6 WAYS TO MANAGE YOUR NEEDS AND WANTS.

Differentiating-between-needs-and-wants

Yon now know the difference between needs and wants and how they affect your financial decision and even financial goals if not well-managed. Why you still struggle financially is because you have not become aware of the difference between your needs and wants and how to manage or go about it, you keep experiencing financial woes. At this point in your life you should know what you need and what you want and learn to achieve balance between the two so that you can achieve your financial goals in life.

Years ago, our needs were met and we had limited wants but now the level of wants has grown more than needs because of the introduction of exceptional products and services that have eroded the market with great marketing advert positioned in places that can easily capture our mind and attention and the more money you make the more your wants increase too. With this increasingly purchasing more wants, your ability to save, invest or start your side hustle depletes and you lose focus financially.

Years back, I could not prioritize or differentiate between needs or wants, I just bought whatever I want when I hunger for it and I never delay gratification for anything till I became financially aware of my financial status and what I have been doing to myself and started working on myself to change my ideology about money. I realized that there are somethings in life I don’t really want or need, and I started trying to balance my financial life.

I once know some friend years back who was always in financial lack. Once his salary comes, its all gone because of too much wants in his life to the extent that he goes to financial institution to get loans to manage his bad debt, always living him in financial distress.

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DIFFERENCE BETWEEN NEEDS AND WANTS.

(1) Needs are individual requirement that must be meet for your survival and important for your day to day existence and fulfillment of a good life. You need air, shelter and many more to survive because without them your existence is inevitable while Wants is just a hunger or desire for a product or service which is but for a passing moment.

(2) Needs are limited meaning they are restricted in size, they are few, but your Wants are unlimited because there’s always need product and services invade the market everyday to draw and capture your mind and attention and makes you desire to have the product or service.

(3) Needs is something you must possess or must have for your existence, comfortability and conduciveness while Wants is what you wish and desire to have to live comfortably and for flamboyant lifestyle.

(4) Needs remain the same; its variable or qualities under a set of given conditions always remain the same in all circumstances but Wants will always change with time if new products and services are introduced into the market to meet your needs and make desire to have the latest one in the market.

(5) if needs are not met or fulfilled, it leads to ailment and death most times but wants lives you destabilized, unhappy and disappointment for a time range.

6 WAYS TO MANAGE YOUR NEEDS AND WANTS

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How do we achieve balance between needs and wants and manage them well? We need to master the art of balancing and managing your wants and needs to achieve your financial freedom. Here are ways to balance your needs and wants:

-Live simply
-Separate your needs and wants
-self-discipline
-use your time well
-create a budget
-Focus on your financial freedom.

LIVE SIMPLY

A life of simplicity can help manage your needs and wants and separate them well. To help achieve your financial freedom, a life of simplicity is very important by adjusting your expectation and living appropriately right. You need to develop the habit of living below your means to achieve financial freedom.

SEPARATE YOUR NEEDS AND WANTS

At this point in time, you should become financially aware of your financial status and know the impact of your wants on your finance and how to manage your wants and needs by separating them from one another.

SELF-DISCIPLINE

Controlling your wants and sticking to the list of your needs according to your scale of preference takes a level of discipline to achieve. It’s easier to say but it requires more effort and dedication to act on this to get the required result. You also need to maintain self-control for your frivolous buying or else you get financially drained. You must deal with the pattern of not understanding between your wants and needs and know how to deal with the addiction of more wants than needs. To buy somethings, you need to ask yourself critical questions with answers to give you reasons to buy your wants or needs.

USE YOUR TIME WELL

Good usage of time will help manage your need and wants and that is one of the way to balance your needs and wants. Also, how you spend your time matters a lot and what you get exposed to matters too. You need to start spending time on what will help you in achieving your goals and becoming financially free than more time on things that depreciates your net-worth. Now is the time to invest more time on yourself and future to break the paycheck to paycheck lifestyle.

CREATE A BUDGET

You need to create a budget and act on it. With a budget, you can control your needs and wants. You will know what goes out and comes in and where it went. If it takes time and effort to start working on budget, do it to help you have a financial focus. Budgeting makes you financial disciplined, focused and help achieve your financial goals.

FOCUS ON YOUR FINANCIAL FREEDOM

You need to focus on achieving your financial freedom than letting wants to lead you down the drain. You need to start saving and investing as soon as possible to plan for your financial future. Plan for your retirement, start today by plan and thinking of making tomorrow better than wasting it away frivolously today. If you need help to achieve your financial dream, work on it and get the needed help.

 

CONCLUSION

You now know the wider difference between needs and wants and how it helps influence your financial freedom and existence. If needs are not met your existence is at stake but wants is just for a passing moment that lets you down. the key difference between the two of them is their level of significance.

 

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42 Responses to 6 WAYS TO MANAGE YOUR NEEDS AND WANTS.

  1. Self discipline is where I lack but I’m going to really attempt to work on that!

  2. simplywendi says:

    important information, thank you for posting.

  3. Mahesh says:

    Excellent article bro keep it up

  4. o-li-vi-a says:

    Excellent article, I really enjoyed reading this!

  5. This is a great article. I need to let my husband read it, haha. Thanks for the great tips.

  6. Salona says:

    Hey. I really enjoyed this post. Your words really went deep as this is soooooooo true and simple yet we get caught up with wants. We think we NEED things which we can actually do without. And then we feel upset when we dont have them. Thanks a ton for this read. It really inspired me.

  7. Very sound advice which we should all follow, even though it is sometimes hard to say no!

  8. This fits with the lifestyle that I am currently adopting – definitely going to be taking these ideas forward. xoxo

  9. R U S S says:

    You pointed out a lot of good & important points here. It’s tempting to just spend on whatever after you get your paycheck, but once you start writing things down – income, how much should go to your savings, obligations, then that’s time you can spend a bit. Really, it all boils down to being a functioning responsible adult.

  10. ninakasper says:

    So many good points!!! In todays living we have so many things in our lives that people think are needs but actually just luxury wants. I’m trying to simplify my life and live more for myself and less for paying for junk.

  11. This is such a great list of ideas. Sometimes it is difficult to separate the wants from the needs. Great article, thank you for sharing this!

  12. Awesome Topic! many people are confuse when it comes from wants and needs! sometimes we need to balance ourselves of what is for wants and what is for needs!

  13. Tia M. says:

    my wants always outweigh my needs, but what keeps me inline is the needs of my kids and family. that gets put above everything!

  14. Evelyn Lo Foreman says:

    Knowing the difference between a want and a need is so important. Your tips to find and navigate balance between the two are wonderful awareness raising tools. 👍🏼 Xo, PathofPresence

  15. Candice says:

    I love your point about financial freedom. Wants can some times create clutter in our lives. Great post!

  16. picapica83 says:

    This is really important advice. I agree on everything, however the “wants” in some cases become “needs”, for instance, when a change has to be made about something in our life, and then we have to face it, have faith and make an investment.

  17. Polly says:

    I love this article. It reminds me so much of my mother. Back then, whenever we want to buy something she’d ask if it’s a ‘need’ or a ‘want’ and to think twice before buying it. I’m grateful for her and right now, I have no problem budgeting. Thank you for this list!

    • This is absolutely great. You really had someone who helped you differentiate the difference between the two and helped you in budgeting and planning your finance too.Thanks

  18. Sara says:

    Its true that identifying the difference between needs and wants offer us more financial freedom and happiness.

  19. Sara Welch says:

    This is really important to staying on budget and organized. These are great ideas!

  20. Tessa says:

    This is such an important topic and I’m so glad you wrote about it. I struggle with this area a lot because sometimes I mistake my wants for actual needs. You’ve reminded me to live simply and that I need to foster more self-control and self-discipline. So important to keeping a budget on track! Thanks for posting.

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