Kids think they need chocolates, pizza, video games, and own mobile and mobile time but parents just don’t agree. But parents say these are wants and not needs or Money doesn’t grow on trees? How do you decide whether it’s a want or a need? What is the difference between Needs and Wants? Why do parents say Money doesn’t grow on trees?
Parents have to make sure that they are able to pay for what one needs before using the money for things that one wants. Technically this is called as making a budget. Budgeting involves understanding how much money you earn and spend over a period of time.
Our article Needs and Wants, Why parents say Money doesn’t grow on Trees covers Needs and Wants in detail.
Help on deciding what one needs in different situations