the most beautiful girl in the world go fulfill the concept of marital companionship, in fact these desires aren't built on real-time possibilities apart from the fact that having money can make one's desire a possibility.

While a desire can be possible to actualize with the possibilities of unbelievable resources and means, it isn't always realistic because of the insatiability of humans and due to the Financial capabilities of the people who are actually holding these desires. This is to say that desires might not really be born out of pure logic, plus one's resources does not limit their abilities to actually desire.

Anyone who is capable of mental construct can actually form desires based on their fetish or their fantasy. This is to say that desires are seldom beyond one's Financial but not always, because if a person can pay for their desires, it makes it is no longer a desire.


Feeding Low Budget Indulgences


In life, indulgences can be low budget desires, full-fledged desires are those we can actually not afford but crave their essence in our lives. We often do not see indulgences as income killers and this can affect a person's marginal propensity to save as well as consume.

An average Nigerian for example spends more money on internet subscription more than they do on food or clothing, which are essentials to the human existence. The reason is that that inkling to be on the internet is not longer a want or a desire, but a need.

Being on the internet is actually affordable, but it isn't cheap. It's affordable in the sense that the entry fee is minimal, but the consistency required to be on the internet is what makes it rather expensive, irrespective of the fact that it is originally affordable.


Social Media & Internet Fee


Being on social media for many has become a necessity. Instagram and TikTok for example consumes a lot of internet subscription, but it's affordable to even people who are limited and low in resources, but why is this?

This is because they don't think the money they use in buying internet time for Instagram will make them rich, another thing is, they buy per unit rather than in bulk making it difficult for them to see how much they're actually spending in real-time.

Indulgences are one of the reasons why people who set resolutions, are intentional and cognizant of their income and expenditures still ends up not growing their finances or meet up with their metrics or scales, when they do their calculations either monthly, quarterly or even yearly. But can we escape these indulgences? I'll be talking about this, another time.



Interested in some more of my works?


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My name is @Josediccus, a young Nigerian entrepreneur who is a Vlogger, A Psychologist, Poet, Sports Writer/Analyst & Personal Finance Coach. I'm using my contents as a process to create shared meaning as well as create expressions through which people on/off hive can relate. I believe content is a process to be enjoyed and relished and I'm up for any collaborations in my field stated above. Cheers


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17 comments
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Sometimes you simply have to enjoy life and what you can afford. I am not the type to break the bank in one month and live on leftovers the next one, but I don't like to be cheap on myself as well.

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I am not the type to break the bank in one month and live on leftovers the next one

Hahaha well it actually requires one to be principled to an extent, frugality isn't being principled, it's about knowing the limit to how far one can "enjoy their lives". Estimating income and expenditure can help a lot too.

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Wisdom...

There is no point in being lavish and eating crumbs.

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It's totally nonsensical, but you'd be suprised that even the smartest of people does that sometimes.

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(Edited)

The funny thing is not a lot of people understand the difference between a need, want and desire…

Some people have mistook their desires and wants to be needs and this has messed up their finances big time because they go around buying stuff or engaging in activities they don’t need.

I believe mindset, intent, and orientation goes a long way to impact this in a number of people.

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It's why at one point in time, we need to be economically inclined in almost everything we do, I have had many situations where I've seen even the most careful people when it comes to money simply overspend even when they didn't mean to. It's good to take time to indulge ourselves sometimes, but within a budget of one's financial capacity..

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It's good to take time to indulge ourselves sometimes, but within a budget of one's financial capacity..

This! My dear is the conclusion of the matter.

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Points shared taken from this one

The whole concept of Needs, wants, desires and whatnot, will always be subject to some variables.

That fact that humans are used to decipher these even makes it a more dicey issue because our desires, needs and wants can easily change due to other variables.

For example, our earning will always be a strong variable.

Once there is a slight paradigm shift in our earning, people's wants can easily become their needs 😂.

That's how dicey humans can be.

Well Done On This One

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Thanks man, its been a while. In reality, I take cognizance of any shift in income for me and take this to my advantage. These economic concept are situations that people actually needs to understand very well in other to know how their money is actually spent. Knowing this brings a sort of awareness.

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Bitter truth that a lot of people do not know.

Personally, I work by the principle of 10s

If I cannot afford it ten times, I shouldn't have it.

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Hahah nice one man, I believe that's a unique way of handling things. Anyways there would be unique situations where we can only afford less.

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Knowing how to manage money should be a course on it own, money management is a very important aspect of finance

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Loool unfortunately even if we study of all, we still cannot get the whole knowledge as money situations and problems are unique and endless

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It's a tough choice but the internet has been a part of my daily life and I don't think I would give it up. Of course here in the US, food and etc is more expensive than internet so I haven't bother about its cost.

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Of course, one cannot give the internet up for anything. It's inevitable to some extent, I just talked about how expensive it is to be on the internet. Some people see it as an expenditures they shouldn't include in their spendings, despite the fact that it eats up a lot of their income.

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