Needs versus wants: knowing the difference
Hey girl, hey! So I find it quite interesting when random people give me financial advice not knowing that I am actually a financial coach. I literally have heard it all… “Girl, get you that $1,200 purse. All you have to do is put it on credit and pay it later.” Or “Girl, don’t pay that bill, just let it go into collections then you can pay way less at another time.” Or “What are you saving for? Here today, gone tomorrow… that’s my motto!”
(Record Scratch!) Wayment… did I hear that right?! Now, I know if these individuals are giving me this “financial advice”, I’m pretty sure they are telling others the same thing. To them I say… “Stop it!... Stop it right now!” And ladies, if you have someone giving you financial advice that makes you scratch your head, tell them, “Thanks for the advice but I follow Girlfriend’s Budget…OKAAY!”
Anywho, with that being said, let’s talk about needs vs. wants. I’ve had clients tell me, “I really need these new $700 shoes” as shoes are pouring out of their closet or “I definitely need this $50,000 car” that we both know they cannot afford. Girlfriend, No! A need is something that you cannot live without, like food, shelter and basic clothing to cover your naked booty. A want is anything beyond the basic necessities of life. But many get the two confused. I always say, if you’re “stuff” totals up to be more than what you have in your savings account, then Houston… we have a problem. Below is a more detailed list of needs vs. wants.
So the next time you think you need something, first ask yourself if it’s in the budget. If it’s not… leave that thang in the store. But if you can actually afford it (meaning all bills have been paid and money has been put in savings) then go for it, hunty… and buy me one too! Just kidding……. Kinda, lol!
Let’s get a dialogue going. Tell me what you think of this post!
Until next time,