Tuesday, May 12, 2009

What you want vs. what you need

There is nothing wrong with wanting things that you don't need, but there may be a problem when you buy things that you don't need and you can't afford. When you want something and it is not a priority in your life, the wise thing to do is to save the money to buy it.

There is a difference between what you want and what you need:
  • What you want are things that you see, or hear about, that makes you feel the urge to possess them, whether you need them or not.
  • What you need are basic items that help sustain you for the good of your health and your everyday living experience.
There is nothing wrong with getting something that you want at a later date by saving for it but your priority should be spending the money that you have on the things that you need.

Saving your money is possible, especially if you develop and incorporate a good plan for saving and a budget strategy that you can live with. Learning self-control and self-discipline can go a long way in helping you save for the things you want.

Remember, if you start a savings account and put money into it on a regular basis, your savings will soon grow and you will have more buying power in the future.

I'm reposting this from my blog at destroydebt.

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