Knowing the Difference Between a Need and a Want

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Nick Cyphers

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(Photo Credit via 401kcalculator.org.)

(Photo Credit via 401kcalculator.org.)

In order to save money, you need to have control and just not spend it. Although, there are some things you must pay for.  These might include:  taxes, rent, clothes, food, bills, school, or car payments. There are a lot more things on the WANT list than the NEED list. There are so many unnecessary things out there that some people get confused. The WANTS could be anything from games, unnecessary or over budget food/clothes, or any material item that you definitely do not need. It is important to keep in mind that you do not always have to get the most expensive items.To figure out the difference between a NEED and a WANT, it is best to ask yourself questions.

Good “Yes” or “No” questions can help anyone easily determine whether or not a purchase is necessary or not. Some questions are “Will I be using this for a while or more than once?” and “Can I afford it without sacrificing any necessary purchases?” If you answered “No” to either of these questions, it is more than likely an unnecessary purchase. If you can answer “Yes” safely to both of these then you are more than qualified to make the purchase without worrying.

These questions can be used for just about any purchase that you may have to make. You should not make a purchase if you will only use it once or twice unless you absolutely need to make the purchase. Instead of buying a tuxedo that you will wear to one event, you can rent one for much cheaper. This will prevent an unnecessary purchase and save you money. It is very important to keep track of how much money you have in order to not overspend. Instead of going out to eat at an expensive restaurant, you can buy and make your own food or eat somewhere not as expensive.

It can be very difficult to tell the difference between a need and a want especially when someone is fixated on something. It is good to get a few personal items you may want, but it is more important to get the needs out of the way. That is a part of being a responsible, functioning adult.