Do you spend your money on what you 'need', or what you' want'?

Do you know the difference between a 'need' and a 'want'? This is about budgeting the money coming into the house. Thinking about the things you need to pay for, and the things you would like to have. How do you decide what you can and can't afford?

[@angelawhitehead1785]

I have watched this video so many times over the years, every word is totally sound advice, if only more people would follow it. 😊

[@dawnmorandin541]

A funny story for your viewers ..when we went to the bank for our first mortgage and the debt section came up in conversation the bank manager asked what our debts were, we said none, he looked at us as if we had two heads. No he said, I mean what do you owe..cars , credit cards, loans etc. He had seen how much we earned and didn't believe us. After a credit check he said " Oh, you owe nothing to anyone " Yes, we said, so we got our mortgage and paid it off when we downsized 10 years later and now have no mortgage either.

[@cherylT321]

Awesome!

[@tinalemna7048]

I’m glad you discussed this topic. Credit is too easy to abuse. Growing up we didn’t buy something if we couldn’t afford it. Great video Ilona.

[@lindatsang4689]

My husband gets paid monthly, so i do a monthly budget and divide it by 4 to 5 weeks, bills first then savings, then i do a shop. As i get paid weekly, the mortgage gets paid every week, so my mortgage gets paid off quicker. We save for holidays and any small indulges we may fancy, which is not often. Our pets have their own bank account, so when they need to go to the vets, money is there. And no they cant access it.

[@meanqueensuperscrimper8908]

Sounds good Linda. You control your money, it doesn't control you.

[@taracat7141]

Your pets cannot access their money🤣🥰

[@joysmith6013]

Great video. I agree, if you havent got the spare money you shouldnt get the item. To be honest the older I get the simpler my needs are.

[@samanthabarona7981]

This is like listening to to the Mum I’ve always wanted. Thank you. Love the video. ❤️

[@CentsibleLivingWithMoneyMom]

It is amazing how some people will get their check, and start spending it before paying their bills. I wish we were neighbors. I would spoil you and your kitty.

[@veemcg3682]

Hello from Northern Ireland I have enjoyed this video and have subscribed so I can look forward to more. My wee cat Velvet was a tiny little scrap of a thing when we rescued her and she was an absolute delight until she died aged 23years. Like you I had never claimed a penny just bought her medication so now I'm retired and money is tighter I put away money every month just to be sure I can get Barney my Springer spaniel whatever he needs. Again like you I have my mortgage paid thanks be to God so I love that I can still have a loving companion and care for him joyfully. God bless from vera

[@katrinashaw3174]

I agree entirely that there is a big difference between want and need. Nothing gets spent until my bills are paid (rent, insurance, gas, electricity...although I always use as little as possible), then food. That allows me to have my 2 cats too! Anything else I save up for and buy second-hand wherever possible. I haven't bought new clothes for years...I look after the clothes that I have and they are still good (no, I don't look like a tramp). Good video :-)

[@meanqueensuperscrimper8908]

Thank you for your comment, you sound like you're just like me. Very sensible outlook.

[@johnballard6725]

As regards food bills try Aldi or Lidl as they are 30 or maybe 35 percent cheaper than regular supermarkets.

[@cherylT321]

That sounds like me. I’m also driving a car that’s 12 years old. I keep it neat and clean and always get regular oil changes, etc to keep it working well!

[@irene3913]

Happy to see " Money Mom" left a comment here. She and Ilona seem very like - minded. Both of them give great tips but most of all they inspire us to proceed in the right direction despite all the advertisements and worldliness we are bombarded with.

[@kackleful]

Love your Video! You are a Star!😍xx

[@carolechapla6505]

Always happy to see a new video. This is an important topic to keep in mind. Thanks for posting.

[@lukeprimon1864]

Love your videos Ilona. They are commonsense and practical. Living in a consumerist society people are encouraged to have the latest gadgets. Since losing my job I have lived quite frugally, but always had the basics.

[@VampExpress]

Just found your channel and I have watched 5 or 6 of your vlogs. I have to say you make me feel very inspired. I feel like it is like sitting down with an old friend when you talk. I have learned so much from you Thank you lovely lady.

[@meanqueensuperscrimper8908]

Thank you and welcome. xxx

[@carolanne7085]

You are just what I need right now a tonic in troubled times sending hugs 🥰 xxx

[@dawnanderson1487]

Brilliant advice once again Ilona take care x x

[@lindatsang4689]

In Australia the food is expensive. Wish I could get food for 10 to 50 cents, at a throw out price.

[@Justme0243]

Great video.

[@YorkshireGirlinDarwin]

Thanks MQ ❤️

[@ambersworld3079]

Good video

[@kathleenkline4622]

I think we're "sisters!" Not only do we think alike financially, but I was a truck (lorry) driver here in the States for 31 years. I, too, love to drive and can't contemplate the day I get too old and feeble to do it. Driving is freedom!

[@meanqueensuperscrimper8908]

Hello Kathleen, pleased to meet another truckie. There was a point in the UK where we had more women coming into truck driving, but it seems to have tailed off now. Long hours and long distances are difficult to fit in with family life, the job is much more suitable to the single life. If married ladies have a stay at home dad that would work, but there aren't many of those willing to change rolls. Yes, I love the freedom of getting behind the wheel and going somewhere, even now at 70. I cannot imagine life without a set of wheels. Stay healthy that's what I say. Best wishes, ilona

[@grandpahickory613]

BOTH !

[@pamelamckenzie2685]

Its the same with children dont have them if you can not aford them , they not cheap to look after if you looking after them the right way, i let go of my TV dont need it clothes you dont need to keep buying make your own secondhand shops great too. love your video its fab.

[@donna6949]

I am new to your channel. You are making so much sense in these difficult times. Really worried how I will cope with price rises in April ?

[@angelawhitehead1785]

Hope it’s not too difficult for you in April and beyond, watch as many of Ilonas money saving videos as you can. I have followed her for many years her advice from the past is just as relevant now as then. 👍

[@donna6949]

@@angelawhitehead1785 yes I will thanks. Gonna be tough for single income households

[@angelawhitehead1785]

@@donna6949 It doesn’t bear thinking about, very tough times ahead

[@bestbargainfashion5575]

I am trying to reform myself and change my free Willy spending ways!!!

[@braxfan683]

Good video. I think it's easier to buy what you want, than what you need. Also, Tv, magazines, social media, can make you think you need them, and you'll be 'happier' 📱👠💻👜

[@meanqueensuperscrimper8908]

That's exactly what they are selling, dreams. Playing on people's insecurities.

[@dreamofskye7400]

I despise insurance companies. So my insurance is the minimum. For the rest I pay myself the exact amount I would have paid the insurance company, into a kitty. I draw from that if I need to pay for these incidences. I always have money left in that account at the end of the year and I just transfer it to the next year. So I basically provide my own insurance and keep the profit in my pocket. Insurance companies are sharks. They don’t deserve to steal any more of my money than they already do.

[@debbieframpton3857]

My only income is social security I put in 200 month into savings I pay my utilities and what other bills I have I take what's left and divided by the amount of weeks I have to live on that money is what I have for each week I don't carry debt never have the only loans I ever took out was my mortgage and my car and both were paid off early. I was able to pay for a new roof eight years ago with cash I put new furnace and air conditioning in 4 years ago paid cash. My want was 2 years ago a new couch and chair even though my furniture that was 23 years old was still in good condition but again I paid cash so yes I am lucky enough I can say that I know the difference between a want and a need and I have been able to pay cash for those things.

[@meanqueensuperscrimper8908]

Hello. You sound very well organised. It takes a lot of discipline to live within your means, and you have got plenty of that. Well done.

[@KerryJames-l6z]

We have a tv but never switch it on

[@briansaiditsoitmustbetrue4206]

I spend my money on what I want... If I can afford it...I will buy it. Spend my money in this life OR spend it in the next...😁 HINT... You can't take your money with you when you die. However, there is nothing gets bought until ALL the bills and food shopping is paid for. I have savings of around one Years wages which I NEVER touch ... If I lose my job etc it is a "Safety net" Remember money is ONLY a means to an end. Greedy is NOT a nice "Personality trait"

[@angelakneller2880]

I know the difference but I find it difficult to not buy books when I have read the ones I’ve brought before. I really need to sort this issue out. I am lucky that we are mortgage free but still have bills etc to pay. My parents also offered me an extra £50 a month but I have asked them to save it for me. They give extra money to my sister and granddaughter so want to do same for me. But if I had that money I would end up buying books. I pay for tv, tv licence, WiFi home phone as I am home more than my hubby. I work part time as in my line of work there is only part time unless I want to be a stressed out manager. I enjoy my job so I’m happy and my do the odd overtime. But I do need to curtail my want on books x

[@angelakneller2880]

I also pre pay for my prescriptions. I pay monthly as I have asthma meds, blood pressure and acid reflux meds to take. I walk to work even when I worked at 4am in the morning. I don’t spend a lot on Christmas presents and for most part is vouchers or take my parents out for a meal. If we do go out it’s usually local theatres and we do belong to national trust and English heritage as we love visiting these places and will get our money back most of the time. This yr we plan on staying at my parents house and wil use our national trust cards etc as planning a couple of not too expensive holidays abroad next year for my 50th will be saving ahead for those hence holidaying at my parents home x

[@meanqueensuperscrimper8908]

@@angelakneller2880 Thank you for the breakdown on your spending. I gave all my books away, they weren't important to me. I think there are web sites where you can sell them. An addiction to buying books is the same as any other addiction. You may want to try going cold turkey, and ban yourself from entering any bookshops. Could you borrow books from a library.

[@angelakneller2880]

@@meanqueensuperscrimper8908 for now I plan on reading the books I have that I haven’t read. And I also have kindle fire and get books free on there that I like to read. I just need to ban myself for a little while. I blame my mother as she used to leave me in the local bookshop as a kid whilst she went to do food shop. The owner loved looking after me but this instilled my love of books x

[@ericprater8335]

"SPEEDQUEEN"

[@ElsieJoy39]

Sensible advice as always, the needs and wants list is something I started and used during my thirteen years as a single parent,. Now happily remarried and husband earns minimum wage so the list continues. We don't have credit cards, we don't have a television, but have broadband for email , education and I too write a blog....musingsofaseniledelinquent.blogspot.com/?m=1 However, for us, a cat or two are a need, can't live without a cat about the place. But we don't drive so don't need a car.

[@taracat7141]

We self insurance our pets and the money sits on our home loan to help bring down our interest rate, as we do with all our bills. 🤑

[@johnballard6725]

Surely anyone can realise the difference between their needs and their wants?

[@meanqueensuperscrimper8908]

Sadly no they can't, that's why they get in a mess financially. Everyone is different. I don't need a television set, got rid of mine years ago, but someone who is housebound might think a TV is a necessity. I don't go to the pub, but others might like to go out and meet friends. I consider that a want, not a need. Someone might say they need a new sofa, I consider that a want, and would buy second hand to save money. Others would reject second hand. It's about entitlement. People say they deserve something so they spend too much on something that they don't need, because it makes them feel better. The novelty wears off and they are left with a debt.

[@carolynek1875]

Actually when you say you have no expense for travel ..your car uses gas and taking the bus costs money so, you got to be careful how much you spend with that too

[@meanqueensuperscrimper8908]

I have a car and I do pay for petrol. I have a bus pass which gets me free travel on buses. My car is near the top of my list of priorities. It is important that I can drive anywhere I like.

[@carolynek1875]

@@meanqueensuperscrimper8908 I agree I can't be without my car

[@sarahkennedy1481]

Do you pay cat insurance?

[@meanqueensuperscrimper8908]

I had a cat for 20 years, he was insured for the first 15 years, then I stopped paying it because I never had a claim. Now I don't insure, I put money aside so I have enough to pay for whatever they need.