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Throughout our lives we make tens of thousands of purchasing decisions-some more thought out than others.
Knowing the difference between our "wants" and "needs" is an important part of learning to manage our money in a mindful and empowered way. It's easy to spend money. What can be more challenging is money spending in a way that is truly attuned with our values and desires.
One simple way to guide conscious spending is to get super clear on our needs and wants, and actually list them all out on paper:
NEEDS are the essentials-the basics of life that you must have to survive: food, shelter, clothing, health care, etc.
WANTS are basically everything else: eating out, entertainment, travel, gifts, gym membership, luxury consumer brands etc.
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Culture & Lifestyle
Editor Pick's
Unity Marketing's Luxury Consumption Index drops to historic low of 63.6 points as more than two-thirds of affluent consumers believe the economy is in trouble
Conventional wisdom holds that affluent consumers are immune to economic downturns. But the current financial crisis is proving the conventional wisdom wrong. Luxury consumers confidence at the beginning of 2008 has never been lower, dropping 23.8 points from the third quarter to 63.6 points in the fourth quarter 2007, as measured by Unity Marketing's Luxury Consumption Index.
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Products That Are Made in Italy Have Special Appeal to American Shoppers
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Made in America Means Well Made
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New Evidence That The "Lipstick Effect" Is At Work In This Recession
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How Affluent Consumers Use the Internet, Social Media and Mobile Devices
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Long-Range Forecast for the Luxury Travel Market Is Mixed Through 2010
