December 23, 2010

{Get Ya Money UP!} Needs Vs. Wants

So, how'd tracking your spending go? I know, I'm sorry! December isn't truly the month that you should be analyzing how much you're are spending per month, but I'm pretty sure it helped you to be a bit more shop-conscience, didn't it? Perhaps this is the reason that the new fiscal year starts in February and not in January when every one's returning their unwanted gifts. Now, be honest, you may have screamed "Oh, I love it!" Christmas morning, but stood in that long customer service line come January.

If you're able to restrict yourself and buy only what's on your Christmas list, well hats off to you. But, most of you bought a pair of shoes for yourself, a new outfit for the New Year - can't be caught on New Year's Day in an outfit from 2010, right? *side eye* Did you really need that outfit? Could you have gone to your closet and put something together? Or was it because you wanted new clothes and that just happened to catch your eye. Answering yes to the last question? In that case, we need to assess needs vs. wants!


Needs are your essentials for life, things that are imperative to you living day to day without confusion. Wants are things that would be nice to have, but can be done without. Think of it as a car.

 I'm pretty sure you've seen the commercial where it says "total package shown." This refers to the things that have been added to the car such as a Bose Stereo, Leather Bucket Seats, 8 cylinder engine, tinted windows, sunroof, and heated seats just to name a few. Sounds luxurious, however, when the car comes from the manufacturer (unless your a millionaire and gave your specifics to the production plant) it doesn't include all of those things. It's simply a car with four doors that gets you from point a to point b. Quite frankly, isn't that all you need a car for!

So, this week start analyzing your needs vs. wants. What things do you need in order to live your life at the bare minimum, those are your needs. What things can you do without? This will be your wants. I admit, you may miss them at first, but the sacrifice you make now will only pay off later!


I'd love to hear about your needs vs. wants, please leave in the comment section!




My Needs:
~Bills: Rent, Gas, Electric, Water, Phone, Internet*
~Loans: separate from bills b/c it is!! School only, paid my car off in October
~Food: for both me and the animals
~Pet Supplies: cat litter and doggie toys
~Hair Products: really all I need is a clarifying shampoo and mayonnaise


My Wants:
~Shopping of any sort not related to food
~Recreational activities: going to movies, eating out, etc.



*can be considered a want, but then how would we stay in contact??? :)
{source}

3 comments:

  1. I need for you to come to Orlando and hang out with me! Maybe we can sneak in a hair consultation/appointment. :)

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  2. Fabulous Hicks24/12/10 20:04

    Thanks for the post N. Wright!

    It is so hard sometimes figuring out wants from needs! I like to keep my nails and feet done and do something special for myself once a month! Is this wrong???

    Also, how do you balance a long list of Christmas gifts without seeming "cheap"???? I try not to get all the people a pre-written card in the box of 20 lol.

    xoxo,
    Fab

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  3. @Fab,
    I wouldn't say it was "wrong" of you to do something special for yourself each month. But, the "wright" thing to do, is stay within the parameters set by your budget. For example, if your monthly income is $500, and if you are trying to save money, I would suggest %5 be spent on recreational habits. Therefore, spending $25.00 a month wouldn't hurt.

    {Calculating Income/Expenses & Creating a Budget coming in January)

    One way to balance a long list of Christmas gifts is not to have a list. Especially if you are on a budget! Secret Santa is the way to go. Put names in a hat, grab one and agree on a spending limit. Of course you want everyone to know that you were thinking of them, make homemade cards with a thank you note of something that did to make your year outstanding. Or, you could dig deep into your inner Martha and create that one item everyone will know is from you - in different arrangments of course! Think jewelry, soap, photoframes, pillows.

    I would probably decorate composition books and call 'em planners because I want everyone to be organized! LOL!

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I sincerely appreciate the comments! From one selfless person to another, thank you!