A needs and wants list is a great way to help you decide on what you truly need. Jotting down items that you have the intention to purchase helps you visualise and weigh the pros and cons as well as the real requirements of an item that you desire to purchase. Having a couple of wants on a wish list is also a great way to motivate you to have a goal on the lifestyle that you would like but please make sure that it is within your means. Living in luxury in a moment is not worth facing a mountain of debt after.
Needs are items that you cannot survive without daily like water, food and shelter. Wants are items that will make your life more comfortable or keep you entertained.
Why you should also list what you currently Own in a needs and wants list
I felt that adding an extra column with the word own would help you think if you have anything in your possessions that is similar or a duplicate of what you would want to buy. With all the hustle and bustle in life, it is easy to lose sight of what you already have; taking an inventory of your belongings will have to prevent buying the same gadget with similar functions and uses or similarly designed apparel that you already own in your closet.
You don’t have to purge if you don’t overshop
With careful consideration of your purchases, you will reduce the chances of impulse buying which may lead to having clutter around your home taking up space and limiting the storage space you could have used for items that you actually need.
Having a needs want and own list helps you save money
Being satisfied with what you already own or using what you already have saved money, with every new trend new products are introduced but are ever new version really better? With careful consideration, you can end up getting the best deal. For example, I don’t buy every new version of a mobile phone, I ensure my current phone is in good working condition and only purchase the latest model that has substantial improvements from the one I currently own. I am not saying that you have to be a scrooge but always be practical, treating yourself occasionally is good but always within your means or save up for what you want.
In a nutshell, it is useful to list down not only what you need and want but also what you already own to avoid purchasing duplicates and saving the money to purchase something that is even better or for a rainy day when you need that extra cash.
I have created a Needs, Wants & Owns List that is free to download. It is an editable PDF that you could upload to your mobile phone and keep track of your purchases on the go. I hope that I would prove to be useful.