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You are here: Home / Finances / Needs, Wants, and Wishes

by Stacy  3 Comments

Needs, Wants, and Wishes

Before you can establish a budget, you have to determine your needs, wants & wishes! Nowadays these items can often get mixed up.

I talk to lots of people who don’t make budgets…shame on you. A budget is telling your money where to go instead of wondering where it went (thank you Dave Ramsey!). Did you know that if you make a budget you usually end up finding out that you have MORE money than you thought? It’s true. So, make more money and work out a budget. See how easy it can be to set good priorities? That’s all a budget is – priorities on paper.

It’s pretty easy to make a budget, it just takes time and effort. Here’s a great free budget template that we use. I love my budget. It’s a security system for me. I don’t have to wonder how much money I have…..I KNOW. I can see it. If it’s getting close to the end of the month, I can look and see how much I have left – not cry at the register because I’m afraid that I don’t have enough to buy my toilet paper….and no toilet paper is a crying matter, my friends.

When you think about starting to make a budget, you have to consider three things – needs, wants and wishes. It’s critical you understand these things before you begin a budget…..or else you’re in trouble. Big trouble. Up poop creek without a paddle…..or toilet paper.

What are needs?

I bet some of you don’t know this one….you’re so used to “needing” 23,498,237,492,873 things that your judgment has become skewed. Even I go through periods where I think I NEED something….but I don’t really. Sure, that pair of clearance shoes looks pretty good – I don’t need them though. Yes, I need shoes – however, my pairs at home could last me for a while.

Needs are those things you cannot live without. I can live without a pair of cute shoes……YES, I can. When I say “needs” I mean the essentials – food, clothing, shelter, & medical care. 

This includes your house payment, your budget for groceries (but don’t go overboard), adequate clothing (hello Goodwill!), and money for medical expenses (if needed).  Your budget should always cover your needs first.

And what are wants?

They are what you budget toward AFTER you pay for all your needs. Baby might want candy, but does Mommy have the leftover money? You are not depriving your children by making them do without things. You’re simply teaching them to wait for things they really want.

This is a microwave society. I want it and I want it NOW. The word “no” isn’t going to kill your children. What doesn’t kill them only makes them stronger. Wants are basically all the things that don’t fall into the needs category.

Teach your kids to work hard for what they really want. Don’t teach them that if they want it now, they can just go plunk down their Discover card and pay for it later. Things that might fall into this category are: eating out, gym membership, movies, cosmetics, cute shoes. After you budget for all those things you need, you’ll know how much money you have to put towards your wants. It will teach you to really think about what you’re spending on. It’s a good discipline to have. Be an adult.

And the BIG one…wishes

You NEED to have WISHES. They give you something to work toward. I like to think that wishes are those things that you’re able to afford occasionally after you are out of debt. I’m wishing now for a nice house in the FAR country where I can walk around in my underwear if I want to without the neighbors thinking I’ve lost my mind….or where I can go out onto the porch without the whole neighborhood knowing I’m awake now.

If you’re always getting your wishes, you really don’t have anything to look forward to – and you really aren’t looking forward to getting out of debt. Dream and wish big because when you’re out of debt, you’re going to be able to pay for them……and that should be enough to keep you from putting that cute pair of shoes in your buggy.

What is one BIG dream you have?

Before you can establish a budget, you have to determine your needs, wants & wishes! Nowadays these items can often get mixed up.

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About Stacy

Stacy is a Homemaking and Business Mom Mentor, the author of two cookbooks, creator of multiple e-courses, seasoned life coach, and comedian extraordinaire. Her first priority is her husband and her children - family first. She presses on each day because her calling is to teach, train, and mentor other ladies to have their dreams. She believes if it’s not easy, you won’t do it – because she’s lived it. She’ll bring YOU the awesome so that you can get your home back into control and watch your business soar. For tips and easy strategies, you can follow her on Facebook, YouTube, and Instagram.

Disclosure of Material Connection: Some of the links in the content above are “affiliate links.” This means if you click on the link and purchase an item, I may receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”

Comment Policy: I love reading your thoughts and input on what you read here. I'm sure we'll disagree sometimes and that's okay! In those cases, do what's right for you and yours. As with any form of communication, only post comments that move the discussion in a positive direction.

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Comments

  1. linda says

    May 19, 2011 at 12:13 pm

    love youre site

    Reply
  2. Brandy says

    May 18, 2011 at 8:09 am

    Deprive your child and see how creative she can be! ;-P Willow made a scooter out of a broom and a swing out of a telephone. We even had to push her on her swing while she said, “whee!” Now, neither worked very well, but it was enough for her.

    Reply
  3. Renee says

    May 18, 2011 at 7:04 am

    Totally agree! I have seen things this week that makes me sad of the way peopple think about them selves. But on the other hand those who have nothing and tell me they have everything and are blessed. I am so blessed to have what I have.

    Reply


Hello! I’m Stacy!

I believe God created you to be the hero of your home. You CAN manage your home instead of it managing you. That’s why I empower women with simple solutions for their homemaking needs – because if it’s not easy, you won’t do it. {Read More…}

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