ABTAJI, PRINCESS ANDREA G.

BSME 2-1

There are a lot of things that we need to consider when we are balancing the needs and
wants as a growing adolescent. These things help us shape our own self to grow and make
good decisions as well as our overall development. This will be the things that we need to enter
adulthood and prepare ourselves, the essentials in life to make our lives much better with
discipline and good decision making. Balancing needs and wants has a great impact especially
with our personal lives, and to fulfill a good life.

First of all, we should know the difference between needs and wants to balance them, this
will ensure what are the things that we need to prioritize. Of course, needs first such as food,
education, healthcare, and all the things that you need to function in your life. Awareness can
save us from wrong spending, and over spending on the things that are not essential. Also, we
should consider budgeting. This could help us manage our finances on the expenses for the
things we need to prioritize over the needs. This helps us become conscious of spending and
for allocation of resources. Budgeting helps us track the income and all of our expenditures,
guiding us to learn where and when to adjust our budgeting. Moreover, tracking of our
expenditures helps us think of the things that we really need and helps us choose wisely on
where to spend the money.

Another thing that we need to consider is the rationalization when thinking whether to buy
or not. We should think first if we really need to buy the things that we are planning to buy. Give
some time to process and do not go with the excitement that you feel, for we tend to make
decisions that are not good when we listen to our emotions. Process and think about buying or
not. Furthermore, we should consider saving money and investing. Investments can help you
save for long-term goals such as retirement or purchasing a home. By setting aside funds and
allowing them to grow over time, you can achieve these significant milestones without
compromising on your current needs. Also, you can build a safety net for essential needs like
housing, healthcare, and education. Properly managed investments can provide a steady
income stream or lump sum amounts when needed, ensuring you can cover these essential
expenses. Other than that, we should be aware to avoid the debt or limit our debt. High levels of
debt can limit your financial flexibility. You may find it harder to cope with unexpected expenses
or opportunities, as your resources are tied up in debt repayment. Money used to repay debt is
money that could have been used elsewhere, such as investing for growth or spending on
personal enjoyment. This opportunity cost can delay the achievement of financial goals and the
fulfillment of wants.

Moreover, a balanced lifestyle involves mindful financial habits, prioritization, healthy living,
and effective management of resources. By aligning your lifestyle with these principles, you can
achieve a sustainable balance between meeting essential needs and enjoying personal wants.
We don't need to go with the flow of all the things that are going viral for changing lifestyle, just
be mindful of what is really important. Set our financial goal high and focus on things that are
important. This will result for good and stable life, where you can enjoy your wants later on by
sacrificing all things that you need first. Be responsible, have good decision-making. Wise will
get the prize.