Today, I wanted to talk about Need vs Necessity. What is a need? What is a necessity?
There are times when I see something at a store and I WANT it, I mean I absolutely HAVE to have it. It will not leave my mind until it is in my closet or on my body. Personally, I think I have a problem. With getting engaged, wedding planning will be around the corner and I know I need to make a change financially for myself as well as for my future hubby.
I have recently decided to make a very late “New Years” resolution, and that is to just $ave, $ave, $ave! By the end of the year my car will finally be paid off and hopefully so will my credit card. When I was 15 years old I applied for my first credit card at Wells Fargo. I had a credit limit of $250.00. That’s nothing, but as a freshman in high school, I thought I could buy a lot with that. When I received the talk from my parents about using it for emergencies only and to pay my payments on time, I made a promise to myself that I will only spend what I have in my bank account and I will always pay it off the second I make a purchase. The purpose of this card was to simply build my credit. I stayed true to myself and kept that promise for a few years until I started getting credit card applications from other banks with higher credit limits. That’s when things became difficult. I saw more WANTS in my world rather than NECESSITIES. I began spending more than I had and paid them off little by little rather than in full. Not a good idea, and exactly what my parents told me not to do. After a year or two I finally finished paying off all my cards… Until I got a new one.
For the past 6 years I have had about 6 or 7 credit cards. They are all paid off but I’m not going to sit here and pretend it isn’t tempting to pull them out and use them again. The reason I keep them all open and won’t cancel or close them is because, closing accounts affects your credit in the worst ways. If you cancel your oldest account it can make your credit history seem shorter and all those years of using it were for nothing. It’s complicated.
As of today, I only have one credit card for Michael and I to use together for big purchases like our bed, my laptop, or vacations; pretty much anything that will boost our credit score. Michael is very good with money and is always the voice in the back of my mind telling me not to spend and is always making me ask myself “Do I really need it?” Of course, I rebuttal with, “Yes I need it! I don’t have anything like it!” but as a growing woman I need to know my limits. Unfortunately.
Because Michael is at work all day and I am home, there is not much for me to do other than keep Dozer busy, grab a coffee, and shop. I don’t know what it is about shopping, but it gives me this amazing feeling and obviously keeps me from twiddling my thumbs all day. Shopping is what I am good at, I have even considered becoming a personal shopper?
Totally kidding! I’m not that bad, but maybe it’ll help? Haha! Spending other peoples money sounds fun doesn’t it?
So what is a want?
A want is a desire to possess something. You wish for it, but it is not essential. (Example: Makeup, Hair products, New handbag, something you don’t already have a million of)
What is a need or necessity?
A need or necessity is something you require, something that is essential or necessary to your life. (Example: Toilet paper, Groceries, Bills)
Clearly WANTS sound more fun, but is it practical when you have responsibilities? To help my little “addiction” I thought it would be a great idea to create a simple system to prevent me from spending and creating debt. I rummaged through my junk drawer and found a stack of post-its in different colors and a sharpie. On the pink post-its I wrote my future goals, on the orange I wrote my priorities when it comes to spending, and on the blue I wrote things I love to do and things I hate to do. I also wrote little notes for the future trips we have planned as well as upcoming bills and I taped them to the back of my door so I can see them as a daily reminder.
It may not be much, but it motivates me to be better me for my future. With spending there comes consequences and repercussions.
Want a Starbucks?…Use the Keurig. Save $4.
Want to shop?…Go to the gym.
Feeling sad?…Write a blog post.
Spend money… No coffee for a week.
Want a big wedding?… Save, Save, Save!
It’s all about priorities now. Spending money on clothes and shoes and things that I already have aren’t necessities, they are just WANTS. As you grow up you learn to change your ways and bad habits. If I can do this now, everything else should be a piece of cake!With love,