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Understanding the psychology of buying helps us to understand why we make certain selections when purchasing. What is the difference between needing something and wanting something? Our needs are quite limited; however, the list of things we want could be quite unlimited. While saving for a debt settlement one should prioritize what they want and need to help save funds to rid themselves of the burdon of debt.

What is the difference between a need and a want purchase?

Needs or physical requirements are items that you need to sustain life.

Food
Shelter
Basic clothing/work clothes
Transportation to and from work
Childcare  

Wants or desires are items that you would like to have, but may not be necessary.

Second or third car
Multiple TVs
Newest computer
Here are three things to consider before buying something that you had not planned on buying.

Can you purchase something similar to what you want for less money?
For example, could a sedan meet your needs rather than a more costly SUV? Also, instead of purchasing the car that is loaded with features, you could go with a more basic package.

Take a time out.
Separate yourself from the emotion of the buying situation. Walk away from the lights, colors, and displays in the store.

Take 24 hours to think about purchasing the item.
Go home and think about the item. Determine whether the item is a need or a want. After this waiting period, you may realize that you no longer want or need the item that badly.

These are skills you can develop over time. If you use at least one of these concepts, you will more likely be able to make smarter buying decisions.

Credit Answers specializes in debt settlement, credit card debt negotiation and bankruptcy alternatives. Credit Answers works to enable a new and fresh financial start for individuals with debt problems. Give us 10 minutes and learn how you can save thousands on your unsecured debt. 1-800-297-6417

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