Many people often confuse needs, wants, and savings/investments, leading to poor financial decisions. Understanding the difference is crucial for effective budgeting and achieving financial stability.

Needs are essentials required for survival or basic living. These include expenses like rent, electricity bills, food, water, transportation, and healthcare. For instance, buying garri or rice for family meals is a need, as is paying your child’s school fees. Without meeting these obligations, daily life may be disrupted.

Wants, on the other hand, are non-essential items or services that enhance comfort or enjoyment. Examples include buying designer clothes, subscribing to luxury streaming services, or hosting an elaborate owambe (party). While these expenses may bring happiness, they are not necessary for basic survival and can be cut back when finances are tight.

Savings and investments involve setting aside money for future use or wealth creation. Savings may include emergency funds or contributions to a cooperative society, while investments might involve buying land, starting a small business, or purchasing shares in a company.

By prioritizing needs, minimizing wants, and committing to regular savings or investments, individuals can strike a balance between enjoying life now and preparing for a financially secure future.

Needs: Essential expenses required for survival.

Wants: Non-essential expenses that enhance your quality of life.

Savings and Investments: Building wealth and preparing for the future.

Needs

Wants

Savings/Investments

Needs (Northerners)

Wants (Northerners)

Savings/Investments (Northerners)

50% – Needs (Southeasterners)

30% – Wants (Southeasterners)

Savings/Investments (Southeasterners)

Needs (South Westerners)

Wants (South Westerners)

Savings/Investments (South Westerners)

Needs: Essential expenses required for survival.

1. Rent/housing (e.g., apartment rent).
2. Electricity bills (e.g., PHCN/NEPA).
3. Generator fuel (due to irregular power supply).
4. Water supply and maintenance.
5. Transportation (public transport, fuel, or vehicle maintenance).
6. Food staples (e.g., rice, beans, yams, garri, oil).
7. Cooking gas/kerosene.
8. Healthcare/medications.
9. School fees or educational materials for children (if applicable).
10. Mobile data for basic connectivity.
11. Waste disposal services.
12. Loan repayments (if they are necessities like rent advances).

---

Wants: Non-essential expenses that enhance your quality of life.

1. Eating out at restaurants or ordering food.
2. Entertainment subscriptions (e.g., Netflix, DStv, Spotify).
3. Clothing upgrades (fashionable but not urgent).
4. Hair and grooming services.
5. Social outings (parties, weddings, cinemas).
6. Hobbies and leisure activities (e.g., gym memberships, gaming).
7. Non-essential electronics (e.g., upgrading your phone).
8. Gifts for family/friends.
9. Vacations and travel.
10. Upgraded furniture or home decor.

---

Savings and Investments: Building wealth and preparing for the future.

1. Emergency fund contributions.
2. Savings for annual expenses (e.g., rent, school fees).
3. Investments in agriculture (e.g., maize, rice).
4. Stock investments (Nigerian Exchange Group or international markets).
5. Real estate savings (e.g., land purchase).
6. Mutual funds or fixed-income securities.
7. Retirement savings (e.g., RSA in Nigerian Pension Scheme).
8. Savings plans with a high ROI (e.g., platforms with 13-23% ROI).
9. Business capital for future ventures.
10. Contributions to cooperative societies for lump sum benefits.

Needs

1. Repairs and maintenance (home or appliances).
2. Childcare or nanny services (if applicable).
3. Insurance (health, vehicle, or home).
4. School uniforms or required clothing for children.
5. Examination fees (WAEC, JAMB, etc.).
6. Internet subscription for work or education.
7. Pest control services.
8. Debt repayment for necessities (e.g., business loans).
9. Essential tools for work (e.g., laptop repairs).
10. Basic furniture purchases.
11. Medical checkups (routine or urgent).
12. Local transport (e.g., keke, okada).
13. Security fees (local community vigilante).
14. House rent agent fees (yearly).
15. Seasonal costs like mosquito nets or repellents.
16. Generator or inverter purchase.
17. Firewood/alternative cooking fuel (rural areas).
18. School textbooks or e-learning subscriptions.
19. Maintenance of family obligations (e.g., elder care).
20. Professional certification fees (if required for work).
21. Data for online classes or remote work.
22. Office/school lunch for kids.
23. Contribution to local community utilities (e.g., borehole maintenance).
24. Replacements for household items (pots, plates, etc.).
25. Shared family contributions (e.g., siblings supporting parents).
26. Septic tank evacuation fees.
27. Repairs of roads to house/community (rural areas).
28. Tyres or spare parts for personal vehicles.

Wants

11. Gym equipment (for home fitness).
12. Home appliances (e.g., air fryers, blenders).
13. Movie nights with friends or family.
14. Monthly savings for international travel.
15. Jewelry or fashion accessories.
16. Subscriptions for premium apps (e.g., Canva, Adobe).
17. Tailored outfits for special events.
18. Coffee runs or snacks from cafes.
19. Customized decor for festive seasons (e.g., Christmas).
20. Photography sessions or videography.
21. Spa treatments or massages.
22. Extra mobile data for streaming.
23. Non-essential electronics (e.g., smartwatch).
24. Weekend getaways to nearby resorts.
25. Membership in private clubs or social groups.
26. Shopping for designer bags or shoes.
27. Upgrading furniture (e.g., recliner, TV stand).
28. Investing in collectibles (e.g., art, rare items).
29. Celebrating anniversaries or birthdays elaborately.
30. Fancy drinks or cocktails at lounges.
31. Gaming consoles or games.
32. Luxury beddings or linens.
33. Renting designer dresses or outfits for events.
34. Purchase of new music instruments or hobbies (e.g., piano).
35. Paid tickets to concerts or live shows.
36. Perfumes and colognes (designer brands).
37. Paid online courses for hobbies or personal growth.
38. Creative home improvement (e.g., painting, wallpapers).
39. Non-essential gadgets (e.g., headphones).
40. Tickets to sporting events.

Savings/Investments

11. Fixed deposit accounts for long-term growth.
12. Gold investment (jewelry or bars).
13. Agriculture cooperatives (farming input funding).
14. Treasury bills or bonds (CBN-backed).
15. Digital assets (e.g., stablecoins, Bitcoin).
16. Export-focused businesses (e.g., Nigerian-made goods).
17. Investments in small businesses (partnerships).
18. Savings for kids’ university education.
19. Opening an ecommerce side business.
20. Peer-to-peer lending platforms (e.g., social investment groups).
21. Forex trading (with proper research).
22. Enrolling in a certified investment course.
23. Reinvesting profits from foodstuff trading.
24. Savings for future building construction.
25. Investments in local tech startups.
26. Diversifying into international stocks (e.g., Tesla, Amazon).
27. Group land ownership schemes (to reduce individual costs).
28. Sinking money into scalable business ideas (e.g., transportation).
29. Contributions to family’s financial cooperative.
30. Establishing a family trust or estate plan.
31. Investing in cattle or livestock farming.
32. Buying commercial equipment for rentals (e.g., cameras).
33. Money market funds (low risk).
34. Savings for festive trading (e.g., Christmas goods).
35. Online passive income strategies (e.g., dropshipping).
36. Savings for equipment hire businesses.
37. Partnering in logistics/delivery startups.
38. Securing small shares in growing companies.
39. Creating a secondary income from vocational skills.
40. Continuous contributions to retirement accounts (RSA).

Needs (Northerners)

Here’s an extended list of 30 additional items for each category, specifically tailored to reflect the lifestyle, culture, and economic context of Northerners in Nigeria:

1. Daily expenses for local transportation (e.g., okada, keke, taxis).
2. Renting farmland for subsistence farming.
3. Purchase of livestock (e.g., goats, sheep for rearing).
4. Zakat contributions for religious obligations.
5. Purchase of grains in bulk (e.g., millet, maize).
6. Payment of village/community taxes or levies.
7. Borehole construction or water tanker services.
8. Maintenance of solar panels (common in off-grid areas).
9. Repairs of farming equipment like hoes or plows.
10. Buying seeds for farming (groundnuts, millet, maize).
11. Contributions to local mosque or community projects.
12. Herbal or traditional medicines.
13. Maintenance of a grinding machine for food processing.
14. Purchase of firewood or charcoal for cooking.
15. Renting a tractor or hiring labor for farming.
16. Paying the “mai ruwa” (water vendors).
17. Community security or vigilante contributions.
18. School transport for children in rural areas.
19. Payment of annual Sallah festival contributions.
20. Building or maintaining mud houses (traditional homes).
21. Village or community gatherings (e.g., naming ceremonies).
22. Monthly contributions for family obligations.
23. Repairs of borehole pumps in villages.
24. Animal feed for livestock.
25. Fees for traditional healers.
26. Seasonal maintenance for agricultural irrigation.
27. Basic sewing machine repairs (for tailors).
28. Rent for market stalls or kiosks.
29. Buying roofing materials for traditional homes.
30. Payment for mobile charging services (off-grid areas).

Wants (Northerners)

1. Buying traditional outfits (e.g., babanriga, kaftan).
2. Upgrading personal or family bicycles or motorcycles.
3. Social events like weddings or naming ceremonies.
4. Purchasing luxury wrappers (e.g., Atamfa, Hollandaise).
5. Buying perfumes (e.g., turaren wuta, oud).
6. Contributions to cultural festivals (e.g., Durbar festival).
7. Weekly visits to local markets for leisure shopping.
8. Small generator purchases for personal use.
9. Buying unique Hausa accessories (e.g., caps, beads).
10. Upgrading local furniture like mats and cushions.
11. Purchasing traditional home décor items.
12. Food treats (e.g., suya, masa, kuli-kuli).
13. Investments in leisure farming (e.g., gardening flowers).
14. Payment for horse rentals during events.
15. New cooking tools for festive periods.
16. Buying decorative materials for Sallah or festivals.
17. Repairs of family musical instruments (e.g., drums).
18. Leisure travel to nearby states for relaxation.
19. Giving gifts during Ramadan or Eid.
20. Buying sweets or local snacks for kids (e.g., alewa).
21. Upgrading farming tools (e.g., cutlasses).
22. Buying mobile phones with better cameras.
23. Paying for cultural performances or dancers.
24. Purchase of premium audio systems for celebrations.
25. Hiring decorators for weddings or festivals.
26. Buying traditional mats for seating areas.
27. Purchasing beauty products for women (e.g., henna, kajal).
28. Traditional jewelry for special events.
29. Personalizing local attire with embroidery.
30. Hosting movie nights or gatherings for family.

Savings/Investments (Northerners)

1. Saving for bulk grain purchases during harvest season.
2. Starting a small livestock farm (e.g., poultry, rams).
3. Investing in local rice or millet mills.
4. Setting up a tailoring shop with sewing machines.
5. Savings for yearly Hajj pilgrimage.
6. Investing in a tricycle (keke napep) for transportation business.
7. Purchasing more farmland for cash crops.
8. Contribution to family savings schemes.
9. Investing in irrigation systems for farming.
10. Partnering in small-scale trade businesses.
11. Building rental shops in local markets.
12. Investing in Hausa crafts for resale (e.g., leather goods).
13. Creating a mini processing plant (e.g., groundnut oil).
14. Solar panel installation for electricity resale.
15. Savings for horse or camel rearing.
16. Setting up a local grinding or milling business.
17. Establishing a cooperative savings group.
18. Purchasing farm implements for hire.
19. Investing in a small water production business.
20. Long-term savings for children’s Islamic education.
21. Starting a small suya or masa spot.
22. Investing in motorbikes for rentals.
23. Partnering in cattle trading during festive seasons.
24. Growing a honey production business.
25. Setting up a logistics business using local carts.
26. Investing in gold jewelry for value appreciation.
27. Expanding into the production of animal feed.
28. Purchasing large storage facilities for grains.
29. Raising funds to start local soap production.
30. Savings for long-term real estate investments in towns.

Needs (Southeasterners)

Here’s an additional list of 30 more examples for each category, specifically tailored to the lifestyle, culture, and economic context of Southeastern Nigerians:

House rent in urban areas (e.g., Onitsha, Enugu, Aba).

1. School fees for private schools (common in Southeast).
2. Repair of rural feeder roads leading to family homes.
3. Monthly contribution for church levies or tithes.
4. Electricity bills for businesses (e.g., welding shops).
5. Fuel for backup generators (constant power outages).
6. Payment of communal development levies.
7. Maintenance of personal or family boreholes.
8. Contribution to extended family needs (common cultural expectation).
9. Repairs of commercial vehicles used for transport businesses.
10. Monthly dues to village meetings (e.g., “Umunna” contributions).
11. Payment of vigilante security in rural areas.
12. Basic repairs to ancestral homes.
13. Transport fares to village during festive seasons.
14. Monthly support for elderly parents or relatives.
15. Healthcare expenses for traditional herbal treatments.
16. Regular maintenance of local market stalls.
17. School materials for children (textbooks, bags).
18. Payment of dowry-related obligations (bride price installments).
19. Contributions for community projects (e.g., town halls).
20. Buying of agricultural inputs (e.g., yam seedlings, cassava stems).
21. Waste management fees in urban areas.
22. Transportation to attend cultural or family events.
23. Maintenance of farm tools and equipment.
24. Monthly repayment of informal community loans.
25. Payment for skills acquisition training (e.g., tailoring, welding).
26. Maintenance of family gravesites (common cultural practice).
27. Seasonal buying of garri, yam, or palm oil in bulk.
28. Payment for land documentation (C of O).
29. Repairs of locally constructed bridges in communities.

Wants (Southeasterners)

71. Purchase of George wrappers or Isiagu attire for special occasions.
72. Upgrading personal or family cars for status symbol.
73. Building traditional Igbo mud huts for family reunions.
74. Hosting elaborate traditional weddings.
75. Contributing towards Igbo Day celebrations or cultural festivals.
76. Buying ornamental beads for women or chiefs.
77. Paying for live bands during events.
78. Extravagant gifts during traditional ceremonies.
79. Sponsoring masquerade performances during festivals.
80. Buying modern home appliances like standing fans.
81. Renting halls for family meetings or parties.
82. Organizing family trips to tourist sites like Awhum Waterfalls.
83. Non-essential phone upgrades for social status.
84. Beautifying homes with elaborate landscaping.
85. Setting up personal gardens with flowers and fruit trees.
86. Buying decorative wall clocks or family portraits.
87. Hosting community dinners or end-of-year parties.
88. Purchasing luxurious furniture for the family living room.
89. Gifting goats, chickens, or cows to extended family during celebrations.
90. Contributions for village feasts or ceremonies.
91. Buying local art pieces (e.g., wooden carvings).
92. Participating in village carnivals or events.
93. Shopping for gold jewelry or bangles.
94. Purchasing luxury shoes for traditional dances.
95. Monthly savings towards foreign travel.
96. Sponsoring church harvest thanksgiving events.
97. Gifting modern gadgets (e.g., TVs) to parents or family.
98. Subscribing to cable TV packages like DSTV Premium.
99. Decorating ancestral homes with chandeliers or modern tiles.
100. Planning elaborate homecoming ceremonies for expatriates.

Savings/Investments (Southeasterners)

1. Investing in trade businesses (e.g., import/export of goods).
2. Savings for building personal houses in the village.
3. Buying parcels of land for commercial real estate.
4. Starting a palm oil production business.
5. Contributing to cooperative societies for soft loans.
6. Investment in transport businesses (e.g., keke or minibuses).
7. Partnering in local bakery businesses.
8. Long-term savings for university education for children.
9. Raising capital for a spare parts dealership.
10. Savings for expanding local barbing salons.
11. Setting up a poultry farm in the village.
12. Investments in cassava processing businesses.
13. Starting or expanding wholesale provision stores.
14. Purchasing market stalls in urban cities like Aba or Onitsha.
15. Establishing a block molding business.
16. Investing in rice milling equipment.
17. Savings for opening a clothing boutique.
18. Investing in traditional crafts like bead making.
19. Purchasing and leasing out farmland for seasonal profit.
20. Partnering in logistics businesses (e.g., trucks for goods transport).
21. Investing in fish farming for local markets.
22. Buying and flipping commercial properties.
23. Setting up a fashion design business for modern Igbo attire.
24. Savings for exportable crafts or artworks.
25. Savings for starting a palm wine tapping business.
26. Investing in youth empowerment ventures (e.g., workshops).
27. Growing capital to import foreign goods.
28. Partnering in local micro-lending businesses.
29. Expanding food processing businesses (e.g., garri or fufu).
30. Building multi-family rental homes for passive income.

Needs (South Westerners)

Here’s a comprehensive list of 30 additional items for each category, tailored specifically for Southwestern Nigerians (Yoruba people), considering their unique culture, lifestyle, and economic context:

1. House rent in Lagos, Ibadan, or Abeokuta.
2. School fees for children attending private or public schools.
3. Electricity bills, especially prepaid meters.
4. Buying “amala” staples (yam flour, beans, and ewedu).
5. Regular purchase of fresh fish or meat for meals.
6. Transportation expenses (e.g., buses or okada in urban areas).
7. Maintenance of family homes in ancestral towns.
8. Healthcare expenses, including herbal remedies.
9. Contribution to church/mosque development funds.
10. Payment for water supply via tanker trucks.
11. Land lease for farming in rural areas.
12. Repairs of vehicles used for transport or farming.
13. Contribution for family burial ceremonies.
14. Replacement of home appliances like stoves or refrigerators.
15. Monthly cooperative society contributions for financial emergencies.
16. Fees for cleaning services or house help.
17. Paying taxes and levies to local governments.
18. Building or maintaining wells for water supply.
19. Seasonal purchase of local food in bulk (e.g., pepper, tomatoes).
20. Security fees for neighborhood vigilante groups.
21. Community association dues for road repairs.
22. Purchase of firewood or charcoal for cooking.
23. Healthcare costs for elderly parents or relatives.
24. Seasonal contribution to village development projects.
25. Buying materials for school uniforms.
26. Cost of grinding food items (pepper, beans).
27. Repairing or maintaining farming tools.
28. School transport or bus services for children.
29. Payment for repairs of household plumbing and electrical systems.
30. Regular maintenance of family graveyards in villages.

Wants (South Westerners)

1. Buying aso-ebi (uniform attire for ceremonies).
2. Upgrading clothing styles with Ankara and lace.
3. Hosting elaborate naming or wedding ceremonies.
4. Attending Yoruba cultural events and festivals.
5. Visiting historical landmarks (e.g., Olumo Rock, Idanre Hills).
6. Purchase of premium wines and spirits for social gatherings.
7. Gifts for elders during festive periods (e.g., hampers).
8. Renting live bands for parties or owambe.
9. Buying gold or beads for traditional outfits.
10. Purchase of modern home décor items (e.g., curtains, rugs).
11. Regular patronage of amala joints and restaurants.
12. Shopping for high-end fashion in Lagos markets (e.g., Balogun).
13. Subscriptions to cable TV or streaming platforms.
14. Planning weekend getaways to resorts like Epe or Lekki.
15. Renting or purchasing a sound system for celebrations.
16. Gifting household appliances to family members.
17. Buying hair extensions or wigs for women.
18. Contribution to family reunions or festive parties.
19. Shopping for premium shoes or accessories.
20. Decorating homes for festive occasions.
21. Planning yearly vacations to nearby countries.
22. Upgrading smartphones or gadgets.
23. Purchasing non-essential jewelry for personal use.
24. Payment for photography services during celebrations.
25. Sponsoring football viewing centers for fun.
26. Treating family to leisure activities (e.g., cinemas).
27. Hiring professional caterers for events.
28. Ordering customized outfits for family events.
29. Buying perfumes and body sprays.
30. Paying for fitness club memberships.

Savings/Investments (South Westerners)

1. Investing in cocoa farming (common cash crop).
2. Saving for real estate investments in Lagos or Ibadan.
3. Contributing to cooperative societies for land purchases.
4. Partnering in poultry farming businesses.
5. Setting up a pepper grinding business in markets.
6. Investment in pure water or sachet water production.
7. Building rental shops in local markets.
8. Investing in cassava or yam processing businesses.
9. Partnering in transportation businesses (e.g., keke, buses).
10. Savings for starting a local bakery business.
11. Investing in online platforms for digital marketing.
12. Buying and reselling premium textiles (e.g., lace, Ankara).
13. Investing in mobile phone accessories business.
14. Purchasing land for agriculture (e.g., plantain or cassava).
15. Savings for children’s education abroad.
16. Partnering in local food processing ventures.
17. Expanding small-scale fish farming.
18. Investing in local real estate for student hostels.
19. Starting a fashion design business.
20. Contributing to family savings for Hajj or Christian pilgrimage.
21. Partnering in palm oil distribution businesses.
22. Buying shares in growing businesses.
23. Savings for exporting local crafts and fabrics.
24. Creating an events planning business.
25. Starting a local transportation app for motorbike riders.
26. Building an e-commerce platform for Yoruba crafts.
27. Partnering in honey production and distribution.
28. Establishing a tech hub for youth empowerment.
29. Savings for building a guest house in the village.
30. Long-term savings for retirement and family estate planning.