2.2 Paying for needs, wants and aspirations

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Last updated 11:39 AM on 9/20/26
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5 Terms

1
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What are 3 reasons why people spend money?

  • To pay for essential items they need

  • To pay for optional items they want now

  • To save for items they aspire to buy in the future


2
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What are needs?

Relate to items people must have to survive, such as food, drink and a place to live

3
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What are wants?

Optional items that are desirable but not necessary

4
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What are aspirations?

Items or experiences that people wish to have in the future

5
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What do people pay for first when planning finances?

Needs

  • If they have spare income after paying for these needs, they will consider paying for wants and saving towards aspiration