Wants are things that are not essential to your survival but have value for you.

Not everything we want will cost money. Time with a parent or your friends does not cost any money but is essential to your overall well-being. However, there are probably things you would like that would make you happy, which cost money.

These may be consumer goods such as electronic devices or branded clothing. They may also be services such as eating at a particular restaurant or visiting a water park.

It is important to prioritise your wants so that you can decide how you should use your money. When you have decided what you want to achieve with your money, you have identified financial goals.