Your Needs Vs Your Wants

YOUR NEEDS VS YOUR WANTS:

Many of the financial struggles we get involved in is as a result of our confusion between "Needs and Wants".
As you journey towards financial freedom, It is very important you are able to differentiate between your "needs" and "wants".

A need is something you can't live without e.g. Food,Clothing,Shelter, health care. A requirement for survival while A want is something you could do without, you strongly desire it but it's not essential for your survival e.g. Designer bags, shoes, going to movies etc. Kindly fill in ................. I am sure we can separate our needs from wants.

It takes a certain level of maturity to know what these needs are.
Have you ever been in a situation where you purchased a particular item and feel guilty after buying the item cause of the reality that such item is not really needed. I have been in such.

According to Karen McCall - A need sustains you and a want entertains you.

Most times when I go shopping and something grabs my attention & winks "buy me", I pause and ask myself is this a "NEED or a WANT"? It immediately helps me to focus on what I really need.

There are so many beautiful things out there calling your attention and screaming "buy me". Why not pause for a moment and look at those things critically.You must be able to decipher whether its a "NEED"or "WANT".
What do you really need in your life?

If you want to be financially successful, you must be financially disciplined. It's not everything you see you must buy.

You can treat yourself to some wants along the way, but do so when you can afford to, and enjoy those wants as the extras that they are

Develop the ability to delay short term gratification.

Be clear about your motives & intentions when you shop.
Make a detailed list of your needs/wants and review from time to time.
When you look at the "Needs" in your life, you tend to see that some things are not 'Needs" but "Wants". There are times when wants become needs.
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Prioritise and have a scale of preference of your "needs/wants".

Separating needs from wants helps to get spending under control.

Ensure your needs are met first before indulging yourself with some wants and set goals for both.

I am not saying you should give up on your "Wants" cause you might need to indulge yourself once in a while, but to examine how much of your monthly spending is on "Wants".

When you are being drained financially just to maintain a flamboyant status then it becomes a big issue.

When you are under financial pressure consistently, it shows you are putting a strain on your finances.

Some people's "Wants" is other people's "Needs", your focus should be more on your "Needs". .


Spend Wisely!