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Group 5PANGANGAILANGAN O KAGUSTUHAN
HEY!Have you ever wondered if you should buy what you want or what you need? My sister wants to buy a pretty dress but we came here to buy clothes for home-use. Buying the dress uses our entire budget, which we can instead use on multiple comfy clothes. Buying multiple clothes is more beneficial than just one dress. Needs should be prioritized before wants.
“The results of FCAC’s pilot through the Carrot Rewards application are overwhelmingly positive. Individuals who did not have a budget and who progressed through the pilot program demonstrated measurable improvements across all three tracked metrics (confidence, knowledge and behaviour). Additionally, participants who received financial education materials as part of the pilot scored better across all metrics than did those in the control group, suggesting that directly targeting financial education to consumers has the potential to result in positive behavioural change and improve financial well-being for large numbers of Canadians.”- according to our source. To put it simply, people improved financial well-being and the ability to choose what to buy and not to buy because of their increased education. This means that education can improve our decision to make economic choices, which allows us to better choose between needs or wants. DID YOU KNOW?https://www.canada.ca/en/financial-consumer- agency/programs/research/pilot-mobile-technology.html#toc9 Source:
Maslow’s Hierarchy of Needs argues that human motivation progresses through a five-tier pyramid, requiring individuals to satisfy foundational survival needs before focusing on psychological growth. The model begins with the first tier, physiological needs, which include survival essentials like food and shelter, followed by the second tier of safety needs, which drive the pursuit of financial and physical security. The third tier comprises love and belongingness needs, satisfying the social requirement for community and intimacy, while the fourth tier focuses on esteem needs, which encompass self-respect, achievement, and social recognition. At the peak sits the fifth tier, self-actualization, which represents the drive to maximize one's talent and personal potential. Structurally, the first four tiers function as deficiency needs that motivate behavior only when resources are lacking, whereas the final tier is a growth need centered on self-fulfillment; therefore, the framework serves as evidence that individuals cannot effectively sustain focus on higher-level personal growth if their lower-level survival or security needs are disrupted. This shows that our needs are more important, but it doesnt mean that our wants isn’t important as well. We need to balance them out. https://en.wikipedia.org/wiki/Maslow%27s_hierarchy_of_needsSource: HIERARCHY OF NEEDS
Parents and teachers usually tell me choose needs first, and little bit of wants. This is the 50-30-20 rule. That is 50% needs, 30% wants, and 20% savings. But, I want to show you 50-30-10-10 rule. The 50-30-10-10 rule, also known as Christian Financial Rule, states that the profit or salary used to buy things should be split into 50% needs, 30% wants, 10% savings, and 10% tithe or giving to others (charity). This is a widely accepted rule that we can use. It helps us decide if we should buy needs or wants. 50-30-20 RULE
To conclude, it depends whether needs or wants are more important. We must balance them out, with needs being priority and wants being second. We can use our education, the Christian Financial Rule, or Maslow’s Hierarchy Of Needs to decide if we should buy our needs or wants. There are more factors to consider, but these are some of the important fundamentals. We can make better wise financial choices by balancing needs and wants. TO FINISH IT OFF
JOSHUA LOUISE R. SEGAYO JOSIAH GABATAN CHRISTOV MARTINEZ MEMBERS: It is very important to make wise financial decisions because it greatly impacts our life. That is why we should balance needs with wants. Not enough wants, and we end up sad. Not enough needs, and we end up struggling. It is important to be aware and continue to strive to make better choices. REFLECTION
Group 5PANGANGAILANGAN O KAGUSTUHAN Ang aming cover page ay dinisenyo namin ng mag-mukhang malinis. Ipinapakita namin ang mabuting pagdesisyon sa pagbili para mapanatili ang maayos na bahay at buhay. MARAMING SALAMAT