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Managing Personal Finance: Needs vs Wants
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[QUOTE="Etini, post: 322105, member: 90141"] When it comes to effective financial management, one of the core things to do is to differentiate between wants and needs. To make it clear, needs are those things that are necessary for life and survival. Without these things, life is likely impossible. These include food, clothes, healthcare etc. Wants on the other hand are those things we desire beyond our daily needs. These include entertainment, luxury items, vacations etc. In order to manage finances properly, a person has to identify the expenses that are needs and wants. Suffice it to say that what might be wants and needs for us might be different according to our different affiliations, creed and endeavours. For instance as an online worker that I am, expenses on data is a need for me. And I have to prioritize it. But is it a need for someone who works as a nurse in a hospital? It is obviously not. And spendings on it should be minimized. The key to financial management as it relates with wants and needs is to list everything you spend your income on. Categorize them realistically into wants and needs. Then, you prioritize spendings on needs and reduce expenses on wants. This is essential in financial management as it would help an individual to avoid overspending and debts. So you could ask yourself if that Christian Louis Vuitton shoe is a want or a need? For me, it would be a want. For a model or an artiste, it is a need because they have to wear designers for their jobs. [/QUOTE]
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