Hi Everyone,
Welcome to Nifty Nic’s Cash Flow Tips. I hope you enjoy reading my first ever blog!
Today I am discussing wants verse needs. Everyday you hear someone,or even yourself, say ” I need a new pair of shoes” or ” I really need a coffee” but, do you really need them? Lets find out the difference between a want and a need.
A want is something you desire, something that you have seen or crave and you must have it. If you really want those shoes, or that coffee, what would happen if you don’t get them? That’s right, nothing.
A need is something that you require for your survival, coffee may fall into this category for some people… Needs are items that are necessary for you to live, such as food, fresh water and somewhere to live.
I find that a lot of people spend a fair bit of cash on these wants that they disguise as needs. A super easy way to save a bit of extra cash each week is by identifying one of these hidden needs, such as a daily coffee, and either swap it for instant coffee or make it a treat once a week.
Coffees cost between $4 and $6. If you’re getting one every day that adds up to $20 to $30 a week you are spending on coffee! That’s up to $120 a month!
So if you want to boost your savings, I challenge you to identify one of your disguised needs. Figure out how much a week you spend on it and let me know how much you will save by making it a treat or swapping it for a cheaper alternative.
Happy Savings,
Nic
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