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Missed some of the Challenge tasks? Catch-up then come back...
Day 1: HERE: Savings Goals
Day 2: HERE : The First Law of Gold
Day 3: HERE: The Money Bucket For Savings
Week 1: Savings Mindset
Today’s Easy Financial Task: Identify your needs, loves, likes, and wants.
How to rock this task:
- List your basic needs like food, shelter, or water.
- Choose two loves and write them down.
- Share your loves with your accountability partners.
Today, we’re going to discuss the four questions you should ask yourself before spending your hard-earned money on anything.
1) Need it?
2) Love it?
3) Like it?
4) Want it?
Let’s talk about your needs first.
Needs are the very basics, like food, shelter, or clothing. A need is something you must have in order to live. You need shelter to protect your family and without food you can’t survive.
Next, come up with two things you love.
Understanding what you love is key. Things we like and want tend to cost less money and take less patience to acquire. On the other hand, things we love tend to cost more and take more sacrifice to obtain.
Drawing a blank on what you love?
Consider this: If you had Oprah’s bank account, what would you do? Choose two of the things you imagine yourself having or doing; they’re the financial loves of your life.
In order to save more money, it’s important that we make the switch to a purposeful and passionate financial life.
Needs = purpose
Loves = passion
Spending less money on likes or wants means you’ll have more money for savings and passions that add abundance to your life. We’ll talk about this more later in the Challenge. Keep in mind that you don’t have to cut out every single one of your likes and wants. It’s just important that you establish priorities.
After you’ve put some thought into each category, share your loves with me in the comments below vs. email, and your accountability partner. When you reach our to partner ask them, "What are your loves?".
It's important to define them now. They will help you to focus when you're tempted to spend.
Also, don't forget to spread the wealth and use the social media share buttons, to share today's task with your network.
On twitter? Share what you're doing today with your friends there.Today I'm putting my NEEDS and LOVES before my LIKES and WANTS. Day 4: #LiveRicherChallenge Click To Tweet
Ways to find me...
Facebook: The Budgetnista
Forum: Dream Catchers (if you're not already a member.)
Tiffany "The Budgetnista" Aliche
A Freebie: Have you saved and printed the Live Richer Starter Kit yet? It's full of awesome freebies. Click the picture to get your kit.