Managing your Personal Finances Wisely

Moneywise24 Personal Finance


‘Needs’ Versus ‘Wants’

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I guess everyone wants to lead the best possible life. So do I. In the past I have spent a lot of money on items of which I believed it would enrich my life. But did it really?

Whenever I go shopping, and before every purchase, my first question I ask myself is

Do I really need this, or does it enrich my life?

Often I find myself ready to purchase something which I don’t really need, and which would not enrich my life either. So, if an item is not needed, and if an item does not significantly enrich my life, why should I purchase it?

Do I need this?

When determining whether I need something, I usually look at what I already have. Usually, an item can be:

  • something I do not already possess,
  • an addition to something I already possess,
  • a substitution to something I already possess.

If I do not possess the item, I would usually look at how, and why, I have been living without it already for so long. Or perhaps there has been a change in my personal situation, which suddenly makes me need it? I put the item always in relation to similar items I already possess, combined with my personal situation.

Does it enrich my life?

I don’t want to claim that money is life’s only virtue. Life has to be fun, and enriching. Therefore, if I don’t need an item, I ask myself whether or not the purchase would enrich my life. I find this very important, since I have learnt to dislike throwing money down the drain; I could have invested that, and earned interest over interest.

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1 to “‘Needs’ Versus ‘Wants’”

  1. Jeannie says:

    “Do I really need this, or does it enrich my life?”

    Great to think it over like this. We often react from emotion and then make up reasons as to why we did something. By questioning oneself, it gives time for reflection.



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