Exercise: ‘Need or Want’
The ‘Need or Want’ exercise is a tool for analyzing one’s own spending and desires, with the aim of consciously distinguishing between what is necessary for living and functioning (need) and what is an additional desire that improves comfort or satisfaction but is not necessary (craving). The aim of this exercise is to better understand your financial habits, set spending priorities and, consequently, manage your budget more effectively to meet your financial goals.
How to do the exercise:
For each item in the list below, consider whether it is a need or a craving for YOU INDIVIDUALLY. Remember that your interpretation may vary depending on your personal life situation, goals and values. Mark your answer (P for Need, Z for Want) next to each item.
Table for the exercise ‘Need or Want’ – PDF file
Table:
| Item | Need | Want |
|---|---|---|
| Own home | ||
| Own car | ||
| Electric bicycle | ||
| Smartphone | ||
| Life insurance | ||
| Laptop | ||
| Saving for retirement | ||
| Trip abroad | ||
| Gold jewellery | ||
| Paid applications | ||
| Paid ringtones for your phone | ||
| Tablet | ||
| Dietary supplements | ||
| Gym passes | ||
| Healthy food | ||
| Coffee on the town | ||
| Lunch out | ||
| Dinner with friends | ||
| Natural cosmetics | ||
| Hairdresser | ||
| Professional hair care products | ||
| Qualification training | ||
| Branded clothing | ||
| Pet | ||
| Picture or sculpture | ||
| Membership fee for a networking organization | ||
| Another streaming platform | ||
| Braces | ||
| Sumptuous birthday party | ||
| Gold coins | ||
| Gift for mum | ||
| Charitable donations | ||
| Other: |