Which of the following would you classify as a Need?

Classify your aspirations into Needs and Wants. You may be thinking: Clothing items can be a Want and not a Need, right? Clothing items, when bought wisely, are Needs and not Wants. → Needs mean something you and your family cannot do without; these include non-discretionary expenses like food, clothing, rent, utility bills, etc. → Wants consist of discretionary expenses like entertainment, dining out, etc., which usually are not very pressing.

Check out this short video on bad and good spending habits! https://www.youtube.com/watch?v=oBi5HkqmAAQ&ab_channel=SchoolsFirstFCU

Identify your excesses and take measures to get their grip.

Photo by mdjaff on freepik Reference: Ultimate Financial Guide Personal Finance Demystified by Nikhil Kale. Ultimate FinPlan; 1st edition. 2021