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Mar
14
2019

Ask Yourself One Question, Save Hundreds of Dollars

by CashTime Loan Centers

Most of us have debts. A lot of us utilize credit cards. Too many of us live from paycheck to paycheck, having nothing in savings. However, there’s a way out of it: a simple question…

Do I need this thing, or do I want it?

You don’t need everything. You know that already. Obviously, taking a vacation just because, indulging in some retail therapy, or buying a TV larger than the wall its mounted on are all enjoyable… until you see that money taken out of the account. These items are clearly luxurious, and no financial advisor would classify them as a “need”. However, differentiating between “need” and “want” may be harder than you might think. Buying a premium phone the day it comes out is a want, and a gym membership is a need… right? Not at all. You may associate a gym membership as a way to sustain and improve your health, something that is absolutely needed. But the membership itself? You don’t need it. You can make it to the next day, week, and month without one.

If you truly only spent money on what you needed, abstaining from everything that you want, you can recover your finances faster than you may believe. To help differentiate from need and want, as well as helping yourself stick to it, follow these tips to lower your spending.

Keep Your Needs, Needs. Like the gym example above, it’s easy to turn a need (staying alive) to turn into a want (getting an expensive gym membership). You don’t mean to do this, most likely… your mind associates a need with an optional, more enjoyable way to get it. You need water to live. No debating that. Bottled water? You can live without. Food matters, and you don’t go long without it. But you don’t need to get it from Wendy’s. Whenever you reach to make a purchase, determine if you are satisfying a need at its most basic level or leveraging your want into a need.

Play The Waiting Game. Impulse purchases are real, and honestly, they’re pretty hard to avoid. You may not have thought about a candy bar all day, but the moment you see one at the cash register, it’s all you’ve ever wanted. Whenever a purchase is about to be made that is not required (groceries, shelter, utilities, etc), ask yourself a few questions… will I live without this? Why do I need or want it? Do I have something already that will satisfy the same need? If you answer honestly, you may find yourself putting an item back on the shelf.

Take a Look Around. You’re reading this blog on a device that you probably own… that alone puts you in pretty good shape economically. We take it for granted because we become so used to it, but the moment the internet goes down, we realize how much you miss it. The same is true with what we have. You don’t need the latest, the greatest, the luxuries to have a life you love. Money does not decide how much you enjoy yourself, or how we appreciate the world. Invite a friend over for conversation. Go for a walk. The simple pleasures in life tend to be free, and we tend to forget they’re there. Don’t allow yourself to become distracted by what you don’t have, and enjoy the things you do.