The Importance of Buying What You Need, Not What You Want

We all know the feeling. You're scrolling through your Facebook feed and you see an ad for the latest and greatest "As Seen on TV" product. You think to yourself, "I could really use that!" before clicking the link and making the purchase. But do you really need it? Probably not. More likely, you just wanted it. And that's okay! There's nothing wrong with treating yourself every now and then. However, it's important to be mindful of your spending and only buy what you need, not what you want.

1. Wants are unlimited but needs are finite - It's easy to get caught up in a never-ending cycle of buying things we want but don't need because our wants are virtually unlimited. However, our needs are finite and fixed. This means that at some point, we will reach a point where we have everything we need and any additional purchases are simply wants. Therefore, it's important to be mindful of our spending and focus on meeting our needs first and foremost.

2. Wants can be expensive but needs are relatively cheap - When we give in to our wants, we often end up spending more money than we intended or can afford. This is because our wants are typically expensive items that we wouldn't normally purchase unless we had the extra money to spend. On the other hand, our needs are typically less expensive items that we would still be able to purchase even if we didn't have a lot of extra money to spend.

3. Wants satisfy us temporarily but needs satisfy us permanently - When we purchase something we want, it usually provides us with a temporary sense of satisfaction that quickly wears off as soon as the novelty wears off. However, when we purchase something we need, it provides us with a permanent sense of satisfaction because we know that it was a necessary purchase that will help us in the long run.

4. Wants can cause debt but needs rarely do - If we're not careful, our wants can easily lead us into debt because we're spending money on things that we don't really need. On the other hand, our needs rarely lead us into debt because they're items that we would still need to purchase even if we didn't have any debt. This means that by only purchasing what we need, we can avoid getting into debt and instead save our money for things that are truly important to us.

5. Wants make us happy but needs make us content - There's nothing wrong with wanting things that make us happy. However, it's important to realize that true happiness comes from within and not from material possessions. Being content with what we have is far more satisfying than constantly chasing after things that we want but don't really need.

Next time you're tempted to make a purchase, ask yourself whether you really need it or whether you just want it. Chances are, you'll save yourself some money by only buying what you need!