There it is.
The clear, sharp, and vibrant screen from one edge to the other. The smooth surface that flows over the edges. The uniform and smooth silhouette encompassing it’s entire back.
It’s the Samsung Galaxy S8, the latest and greatest tech available in the mobile space.
The phone that everyone wants and luckily enough, it’s right in front of you because you were among one of the first to pre-order this magnificent and splendid gadget.
But let’s pause for a moment and think.
Did you need or want it?
Why You Should Separate Wants and Needs
Often times, we don’t separate our purchases into wants or needs. We usually just purchase it because it’ll be “convenient” for our lives or maybe because we simply just want it.
Especially with how easy it is to just purchase things on the internet via Amazon, eBay, and the many many retail sites out there. All of the purchases we make becomes convoluted and complex and it becomes hard to sort out whether or not you really “needed” that purchase.
Maybe after a while, we’ll soon turn into monsters who like to hoard everything out there just because it’s available. Who doesn’t like things, am I right?
Now what if you don’t want to be a monster who just collects everything you set your sights on?
Well, there’s always the option of going the other option… becoming a minimalist. To downsize the stuff you own to only the essentials.
But that’s not really fun, right? Life is supposed to be fun.
And to make it fun, we should strike a balance between both extremes. To have the best of both worlds and enjoy being both a minimalist and a hoarder.
Now let’s tie it back to our wants and needs.
Being a hoarder is just like our wants. And being a minimalist is just like our needs.
Hoarders want everything they can get their sights on, and minimalists only have things they need to have their life go on.
To strike a balance in our wants and needs and to understand whether or not it is important in your life will allow you to eliminate unnecessary waste.
Unnecessary?! Nothing is unnecessary!
Well, how about those coloring pencils you haven’t used since 5th grade 15 years ago?
Do you still need them or are you just hoarding it for an off-chance situatino that you’ll use them again?
Of course, this can sometimes differ depending on your person as wants and needs don’t always fit into nice little buckets for you.
It can’t be too simplistic, but it can’t also be too complex.
Let’s take groceries for example.
Groceries are a need because you need to eat to survive.
But the type of food you prefer to eat are more on the wants side.
Anything from fruit juice to chips and cookies are more of a want instead of a need. The difference between tomatoes and organic tomatoes show you that preferences are more of a want than a need.
How You Can Apply That To Your Budget
Take a look at your budget.
How many of those items are wants and how many of those items are needs?
There’s nothing wrong with having a lot of your line items in your wants and there’s nothing wrong with having a lot of them in your needs (if it’s in needs, props to you!).
Now, can you eliminate your wants in order to “save more money” and allocate them for a better use?
If you can, great! If you can’t, then that’s something we have to work on (unless you don’t want to).
By being able to categorize our wants and needs into buckets, you’ll start to realize that you have more power and control on what you actually spend and how you allocate your budget.
If you’re choosing to spend your money on wants and want to minimize it, you can start not purchasing those items and allocate it elsewhere, because you already know that it’s unnecessary.
In the end, wants and needs can affect how your spending and budget will go.
But it’s highly dependent on what you want to get out of your life and your budget is typically a reflection of it.
How Balanced Are You With Your Wants and Needs?
So, how balanced are you with your wants and needs?
For myself, I’d say that I’m about 60% Needs and 40% Wants.
I can definitely improve more by eliminating the tech gadgets and dining out for lunch and dinner. I’d allocate that money into the stock market and learn how to cook more, make delicious food, and simply, live with what I have instead of striving for the latest and greatest.