Keys to Saving; Need and Wants6:15 PM
Saving money is more of a mindset than a set of rules, and the first step toward changing our mindset is learning the difference between our needs and wants. A need being thee things that we need to live which means basic food, clothing and shelter, and wants being everything else.
In this materialistic world, it is hard for us to see the difference. Advertisements, broadcasters, and even friends tell us there are things that we “have” to have. We have to have cable. We need high speed internet. We can’t live without a yearly vacation. Everybody buys their clothes from the XYZ store, and so on and so forth, making us believe that those are necessities of life.
All the things I mentioned are nice to have, and there is no reason that you shouldn’t have them if you have the money. However, many people are in debt and living on the edge, because they have tricked themselves into thinking that they need things that are really just things that they want.
This month is all about saving money. The first thing we need to do is to change our thinking about how we spend our money. Take some time today to think about what you spend money on, and distinguish want are needs and what are wants.