How’s your budgeting going? Are you sticking to every single rule that you’ve established for yourself? I’m only asking because we are on the brink of “that time of the year”, and it’s very crucial you have a crystal clear understanding between a want and a need. Not knowing the difference could cost you dearly.
You must clearly internalize and understand the difference between a ’need’ and a ’want’. In most cases, the situation can come down to buying something new, or buying it used. Most of the time you’re not going to have enough liquid (cash) to pay for something that’s new. If that’s the case, then you shouldn’t be buying it at all. I know, that sounds simple enough doesn’t it? Not when you’re in the furniture store or a car dealership and the salesperson of month is yapping away at your ear showing you just why they are salesperson of the month.
Making yourself aware of the difference between a need and a want is going to play a critical role in your budgeting success. It will lay the foundation of your financial I.Q. and it will (and this is most important) keep you out of tremendous debt. Enjoy your wellness.
Rahim
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well put Rahim. One’s wants and needs sometimes seem hard to seperate and thats an important thing to decide when budgeting.