Wants vs Needs - Key to Successful Spending

It's clear that most financial troubles that students and young adults get into has to do with their spending habits. As simple as it sounds, the key to being in control of your finances is living within your means, not spending more than what you bring in - specifically, spending wisely.

The minimalist movement has shed light on that fact we don't need much at all to live well and live comfortably. The simple idea is very true, less is indeed more! You can then do more with less so, you can use that savings for more important things such as:
1. investing more into personal & professional development
2. building up your savings to find your goals, paying down debt, etc.

As we all spend, we need to be more mindful of what we spend on, and have a clear understanding of our needs & wants.

Here are some questions to ask yourself before your next purchase(s):
*Will this item add value to my life and make me more productive?
*How will this item add to my quality of life now and in the long run? Are there items that are better that they can provide me with a more/better value?
*How durable and long lasting is this item? *How much value of use will I get?
*Can I actually buy this same item somewhere else for less? Are there any brands or similar items to compare to, or can I purchase the item renewed, refurnished, open box, etc that has the same warranty for less?

Yes, it's okay to buy some things that you want too, but to help with your spending habits, consider adding the items you want to a 30-day list to curb your spending's impulsiveness.

Make a list of items you want to buy, categorizing them into non-essential and essential items, etc, will then empower you to be more thoughtful of your wants and to be more in control of your emotions and spending habits. It will provide you with some time to look thing regarding your wants, give you time to look for deals, think more about how to best purchase the item, etc.

Spending is necessary, but a healthy spending with good habits/control will be a priceless gain for yourself and your future.