Many times I find myself asking why I have clothes or electronics from top brand names from local retailers instead of just going someplace online where I would’ve gotten them for so much cheaper. With all of my credit cards, personal loan and student loans and the harsh economy, why do I find myself spending on things that does not consider necessary? I’ve gotten better of course but learn from your mistakes and know the difference between what you need to spend and what you want to spend.
- Wanting to spend – Seeing that new flat screen Sony TV from Best Buy and you just gotta have it without thinking about the perfectly fine working TV you already have at home.
- Needing to spend – Looking at that new big screen for your new house or apartment and try to find the best deals at Wal-Mart instead of Best Buy. Why spend so much on a Sony when you can get the best price on a Vizio(what I have)?
The next time you go shopping somewhere, ask yourself if “YOU NEED THIS” instead of if “YOU WANT THIS”. If you keep wanting something and buying it, you will find yourself in a lot of trouble with whoever’s money you’re borrowing from.
Of course my focus here is on spending and saving, I’m not talking about the basic essentials to everyday life such as food, water, shelter, etc. Those are the things you absolutely need to survive and it is a whole other topic altogether. In this case, the things that you WANT are mostly the things that you buy, whether if it’s cheap or not. Those are the things such as TVs, Games, makeup, watches, etc. However, We have become more and more dependent on technologies that it’s come to a point where it’s a necessity to our everyday lives. Even then, without cell phones, TVs, or internet, we would still survive.
You didn’t really need that flat screen TV did you? 🙂
I think it’s OK to spend on want as long as it is reasonable. A flat screen TV is a lot nicer than the old tube TV and I’m willing to pay for an upgrade. I don’t like paying more for SONY though. I got a Panasonic….
No I didn’t need it 😀 I think Vizio has the same performance
as any other big brands out there. Yeah I agree with you, as long as it’s reasonable and the price is right.
Oh the good old balance between wants and needs hey?! I find I can balance well most of the time. I save for what I really want before I buy it instead of going in debt and getting it sooner. I think the money we make is meant to be spent, but we should spend it wisely on the things that matter to us the most.
I frequently give into my wants. It’s good to sacrifice some money once in a while. My goal in life is to be rich and enjoy the money along my journey.
You work hard so why not enjoy it right?
I have to agree with Tony. My dinner tab last night was over $100 (I wouldn’t classify myself as frugal). If you have to borrow in order to get your wants then you need to reevaluate things. If it doesn’t set you back spending on wants, I see no problem with it. I enjoy rewarding myself.
I like the Vizio too. A great value.
I shop online because I am very willing to wait. It usually means enough savings to warrant the wait. Living th e low profile lifestyle reduces the wants.
When you can finally tell the difference between needs and wants, you’ve become a financial adult 🙂 Took me a while to get there!
one of the good ways to control impulse spending, good thinking
I agree that there is a HUGE difference between want and need. I think this is the problem behind many people’s financial troubles. They overspend and get into debt. Then interest works against them. Great distinction here.
My rule is if there’s something I want, I have to wait and make sure to research the best priced item. Many times, I forget about the purchase and it gets put off indefinitely. However, sometimes I realize I need the item (like a new cell phone) and I buy it at a discount price – or at least on sale. Waiting a few weeks determines how badly I need it.
It’s taken me a few years to get to the point where I’ll ask myself before making a purchase. Now (almost each time) I’ll decide if it’s a want or a need first, then consider options to obtain them at lower costs. Even if it’s a want, at least I’m not fooling myself anymore. 😉