Wants Vs. Needs
One way many people get into financial trouble is that they don’t make financial decisions based on what they “need” versus what they “want”. Yes, we all want “stuff’, but do we really need it!
The recent launch of the Apple iPad had people lining up for hours, even days to be the first to own it. Most of these people don’t need the iPad, they just want it. There decision to own the iPad I’m certain is based on emotions and not financial logic. I’m certain most of these people already own computers and smart phones that already provide most of the features provided by the iPad. However, with the hype their emotions kick into gear and they think to themselves, “I want that iPad, no matter what!”
If you want to improve your financial situation, you have to start defining what you need versus what you want. You need food, clothing, and shelter to survive. You don’t need that expensive pair of shoes, vacation, gadget, or jewelry especially if your financial picture is poor.
Just recently I dropped my cell phone and it broke in pieces. I wanted to replace it with an Apple iPhone; however, after much research I couldn’t justify the cost. Currently, I pay $62 per month for cell phone service for 2 phones (for my wife and me). So we pay $31 dollars each. On many months we don’t even use all our minutes. Switching to the iPhone I will have to pay a minimum of $80 per month, which is more than double what I currently pay. So the question boiled down to do I really need an iPhone or do I just want it. The answer is I just want it.
The main reason I want the iPhone is for Internet access. If I were traveling much for work or didn’t have access to the Internet I could justify getting the iPhone, however, I have access to the Internet most of the day, so my need to access the Internet via a smartphone isn’t needed.
So I decided to hold off on the iPhone and replace my existing phone with a used one I found online for $25 with free shipping versus purchasing an iPhone for about $200 and paying an additional $50 per month for service. I “want” the iPhone but right now I just don’t “need” it!
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At your loan closing, complete your enrollment in our automatic mortgage payment service with your Chase personal checking account. Your monthly mortgage payment is automatically deducted from your checking account.
For more information visit https://www.chase.com/chf/mortgage/mortgage-cash-back.
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