Needs vs. Wants

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Ep. 12 - Needs vs Wants

Ep. 12 - Needs vs Wants

Posted by JBLSpendingPlanners on January 14, 2019

Today, we’re continuing to look at where you are with your current spending habits. We’ve been through identifying what your spending is (there’s a handy transaction list). In the last post, we looked at our needs and discussed how we can reduce the costs of some of those items as much as possible.

Today I want to talk more about the wants. When you’ve identified what your wants are, compared to your needs, then it’s time to start thinking about if those wants still provide you with value. An example could be a subscription service that you’re still paying for, but you don’t really use anymore. Or you’re spending on a hobby but aren’t getting much value out of. A common one is a gym membership you don’t use anymore.

What can you do to get rid of those costs entirely or reduce them? First, let’s go back to your financial goals.If you have a vision, thenyou’ll compare each want to that. You might find that the value of some of your wants doesn’t compare well with your vision. Automatically, you’ll start to cut them out,and it won’t even be that difficult.

So, if you haven’t already done so,make sure you’ve identified your wants. What can you getrid of that would let you put more cash towards
your vision?

Let me know in the comments below.

About the Author Josh Blakeley

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