August 19 2021

Separate your needs from your wants. When you’re creating a budget for yourself, you must categorize your expenses based on whether it is a “need” or a “want.”

 

Needs are those expenses that are absolutely necessary for your well-being and survival. Wants are the things you would like to have but do not require.

 

Allocate the majority of your budget toward needs, and a considerably smaller amount toward wants. Although there’s nothing with spending money on wants, as they can definitely add value to your life, but make sure spending on your wants is not standing in the way of your financial goals.

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