As stated by Miriam Caldwell (2019), other mistake that people make was by classifying their wants as needs. When something was classified, as a need, they do not consider cutting back on it as much at first. They can also lump needs and wants into the same category, which can make it harder. For example, food was considered a need, eating out a want. Their necessities are needs, food, shelter, and power. Transportation within reason can be a need depending on where you live. In addition, needs were something that the people must have or need for survival and wants refers to something which is good to have, but not essential for survival. That was a common mistake that the people do when they were spending, they don’t classify their needs and wants. Also, students were spending their money on many expenses but sometimes they just focus on spending their money on recreational activities.