Whether you’re making a budget, finding money to save or invest, or deciding priorities during tight times, separating your spending “needs” from your “wants” can help.

A “need” is something you must spend money on in order to get by. For most people this would include rent or mortgage payments, groceries, utilities, and medications.

“Wants” are more personal. These are things you might be spending money that aren’t essential to your day-to-day living. This might include things like movie tickets, the newest cell phone, or dinners out.

Read more about budgeting from a needs versus wants perspective on the Ontario Securities Commission website.