Actually, as for the needs of the household, it will be based on the income of the family, so I will bring some knowledge to share on economics.
In economics, there are what we call WANT and NEEDS. These two words mean a lot, and everyone is supposed to know more about them,to know where they are going in this life, and again, after knowing this thing, there is BUDGET. I will also explain it.
NEED
In economics, need is those things in life that you need, but it is not most likely that without them you can’t live or your life will be affected. This need comprises things like cars, expensive clothes, jewellery, gold, etc., so all these things that I have mentioned are needs; if you have them, you will still live, and if you don’t have them, you will still live. So these items are not most likely that someone had to put himself or herself in a bad act or even depression just to have them, so let's confabulate and understand those things and be able to differentiate them in our daily activities.
WANT
These are items or goods that, without them, you can’t live in life. They are food, clothes, shelter, etc., so all these are what you want in your life for a smooth life, even though you are not living an expensive life. Without these key things, I don’t think you can live.
And also, we do make mistakes in differentiating between want and need. For instance, if you have 45,000 naira and you have many things on your mind as a student, you need to use that money for a month. You need to change your phone to ease your educational research, and you are out of books and food to eat. Here, you want books and food, while you need to change to a new phone.
I think you are mistaken WANT and NEED. What you defined as NEED is WANT and vice versa. You can also check
this article to confirm. In other words, you fit want something but true true, you no need that thing. If you check pikin them, you will hear so so "daddy I want". Some will even tell you want airplane but the truth be say, them no need am for the moment.
BUDGET
Almost everyone knows what a budget is, but let me explain: a budget is a list you write for your needs due to the amount of income that comes to your wallet daily, weekly, monthly, and sometimes even yearly.
There are three types of budgets: balanced budgets, surplus budgets, and deficit budgets.
Balanced budget:this is budget done when your income is stable like salary workers that the budget will not exceed the total income that comes to your wallet.
Surplus budget: this is done when the budget is less than the income, which means that after purchasing all the budget, you will still have some extra money with you.
Deficit budget: This occurs when the budget is higher than the income that you do have, which means the money you have will be less than the budget, so you have to look for another alternative again.
I was also expecting you to put all this knowledge together to fit into something that will be useful for the household. For instance, considering the prevailing economic situation of Nigeria, people have to be able to separate their needs from their wants to be able to budget their finances better.
This is just my observation but in all,you conveyed useful information that we can learn something from.
