By: Abigail Ellis
October 25, 2024
Hey there! I'm glad you stopped by! Let’s talk about something that comes up every time you scroll through social media, hang out at the mall, or even just browse your favorite online shop: spending. It’s so easy to get caught up in wanting the latest sneakers, the newest phone, or that outfit you saw your favorite influencer rocking. But how do you figure out if these things are something you really need, or just something you want?
Understanding the difference between “wants” and “needs” is super important when it comes to smart spending. Knowing where to draw the line will help you manage your money better and make sure you're not left broke after payday. So, let’s break it down and help you build a habit of smart, mindful spending.
What’s the Difference Between a Want and a Need?
Here’s the thing: a need is something you can’t really live without—it’s essential. Think of food, clothes (basic ones), shelter, transportation, school supplies, etc. You need these things to survive and function day-to-day. On the other hand, a want is something you’d like to have, but it’s not necessary for your survival. Wants make life more enjoyable or fun but aren't essential.
For example, you need shoes to protect your feet, but you want those limited-edition Jordans because they’re trendy and cool. You need a phone to stay connected with friends and family, but you want the latest model with all the fancy camera features.
5 Tips to Figure Out if Something is a Want or a Need
Here are five easy tips to help you decide if what you're about to buy is a want or a need:
1. Pause Before You Buy
If you see something and immediately think, “I need this,” take a breath and wait. Don’t buy it on impulse. Give yourself at least 24 hours to think about it. Ask yourself: Will this still be important to me tomorrow or next week? Often, giving yourself time lets you realize it’s more of a want than a need.
2. Ask Yourself: Can I Live Without This?
This is the big question! If you can imagine going on with your day or week without this item, it’s probably a want. For example, can you survive without those $100 headphones? Yep. But can you live without your textbooks for school or a way to get to class? Probably not.
3. Check Your Motivation
Are you buying this item because you truly need it, or are you influenced by peer pressure or social media? Sometimes, we feel like we need something just because everyone else has it. If you’re only buying it to impress someone or because it's trending, it’s a want.
4. Think About Long-Term Use
How often will you use this item? If it’s something that’s useful every day or long-term (like a good winter coat), it’s more likely a need. But if it’s something you’ll only use a few times, like an expensive piece of tech or clothes that will quickly go out of style, it’s probably a want.
5. Look at Your Budget
This is where the money part comes in. How much of your money are you willing to spend on this? If it costs a big chunk of your savings or cuts into your ability to buy things you actually need (like lunch, transportation, or school supplies), then it’s most likely a want. Prioritizing needs keeps your budget in check!
Why Does This Matter?
Learning to separate wants from needs isn’t just a skill for now—it’s something you’ll use your whole life. The earlier you start thinking this way, the better you’ll be at handling your money as an adult. Plus, it feels pretty empowering to be in control of your finances and to make smart choices!
So, next time you’re out shopping or scrolling online, try to think about what you really need. Remember, you don’t have to deprive yourself of all your wants (treating yourself is fun!), but it’s all about balance. Making thoughtful decisions now sets you up for success in the future.
Happy (smart) spending!
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