I was preparing my new budget for July 1 and it forced me to see what I am spending money on that are wants rather than needs. My new budget is a result of my giving up my administrative duties at the college and going back to teaching. My pay will be reduced about 40% so I needed to take a close look at my needs vs. wants. May goal is to retire in three years.
Here are the things I identified as WANTS
1. Cable TV with premium channels
2. Streaming Netflix
3. $19 a month cell phone (I NEED a land line for work because I work from home and have hearing issues.)
4. Organic Food - This is a personal health choice
5. Extra grocery money to provide food for a couple of other people (charity)
6. YMCA membership
7. Charitable contributions
I agree with almost everything you listed. I think most of that is for sure a want for most people. The only thing I kinda disagree with is the cell phone. I mean, sure we all got along just fine without cell phones 25 years ago. But, I think a cell phone can be a very important safety item to have.
I agree. It's nice to have a cell phone when I'm out, especially on the highway. I've had one since they came out and don't see myself ever getting rid of it.
As a woman I consider a cell phone a necessity. Even when just doing errands around town you never know when a situation may arise----car issues, etc. And when was the last time you saw a public phone??
Oh yes, the things I choose to budget for that fall into the "want" category are the things that enrich my life.
I have a smart phone for which I prepay $30 a month. Keeping in contact all the time with my college aged daughter makes it all worth while.
I have a line item in my budget for DVD/blu-Ray rentals and purchases as well as movie tickets. It's a vey small amount ($32.00 per month) but it makes us SO happy to enjoy movies together.
I have two giving categories: tithe and sharing. My tithe goes to my local church and my sharing money goes wherever it is needed. I have to say that this is the most satisfying money I spend. Giving a gift card as a thank you or spending money to prepare a meal for someone who would really enjoy it takes my participation in living to the fullest to a new level. I was astonished at how big an impact giving a "way too big" tip at the hairdresser or Starbucks could make on a person in the service industry.
I realize that I have plenty of "want" items in my budget. And if things got really tight, I'm sure I could rank them in order of the value they added to my life and tighten up on some of them. But, at this point, I'm thankful that I can live a rich life and accomplish some financial goals as well.
I think what matters most is that "wants" are well thought out and not just a reaction to what the culture tells us we need. I have a reason for all of my choices and I've thought them out based on our resources and family values. Clearly someone else would make completely different choices.
Interesting topic to think about. Thanks for starting this thread.
I loved your response. Giving is such a blessing. When my brother is in Florida (October - early May) we get together once a week for a movie/show and we both look forward to that day. I also find great pleasure in surprising people with some homemade pumpkin bread, soup, or stew.
Sometimes I look at my "wants" as a "need" for someone else. Charitable contributions and food donations are examples. that puts things into perspective.
I have wanted a food processor since the 80's. Could never justify the expense. Well I finally purchased one on a really good sale. It has made my life so much easier since I make most of my food. Now that I have one I really do consider it a necessity.
One thing I have noticed is that I am at an age where I have the basics and can set aside money for the wants (within reason). When you are first starting out it can be difficult to just obtain the basics.
Iphones..we have the family plan..could of went way cheaper( and I fought my dh on it only to lose the battle) but my dh insisted that we all have them.. I have to say that Im glad as we can FaceTime my son who is a Marine at any time..I do make my boys either pay their share or what they can afford to contribute to the monthly bill.
DishNetwork...we have the full package reason is this I have a legally blind disabled brother who doesn't have anything else to look forward to that lives with us.
DSL internet..wouldn't be without it if at all possible!
Any other want's that I may "want" is either to save us money ie..my pressure canner that will preserve food for years or even my chickens that provide us with eggs,home improvements or planting perennial edibles or medicinal plants thats about it...
I don't go to the hairdresser,have pedicures,manicures,clothes shopping,buy coach bags,go to the movies,go on vacations...my dh and kids also cut their own hair and frugal in their own ways.
We know the difference between a want and a need ( didn't always!)..a lot of people don't know the meaning between the two..My only need imo is #1 having my family,a roof over our heads,food,heat,electric and a car to get back and forth to work/store with and some money in the bank if possible..
We live a good simple lifestyle and are happy to live this way..for our entertainment in case anyone is wondering is we go fishing on my families property thats right up the road..we also take the boat on the water also on my families property...we have a firepit..we go go-carting..4-wheeling all paid for years ago... One of my favorite things to entertain myself is by puttering in my garden that also has my greenhouse along with walking the Fruit Orchard..checking out the several berry bushes that I planted over the years..walk my 2-acre lawn..watch my free range chickens do their scratch and peck dance..this is what life is all about for me anyway.
Good advice I always followed - Spend on a limited number of what you consider luxuries, skimp on all else.
It is also mandatory to eliminate some amusements that you no longer have time to use or you push yourself to use...Magazines, book clubs, gym, movie services can just be reoccurring wasted expenses you don't use when things get business unless these are canceled.
Grooming expenses are another place to scrutinize and price shop. I've found Pantine products to be of the same quality as salon products sold locally and product size is double...Some products are so greatly superior in quality, I am brand loyal but the list is short - deodorant, feminine products, hair products, toothpaste. The rest is purchased at Dollar Store...Haircare and nail services can eat away a ton of money...Natural look, store colors, minimal makeup & home mani-pedi do save a lot of money... Shoe and handbag fetishes leave some broke & unable to pay bills after getting another shopping fix.
Pay as you go smart phones programs have improved a lot. I bought a used Iphone 1-2 versions back from ebay and got ATT gophone service ($60 monthly, 2 GB data, unlimited calling/text). The network is great locally...do research this. I have never used all my internet time...I do read websites but do not use streaming video or music services. I also get by without any extra apps...I don't need it. I love the map app as my GPS quit when I moved to new city and I got by with the ATT service & phone great...It saved me a lot of travel headaches.
Can you use the gym on campus when weather is bad? Do you have access to city ran recreation center or home treadwell? The gym memberships are so useful during bad weather for someone maintaining weight loss or who has a tendency to be overweight.
Check out your local over air broadcast TV? Some cities have a ton of free stuff - movie channels, ethnic, health, religious, kids, networks.....
"I realize that I have plenty of "want" items in my budget. And if things got really tight, I'm sure I could rank them in order of the value they added to my life and tighten up on some of them. But, at this point, I'm thankful that I can live a rich life and accomplish some financial goals as well."
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I am with you on this. We live pretty simply, but we do spend on a few wants that could be cut back. Our cable/ phone/ internet package is probably the biggest thing we could cut back on. We have a back yard pool that costs for chemicals & electric for the pump (but we don't use air conditioning- we just jump in the pool). Our cell phones are very basic. I have old phone w/ minimum plan & dh has a prepaid, which is rarely used. We probably could cut back on gasoline consumption. 30 years ago I carpooled to save gas, now I drive solo an hour a day. Overall, simple living has paid off. Our home has been paid for for several years, we give generously to our church & a couple other organizations. We are adding to our investments every month & we are blessed to be reasonably healthy. Life is good.
My wants tend to be fairly simple. We recently spent money on an internet radio. Truly a want as plugging my iPad into the basic radio worked well enough for getting us the news, radio shows, sports and music we wanted. We don't do television at all and our radio is our home entertainment source. I wanted something that would work better for the way we listen to radio.
Home internet access. Truly a convince to have it at home. We could listen to just local radio and do our internet work at the library. I like the convenience of having wireless here at the house.
New clothes for dh. In most cases I'm ok buying used clothing for my family. But for my husband's work clothes I like to buy new. They just look better and stay looking good longer and he needs to have an appearance of professionalism at work.
Things we don't have and don't need or want. Cable, television, smart phones,clothes dryer (I have one! but almost never use it, even in the dead of winter. I will not replace it,I much prefer hanging clothes year round).
We cut satellite but we do pay for netflix and hulu plus. Saving $107 a month
We got rid of the huge home phone bill and went with straight talk home phone. Saving $50 a month
We keep trash service as ds and I have asthma and burning trash kills us. I pay $22 a month for this.
We kept DSL since we homeschool but called and got a better package for less money! Savings of $20 a month
I took defensive driving to save money on my insurance. Savings of $100 in 3 years.
I do use my dryer but got a new one so it uses less electricity as it dries faster. With bad knees i cant hang clothes out as much as i wish i could.
Everyones want/needs lists are different. To someone else my want could be a need. I am just glad i can pay what i have with money left over to save!
I 1. Cable TV with premium channels
2. Streaming Netflix
3. $19 a month cell phone (I NEED a land line for work because I work from home and have hearing issues.) 4. Organic Food - This is a personal health choice 5. Extra grocery money to provide food for a couple of other people (charity)
6. YMCA membership 7. Charitable contributions
I would consider the ones in bold wants. The rest are needs or in between a need and a want. Is YMCA the place you go to exercise? Exercise keeps you healthy and moving and prevents disease that could be more expensive in the long run. Could you get a cheaper gym membership or exercise just as well without it? If you answer is, "no", I would say this is a need. Netflix, it is only $10, $10 is nothing. Honestly it is one of the most frugal things to hit the market in the last 10 years. A huge every changing library of movies and TV shows at your fingertips for only $10. You can live without it technically, but if you want cheap entertainment, $10 for all that is amazing. A little entertainment is a need, because we are human and we want to enjoy our lives, I say this is a need. A cellphone is becoming more of a need thing the way the world is going. We are always out and about and others expect us to be able to reach us anytime anywhere. I know how to solve the Netflix VS cellphone. If you spend most of your time at home get rid of the cellphone and keep the Netflix. If you are out a lot and hardly at home get rid of Netflix and keep the cellphone.
I have very few needs or wants. Cellphone with no minutes, kept in my purse, can dial 911 in an emergency. We spend very little on entertainment, clothes, or eating out. We do spend a lot on charitable giving.
Now, lately, a want has been creeping up on me - a basic Kindle. When we moved we left most of our books behind and we do not have easy access to a library. I have the AZ gift codes to get one, just have to convince myself I really "need" it. I am not used to buying something just because I want it.
Jo, check with your library's website and see if they offer Kindle or Nook (EPUB) downloads. That way you have access online to e books. If it's like our library, not all titles will be available, but it's still very worthwhile. Husby got his basic Nook last year during the Christmas season for $40, and it's easier to find e books in EPUB format than the Kindle format, because that's exclusive to Amazon although our library finally started offering it. You can also download a Kindle app to your computer (search for it on Amazon, it's free) or download EPUB books on your computer so you don't need an e reader at all. I'll say though, I've found there's less eye strain reading on my Nook than on my computer.
I already have the Kindle app on my netbook. I was thinking of an ereader so I can carry it in my purse.
After going through the last 9 months with DH going into the hospital and to doctor's visits, it would have been handy. Fortunately he has been pronounced cured so I don't really have an excuse to buy one now.
Jo, I spent years not being able to justify buying a Kindle even though I am a voracious reader. I got super-really-incredibly lucky when my husband accepted an offer to help a friend of his clean out her hoarder stash - she is a hoarder of amazing things. She had three Kindles, and gave me one still new in the box. I haven't put it down since.
I bought two Kindles for two of my students who are also voracious readers, but could never afford one. Their mother told me they cannot even spend the money for the gas to drive the 15 miles each way for the kids to go to the library, and that's when I decided to do that. On Ebay I found NICE Kindles, both of them with cases, lights, stands, etc. for $60 each. That's a steal. The thing that has made my Kindle a money-saver for me is that I don't have to drive into town to go to the library, I'm never late returning a book so I never have even a 25 cent fine, AND I signed up for Bookbub and get notices of free Kindle books geared to my interests every day. I may have paid $2.99 each for two books since I got mine over a year ago.
I'm not trying to encourage you to spend money, but if you're a reader like me a Kindle can make up for it's initial cost, especially if you go the Ebay route.
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