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S A T I S F A C TION?S U R V I V A L ?OO RR O RGroup 6 9 JEREMIAHUnderstanding the cost of living, and the price of wanting through critical thinking, value, and knowledge. Understanding the cost of living, and the price of wanting through critical thinking, value, and knowledge. SMART SPENDING 101
Ang disenyo ng pabalat ng librong ito ay tungkol sa Pangangailangan at Kagustuhan. Ipinapakita nito ang mga pangunahing pangangailangan at pangunahing kagustuhan ng marami. Kabilang dito ang pagkain, tubig, at damit. Samantala, para sa mga kagustuhan. Ipinapakita nito ang mga biyahe sa eroplano, mga produktong pamimili, mga instrumento at mga bagong aparato. Sa kanang bahagi ng pabalat, makikita natin ang pula at puting disenyo. Ipinapahiwatig nito ang sikat na disenyo para sa mga pamilihan, na kumakatawan sa mga tindahan. Ang mga bansang nasa likod ng pamagat ay kumakatawan sa mga epekto ng mga presyo sa buong mundo. At ang berdeng palaso sa pagitan ng pamagat ay nagpapakita ng pagtaas ng presyo o isang simbolo ng responsableng paggawa ng desisyon.
Are you working to fund your life, or your lifestyle? Years ago, cellphones were a sign of luxury and status, and now it's an essential for daily tasks. Basic needs such as food, water, shelter, and clothing are the general requirements for human survival. Yet, wants are the specific things that you desire and satisfies you, such as planning to buy flight trips, products to discover or learn new hobbies and skills, or anything that entertains you but not essential for survival. Although both of them are important for providing both physical and mental stability in human nature, giving both life and lifestyle. Yet, needs should matter more than wants because they help us live properly, manage our money wisely, and become responsible individuals as consumers. Are essential requirements for human survival, safety, and healthy functioning a n da n da n d n e e d s W A N T SNeedsWants Desires or preferences that make life more comfortable or enjoyable, but are not required to survive 1
Why it matters,First, prioritizing needs can help us prepare for emergencies and sudden expenses that can happen any time. If we spend all our money on something we want, we may struggle when something important comes up. It’s better to save money and use it wisely so that we can prepare for any situations that may happen. For students, learning this simple way of living is important because it prepares us to become independent and responsible in the future. Even small savings can be useful when we need money for school requirements or other important expenses. Before making a decision to buy, we should always ask ourselves, “Do I really need this, or do I simply want it?” By making right choices, we can build better habits and become more responsible. These habits can also help us stay away from debt and money problems as we get older. When we learn the importance of money we can make choices that help us and our families. In the end picking what we really need of what we just want is a simple but important move, toward a better and more careful future. Research on financial behavior involving data from 15,773 people across 16 countries found that self-control and future time perspective were both associated with aspects of financial well-being. Self-control was particularly related to current money-management stress. 2
About our desires On the other hand, wants are also important, because they make us happy and give us something to look forward to. For example, buying our favorite snack, a new book, or something we have wanted for a longtime can make us feel good.These things can also motivate us to work harder and do our best so we can reward ourselves. Sometimes, buying something we like can help us relax and forget about our stress for a while. It is okay to spend money on things we want, because we also deserve to enjoy the results of our hard work. However, we should always remember to prioritize our needs first. We need to make sure that we have enough money for food, school supplies, bills, and other important expenses before spending on things we simply want to have. We should also learn how to save money instead of spending it all at once. In this way, we can enjoy the things we like whiles being responsible with our money. Roughly 76% to 78% of consumers (particularly Millennials and Gen Z) prefer spending discretionary money on live events, travel, and activities rather than physical goods. After all, there is nothing wrong with buying things that make us happy, as long as we know how to balance our needs and wants. 3
What should we learn? Noticing that learning the difference between needs and wants helps us become consumers and manage money responsibly. The 50/30/20 Rule says that we should spend fifty percent of income on needs thirty percent on wants and twenty percent on savings. This 50/30/20 Rule helps families plan money prepare for emergencies and still enjoy things they like. The law of quantity and demand says that when demand, for a product increases price may increase if supply does not increase. Therefore consumers should compare prices. Put priority on essential goods. By following a budget and understanding quantity and demand we can make buying decisions and use money wisely. 4 50% 30% 20% Needs Wants Savings
Know your ValuesWhen we choose needs over wants it helps us practice the Christian values that guide us in making right decisions. The important values are prudence, which means that we need to think carefully before making a choice. Before buying something, we should ask ourselves if it is necessary or we are only buying it, because it’s popular. Another value is temperance, which teaches us to control our wants and avoid spending too much money on things we do not really need. For example, instead of using all our money to buy expensive clothes or gadgets, we can save our money for school projects, buying foods, and other important expenses. We should also practice stewardship by remembering that our things or money need to manage responsibly . Being good stewards means avoiding mistakes, taking care of our belongings, and making sure that our money is used for important purposes. As, following these, would lead to respect and the common good of the country's socio-political meaning.Isaiah 55:2 "Why do you spend your money for that which is not bread, and your labor for that which does not satisfy? Listen diligently to me, and eat what is good, and delight yourselves in rich food." 5
Less is more 6 Although wants can bring a happiness to us, but we should prioritized on our needs first rather than our desire to avoid on spending money on things that are not useful.The integrity help us on being honest on our decisions about spending our money,while on self discipline it teaches us to control our self and resisting our wants. Discernment it allow us to tell apart between what we want and what we truly need. A study in psychology and marketing found that when consumers realize they own purchased items they never use, it actually reduces their subsequent discretionary spending. This behavior is driven by a deep-seated aversion to wasting money. Therefore about those three is crucial for us to help manage our money wisely and responsible. Wants Needs
In conclusion, our life should matter more than our lifestyle because they are essential to our well being, teaches us to be responsible, develop our self discipline, and allow us to prepare for the future and to help others. Although wants can bring happiness and satisfaction, they should not become more important than our basic needs and responsibilities. We must learn to think responsibly and control our wants, and use our mind wisely. Being responsible does not mean we can never buy the things we want, it means knowing when to prioritize what we truly need. We believe that human survival is more important than our desires, because it is a essential for our daily life. While on wants we should be responsible and making the right decisions. 7
Members: Dylan Quival Charles Quiatchon Janine Eufemio Group 6