What is the Difference Between a Needs Vs Wants Mindset?
What is the Difference Between a Needs Vs Wants Mindset?
Do you ever struggle with overspending or impulse buying? If so, you are not alone.
Apart of my journey from going from a six-figure income working in finance, going broke to now helping others my spending habits needed an overhaul. I have needed to change my attitude and mindset regarding what is important. It has been a journey toward greater contentment and joy.
Prioritize purchases
In the current times, with the rise in costs and inflation, it is time to to adjust the budget and spending habits. Many of us struggle with wanting that new pair of shoes, the latest version of a cell phone or a new gadget on amazon. Maybe you are looking to take a vacation.
Before you shop and make extra purchases, I encourage evaluating and prioritizing your basic needs first. These include shelter, food, transportation, gas, clothing, and health care.
Check in with your emotions and feelings
A major part of overspending is to fulfill a void. Especially, if you are going through a season of grief, loneliness or feeling empty. Over the last several years, many of us have experienced sources of stress, disappointment and losses. To anyone who have lost a loved one my thoughts and prayers go out to you.
Recently, I went through a grief support class. It was extremely helpful to work through my sources of losses but also learn healthy ways to manage emotions and stress.
If you are feeling tired, stressed and emotional take time to pause and rest. Instead of excessive shopping I encourage spending time in community with family and friends, enjoy time outdoors, favorite, and journaling. I also suggest counseling and support classes if you struggle with grief, stress, addictions, depression, and anxiety.
Delayed gratification
Knowing yourself is as important as knowing your spending personality. Are you a saver or a spender? If you are a natural spender like me, it is wise to practice the pause method. Ask yourself a few questions.
Do I need this right now? Is this something I can delay for maybe a couple of days, weeks, months or even a couple of years? In the past when I waited, I realize I don't need that. I really don't want it anymore. I don’t want it as bad as I thought I did.
Can I pay in cash? Avoid going into debt.
Another question to ask yourself is “can I pay cash for this?” Is this something that I will go into debt to purchase this item? I encourage paying cash instead of putting items on the credit card. Over the years, I have had to learn the hard way regarding credit cards and debt. Moving forward, I have decided the cash-only method is best for me as I lean toward being a spender.
Letting go of worry about money
Are you feeling anxious about your money or your financial situation? I know a lot of us right now are going through some financial difficulties, loss of jobs, inflation, uncertainty in the future. Maybe you've lost money in the stock market, and maybe fear has been something you're starting to struggle with.
God does want to bring you that financial peace. He wants to provide for you. Over the last several years, I have used a prayer journal to write out my needs and also my wants. Again and again, I have been provided for. From housing, clothing, furniture, jobs, food and more.
“Therefore I tell you, do not worry about your life, what you will eat or drink; or about your body, what you will wear. Is not life more than food, and the body more than clothes? Look at the birds of the air; they do not sow or reap or store away in barns, and yet your heavenly Father feeds them. Are you not much more valuable than they?” Matthew 6:25-26
Do you struggle with impulse buying? Share your strategies for overcoming wants in the comments below.
Till next time,
Lisa Hice
Pause, Pray & Simplicity
