Choose Wisely Needs Or Wants

A great way to start saving money is learning what you need in life, versus what you want in life.Majority of our spendings are wants.Try this . Divide all of your spending into needs and wants. Before tallying things up, make a deal with yourself – for every dollar you spend on a want, put a dollar into savings for the future. Then tally things up we will save more money.

Need food and water. A majority of  food bill is a “need” – most of purchases are simply wants like candies and choclates for kids we simply can make some nutritious food for them.

Need clothing.  See first what we have if we need cloths and they are in bad condition then we have to purchase cloths otherwise if we are going for family party and purchase new dress for that and suddenly other family party comes then no need to buy other dress it will be want.

 Need a means to earn a living to pay for the needs. That means at least part of our electric bill is a need, as is our internet bill, as both of these are required for to write and earn income.

Need basic hygiene and health. These areas of spending are largely need-based we can't choose them.

Need to protect  family against demise. Thus life insurance and disability insurance are needs not want.

The majority of our spending are want . Looking at those wants with a more critical eye eliminating some and putting a bit more focus on the things most important to us .This will help you in spending money for future.

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About Balvinder Kaur