Hi Hive Lovers
This article is a continuation of my discussion of needs and wants. In Part 1, I discussed the three basic differences between needs and wants. You can check it out again if you're interested.
In Part 2 of this article, you will find out how to determine the fulfillment of needs and wants. Some of these tips are very suitable for someone who only relies on their monthly income to meet their living needs for that one month.
Before discussing these tips, my main advice for you is that you need to set aside your money for savings or investments at the start. This is very important to do because our future is something that is still uncertain. One does not know what will happen someday; everyone has certain needs in the future that need to be prepared for. I call this 'the unexpected need".
This unexpected need is an important reason for setting aside money at the beginning (savings) or investing it (if necessary) so that future needs can be met. Generally, someone saves or invests their money between 10% and 20% before they use their monthly salary.
You need to ask yourself which ones are your needs and which ones are your wants before you spend your money.
Here are some things you need to pay attention to before you spend your money:
1. Urgency of need
The urgency for someone to spend their money actually lies in the question, "Do they really need it?"
This is a key question about where to spend some of your money. You should really consider buying something "because you need it", "because you like it" or even more extreme "because it's on a discount right now".
If someone is not in need of something, it means they just want it, not need it. Again, not a need!
You should really consider this before deciding to buy something, because it is very important to be observant and mature to see the difference between your needs and wants.
2. Prioritize basic needs
In Part 1 of the article, I once argued that there are three things that are a person's basic needs: food, clothing, and shelter.
Let us take the example of the need for clothing. Someone often changes clothes to attend their various events for reasons of embarrassment. The reason to be embarrassed for not wearing the same clothes for different events is only the 'desire' factor for appearance.
In this case, it is very important for someone to pay attention to the function of the need for clothing to cover and protect their bodies. Not to fulfill the desire to maintain appearance, unless they already have financial freedom.
3. Allocate a budget regularly
Indulging wants is the main cause of financial damage to a person. Desires or wants will never end. By understanding the urgency of needs and prioritizing them, someone will not be easily tempted.
One of the best ways for you to fulfill your 'needs' and avoid just 'wants' is to make a monthly budget allocation.
Periodic budgets, for example, a monthly budget, will make you selective in limiting spending to only those transactions that are really necessary.
By making a monthly budget and consistently implementing it, it will be easy for someone to control their desires. In the end, it will all regulate your spending and financial management.
So, the essence of fulfilling needs and desires lies in and depends on your own actions. All a person's needs are basically met by something with the appropriate function, not by fulfilling unnecessary wants. Remember that you control your wants.
Thank you to canva.comfor the easy photo editing.
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