Make a list of your “needs” (items necessary for survival).
Make a list of the items that you have purchased out of “want.”
Now, estimate the cost of each item. In other words, what is the total cost of your “needs,” such as housing, food, and clothing?
Now, consider items that you may be making payments on that were purchased to satisfy your “wants.”
Are you spending as much for your “wants” as for your “needs?”
It is important to note that these “wants” are neither good nor bad. However, you should personally balance your needs and wants so that you can successfully establish a savings plan and good spending plan principles. This will help you establish and maintain good credit and work toward achieving long-term financial security.
Make a list of the items that you have purchased out of “want.”
Now, estimate the cost of each item. In other words, what is the total cost of your “needs,” such as housing, food, and clothing?
Now, consider items that you may be making payments on that were purchased to satisfy your “wants.”
Are you spending as much for your “wants” as for your “needs?”
It is important to note that these “wants” are neither good nor bad. However, you should personally balance your needs and wants so that you can successfully establish a savings plan and good spending plan principles. This will help you establish and maintain good credit and work toward achieving long-term financial security.
