Day 3: Identifying Needs vs. Wants

Activity:

Recognize the difference between needs (essential expenses) and wants (non-essential expenses) to help prioritize spending.

Task:

List your recent purchases and categorize each as a "need" or "want." Identify how much you spend on each type.

Journal Tracker: Answer the following:

1. Are there any "wants" that you regret spending money on?

Yes, I bought a dress which I think looks good on me. But it was too late to realize that it doesn't fit on my body.

2. Could you redirect money from “wants” towards your financial goals?

Yeah sure, redirecting wants towards my financial goal will help me free from financial woes. I must set aside money to pay off my loan and save up for emergencies.

Instructions:

Reflect on the importance of balancing enjoyment with responsibility. Consider the personal benefits of mindful spending and jot down a few spending priorities that will keep you motivated.

Spending Priorities:

1. I'll see to it that I'll set aside money to pay off my monthly amortization of 40USD.

2. I'll allocate money for my groceries and food, sticking to buying healthy and organic farm produce.

3. I'll prepare cooking my food and control my appetite for restaurant meals. Note: I am a foodie 😄

4. Pay bills on time to avoid surcharges.

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