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Wants vs. Needs
Transcript of Wants vs. Needs
To wish, crave, demand or desire
A condition or situation in which
something is required
How do I waste money?
TIP: If the reward to yourself for saving money costs more than you "saved'', you didn't save at all!
Wants Vs. Needs
And how do I STOP wasting money?
1. You spend money just because you can.
It's going to be harder to separate wants from needs if
you can spend anytime you want to.
SOLUTION: Don't carry cash. Most things you buy at school are cash-only. If you have a debit card, check it once a week to see what you are spending your money on and where you can cut back.
2. You don't have a separate account for saving.
Separate your wants from your needs by restricting your spending. If it's out of sight, there's a good chance it'll be out of mind.
SOLUTION: The best thing to do is to open a savings account without a debit card. It is safe in the bank and without easy access, you will be less likely to spend.
But some things are
WANTS & NEEDS
I need a car, but I want a Camaro
I need a house, but I want a mansion
I need food, but I want pizza and skittles
Yeah, ok, so this is where you need to exercise a little bit of judgement.
Having goals will help with these every day decisions
What are 3 things that you want or want to accomplish in the next six months? Write them down on a piece of paper in order of importance.
You can only achieve
success when you meet your goals
1. Start with small goals
to get yourself started
Example: Week #1, I want to
save $10 of my allowance; If
I do, I will buy myself a redbo
2. Don't let your reward break the bank
Be honest with your friends abo
ut your spending
If you feel pressure from someone,
about your goals. No one can fault yo
u for having
a plan to save for something better
4. Keep coming to Darter Dollar$
Tip: This is the best place to get good tips and better understand your money
Miss Ryan is the coolest too, Duh
Real Life Scenario
Every week you get a $25 allowance. That means:
a. you put it in your pocket and spend $5 each school day
b. you put it in your pocket and spend $2 a day, save the rest in a shoe box at home.
c. You put $10 into checking, $10 into savings, $5
in your pocket for school cash. Focus on your goal
d. You put all $25 of it into savings. Booyah!
WANT VS. NEED
If you saved $20 a week for a year you will have a down payment for a 1st car
Remember to reward yourself!
But if you don't allow yourself some room, you are more likely to slip up and spend
Spending on "little things'' every day will parlay your money!!!