Do a Lifestyle Check For A Debt-free and Happier Life

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Published on May 13th, 2015 | by Joan Makai

With the scarcity of money and erratic flow of the global economy these days, it is no longer cool to live a lifestyle of extreme shopping and non-sense spending. The so-called ‘one-day-millionaire’ is a common scenario where buying unnecessary things becomes a bigger expenditure. This reality is a reflection that money is taking control of you, well in fact it should be the other way around. If this goes on and on, then you are bound to enjoying more debts.

Should this be the case, it is high time to analyze your finances and determine the real definition of the term ‘needs’ and ‘wants’. Let’s have a breakdown of what you ought to do.

Lifestyle Check – Defining Needs Vs. Wants

In a supermarket where you need to do some grocery shopping, you must remove the word ‘want’ from your mind and focus on the ‘need’. Basically, ‘needs’ are concentrated on prime commodities such as sugar, bread and milk. Usually ‘wants’ are the excess and the best way to describe this is when half of your cart is filled with chips, candies and soda rather than meat and veggies. When picking something from the isles, always ask yourself, “Do I need this or do I want this”. If you are able to distinguish these two terms intelligently, then your attitude towards spending turns from poor to excellent.

Basically, ‘needs’ are goods and services that will make your survive or things that can’t make you live without. Specifically, these are nutritious food, warm clothing for winter, a good pair of shoes and a decent car. On the other corner, ‘wants’ are things that would only provide temporary convenience. Although it is true that ‘wants’ can make you happy, the satisfaction does not linger for a long term period. And more importantly, these things do not hasten financial solution. ‘Wants’ are things you can live without such as a snowboard, video games, candy, toys and designer jeans.

Although it’s true that one should not deprive himself of the things that makes him happy it’s important that you set a limit to the things you can enjoy especially if these brings further expenses and put you in debt in the long run. If travelling for example is one of your favorite outlet to ease stress then you should check how often you travel in a month and how much money you spend on each travel. If you think you are overspending then cut-back from traveling once a week into once a month and choose locations that will not rip you off.

At a point in life where you feel you are drowning with debts and credit card bills, it is high time that you set your goals and do a lifestyle check every now and then. And when you are ready to take the stride, embrace these terms in your life – save, future, debt-free, plan, and invest. Part of it is to ignore these terms – 50% off, sale, shop ‘til you drop, latest gadgets.

The secret to managing your finances well is simplicity in lifestyle. When you are content with what you have then you can free yourself from the debts. Hence, you need not worry about the future. Take control of your money and not the other way.

Photo Credit: Images_of_Money via Compfight cc

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Joan Makai

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