Needs vs Wants

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I stepped out to get a carton of noodles as we ran out of it's stock. Getting to the supermarket, I saw a very nice foot wear. I love to wear sneakers and when I see a nice one, I buy. This time I bought it forgetting I came to the supermarket to buy something else. After I had bought it, I then remembered why I came out and quickly rushed to get the carton of noodles. When I got to the counter, I paid more than what I budgeted for just noodles.

Getting home, I realized that I touched the money from my account which I had planned for something else. Anyway, I tried to justify my purchase at least it isn't bad to get a new pair of footwear right? I mean I may not see that type of sneakers again or when i may see it, the price may be very high. These are the reasons I gave myself to make it look like I didn't make a financial spending mistake.

The truth is that I made an unnecessarily purchase. However, buying the sneakers is a want that isn't as important as the carton of noodles which is a need. A need is required for our daily lives. I will say that needs are 100% important. Your needs are something that you cannot go without. A want on the other hand is anything that you can work perfectly without.

How do you draw the line between needs and wants? What happened to me is a perfect example of how to identify your needs and wants. Ask yourself : Do i need this immediately? If I do, then it's a need but if I don't, then its a want

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A lot of persons are in debt because they prioritized their wants rather than their needs. I am sometimes guilty of this spending habit. Sometimes we unknowingly spend too much and end up not saving at all. In fact when you prioritize your wants, you may tend to save less and then you wonder why you are not doing well financially even when you have a fat income.
I am not a financial coach but I know some ABC's in financial management. With my knowledge and experience I will say that sticking to your spending thresholds will save you a lot of financial mismanagement which may lead to incurring debt.
Lastly, I will like to add that sticking to your budget does the trick and prevents you from over - spending. Being able to identify your wants and needs will go along way to help you curb unnecessary expenses. I will just add that you should budget every penny you earn and stick to your budget 100%.
I know there are lots of good things that we would love to have. Its not too bad to sometimes switch to satisfying your wants. In all, just don't overspend so you don't end up touching your savings like I did earlier today.

Thank you for reading

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