This blog has been brought on by one simple point – the increasing price of Gas. It has got my mind spinning and trying to figure out budgeting and what I need on a monthly basis and what I want on a monthly basis.
Without Gas I can’t get to work – without going to work I don’t get paid… So spending the $60 on a full tank of gas is unfortunately a necessity (a NEED)
When prices go up on things and you need to re-evaluate your monthly budget; make a list of your needs vs. wants and make some smart decisions.
Needs typically are: Food, Shelter, Clothing
Wants typically are: Big house, Expensive clothes, Expensive Vehicle, eating at a restaurant, etc.
Some things can be a want and a need and it is very important that when you are thinking about your purchase that you remember certain things:
- How will your life be affected if you do or don’t buy something?
- If it is a need: do you need the biggest, best, most expensive? Or can you buy it at a lesser price and get the basic needs from it (ideal for buying a computer)
- Remember that the lowest price is not always the cheapest (you might have a lot of repairs in your future)
- Pay cash and don’t go further into debt because of it
It is important to give yourself some wants from time to time. You need to reward yourself. So go out to dinner, go to the movie, buy some new clothes. Remember to use cash though and only do it when you can support it.
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