"Needs before wants"

0 23
Avatar for Heizero
2 years ago

"Needs before wants"

Wants are optional while needs are a necessity. Needs come before wants.

Strategize on how to channel your income. Know the percentage that is meant for savings, expenses, and investment.

For example, If you need a normal affordable car for work and for taking the kids to school, and you also have a mere desire for a clean Honda SUV, your desire for a luxurious Honda SUV is actually a want and not a need. In practical terms, what you need at the moment is an affordable car for your job and for taking your kids to school.

Your needs should get top priority in your budget. Only after your needs have been met should you allocate any discretionary income toward wants. And again, if you do have money left over each week or each month after paying for the things you need, you don’t have to spend it all.

0
$ 0.00

Comments