The importance of budgeting is a necessary evil, especially if you are like me and love to shop.
This article is the first in a series of budgeting how-tos!
The ability to shop online has opened up a whole new world when it comes to battening down the hatches between what fits in to your budgeting needs versus wants.
I find things I need and then I find things I “really” need…and then I find things needed for the house, and then for so-and-so’s birthday, christening, baby, mother, uncle…you get the idea.
I’ve learned the importance of budget and am learning to categorize my shopping into true “needs” and “wants”.
Below are the definitions of “needs” and “wants”, as well as what items I categorize under each.
Need: Things of Necessity
- Food and water
- Place to live
Most people would agree that the first four on the list above are true needs. Some may disagree with the fifth, but self-care (which comes in many forms) is needed more and more these days. You technically don’t need to spend money to perform self-care. Taking the time to read your favorite book, meditate, take a walk…all three do not cost a penny and can contribute to your overall wellbeing.
Wants: To have the desire to have
- Designer clothes
- Flashy cars
I can’t tell you how many times I have found AMAZING deals on Amazon, Wal-Mart, and Target’s websites when it comes to fashion (and so much more). Stay tuned to Modern Xennial for an article on my favorite Instagrammers that keep me on-trend AND on-budget.
Vacations are amazing. I’ve been blessed with the ability to take many vacations with little or no monetary outlay (collaborating for content, reviews, and/or social media love). I know that I wouldn’t be able to swing the number of vacations and outings we take otherwise, and am eternally grateful.
Jewelry used to be a huge love of mine, and it isn’t that I don’t love it now, but my priorities when it comes to spending has changed.
I love my current cars. They are paid off and reliable. It is amazing to not have a car payment, knowing that one day I will have to add that expense to my budget. I appreciate the time that row isn’t included.
What Are Your Thoughts On The Importance of Budgeting?
If you had to classify your “wants” and “needs,” what would be on them?