Wants vs Needs

[bobbydole]

I am facing the same dilemma. I am thinking about getting a 2-seater sports car, but can't get myself to put the down the money yet. I am 29 and I drive a 2002 BMW. I love my car, but one side of me is saying enjoy life and buy the 2 seater, and another side is saying don't spend your hard earned money on stuff you don't really need.

I am doing well financially. I have no debt and have about 100K saved up, so I can just buy the 2 seater out right. It'll run me about 35K. Everyday, for the past 2 months I look at the car listing to see if it's still there...

[GREENBACK]

I am facing the same dilemma. I am thinking about getting a 2-seater sports car, but can't get myself to put the down the money yet. I am 29 and I drive a 2002 BMW. I love my car, but one side of me is saying enjoy life and buy the 2 seater, and another side is saying don't spend your hard earned money on stuff you don't really need.

I am doing well financially. I have no debt and have about 100K saved up, so I can just buy the 2 seater out right. It'll run me about 35K. Everyday, for the past 2 months I look at the car listing to see if it's still there...

I guess the real question might be is this "want" of yours a true passion or will you be ready for something else in a year or two? You sound like you can afford this so that's not a big issue but make sure this is a real passionate want versus a passing fancy.

I think it's ok to satisfy real wants when you can afford them and you're sure it's something that you'll still enjoy many years down the road instead of something you won't care about in a year.

[cptacek]

Sorry to bring this thread back from the grave but I couldn't help it. The good news is that I paid off $100k in student loans this year. The bad news is that I felt nauseated after making that payment. I know it was the right thing to do but I feel like I've got nothing to show for it. I still owe ~$99k in SL and I still haven't purchased a new "used" car. Of course I just spotted the car that I "want" at a stealership. Life sucks!!!!

Oh my goodness. You paid off $99k this year!



Well, unless it you got the money via drug deals or something

[Alex_Adviser]

In my opinion, Needs are to be fulfilled and are the primary spending's from your income, for your wants to come true, you need to have a proper planning and savings to accomplish them.

I have never had problems with both my needs and wants, i properly manage my finances and avoid unwanted expenses and wants at the same time. I am very much satisfied with my car but still get excited on seeing a new car. But currently i don't want it, though i can afford it. I know that i still have time to buy a new car.

Regards

[maclover]

very good topic

I often think about my wants all time.

The hygienists that I work in the office with, actually drive better cars than I do. Actually even the assistants do. I drive a 2002 Ford Ranger with no options, no cassette player, CD player, cruise control and manual windows and locks. It works fine.

One of our hygienist drives one of those convertible Lexus. And I have an assistant driving a BMW. And all of them drive better cars than mine.

The staff always pokes at me for being "cheap." But I don't have the stress about my finances like they do. Most of them live paycheck to paycheck, can't wait till we get paid again, cause they're out by payday

It comes down to what we value most and our discipline. Obviously recklessly spending is not good. But we should also allow ourselves to purchase some of our wants within reason. And be responsible about it. A lot of you may have read my thread about getting a MINI cooper...

[disneysteve]

he hygienists that I work in the office with, actually drive better cars than I do. Actually even the assistants do. I drive a 2002 Ford Ranger with no options, no cassette player, CD player, cruise control and manual windows and locks. It works fine.

One of our hygienist drives one of those convertible Lexus. And I have an assistant driving a BMW. And all of them drive better cars than mine.

The staff always pokes at me for being "cheap." But I don't have the stress about my finances like they do. Most of them live paycheck to paycheck, can't wait till we get paid again, cause they're out by payday

You've just described my office precisely. My staff isn't driving luxury cars (except for my partner who has a leased BMW) but they all have newer cars than me. I've been there over 8 years and I'm the only one still driving the same car I had when I started there.

[Wink]

There are 2 "wants" that I just cannot sacrifice. One is premium coffee, and the other is having my hair done at my favorite salon. I gave up everything else, but it has so been worth it to be in relatively good financial shape. Looking back, I'm really not missing all those "wants" that I gave up!

[tripods68]

No premium coffee (morning trip to Starbucks) for over a year now. That saved me about $1100 per year.

I try to ignore the "wants" and focus on something else mundane stuff to better usage of my time, like rearanging/cleaning around the garage, catch-up on to-do-list, detailing cars, taking my kids to the park, exercising. Its not easy but it helps me grounded and these activities are reliefs. Its not easy but so far we are managed to live a simply life without cc or SL debt. We still have a mortgage, but we look forward next year in paying off completely our van next year. That alone will free up another $700 a month, so we look forward to 2009. A no car payment year will be our first time in marriage history LOL!

[disneysteve]

I've said it before, possibly even in this thread, and I'll say it again. There is nothing at all wrong with having wants as long as you can afford them.

I posted yesterday about my new hard drive. That was a want. I didn't need it. I could have lived just fine without it, as I have for the past 5 years.

Most clothes that we all buy are wants as we all have closets and dressers filled with clothes already.

Going out to eat is almost always a want. Vacations are wants. Seeing a movie, even renting a DVD, is a want.

As long as you can afford what you are buying, not carry CC debt, pay your bills in full each month and save adequately for the future, enjoy your wants.

[Wink]

[QUOTE=tripods68;199983]No premium coffee (morning trip to Starbucks) for over a year now. That saved me about $1100 per year.

I should have been more specific. I purchase a blend of specialty coffee that is a little pricey, but I brew it at home. No daily Starbucks for me. I agree that daily trips to the coffee shop, or eating lunch out every day can certainly add up.

[maat55]

Looking back, I'm really not missing all those "wants" that I gave up!

I can relate to this. I thought I would die without my golf membership, now I'm ok with playing once every two to three months.

[m3racer]

I can relate to this. I thought I would die without my golf membership, now I'm ok with playing once every two to three months.

Blasphemy!!!!

[m3racer]

Oh my goodness. You paid off $99k this year!



Well, unless it you got the money via drug deals or something

I prefer to be called a "street pharmacist."

[maat55]

Blasphemy!!!!

I'll come to my senses sooner or later and go back.

[mom-from-missouri]

My parents grew up during the depression. My dad was a farm kid during that time. I guess I have heard him and his family tell too many stories. I grew up with use it, reuse it, recycle it, repair it.....
To me, needs are food, clothing, shelter and utilities. I do not consider internet a utility.
Food needs are those that meet your daily FDA recommended requirements--not lobster and beer and soda.

I can't understand it when people come into the crisis center with their expenses broken down and list under NEEDS soda, beer, cigs, internet, cable or dish, 1 cell phone per family member (even for kids in elementary school), morning coffee stop, mcdonalds receipts....and then complain they have no money for the doctor, electric or food for the baby.