What is a need vs. want? Knowing the difference can make a big change in your savings. When it comes to spending, knowing the difference between needs and wants can significantly impact your savings account. It’s easy to tell ourselves that many wants are needs, but a conscious effort to separate the two can lead to a bigger savings account and bring you closer to your long-term financial goals. Learn to differentiate wants and needs and the various ways to save with the help from one Texas native as she experiences her monthly spending habits in a whole new way.