Need versus Want and how to save money.

[WealthyDoc]

I've been thinking a lot more about how to spend efficiently.  I don't want to be a miser or too cheap.  On the other hand I want to spend on things that increase happiness and are aligned with values for me and family and friends.  Some things I thought I needed turned out to be wants.  They may still be ok to buy as long as I know the difference.  I also started finding ways to save money without sacrificing anything.  I found a $60 Kindle Fire to do everything an IPad would.  My Iphone 4S works great for my needs.  I switched from AT&T to Straight Talk and saved over $100 /mo for the same service.  I'm always looking for other great ways.  Do you have some favorites?  Also worth a look is a formal method to do a needs analysis, brought to you by the "Conserver Lifestyle." If interested: http://wealthydoc.com/blog/do-you-really-need-that-how-much-will-it-really-cost-you

[childay]

Perhaps interestingly I read the title as "Need versus Want to save money."  I thought you would be asking about oversaving which might be a more interesting topic for a certain subset of readers of financial blogs..

[WealthyDoc]

childay wrote:

Perhaps interestingly I read the title as “Need versus Want to save money.”  I thought you would be asking about oversaving which might be a more interesting topic for a certain subset of readers of financial blogs..

Click to expand...

You are right that would be a good topic.  I didn't word this one very well.

 

[PhysicianOnFIRE]

Radiologist & WCI guest poster The Happy Philosopher talked about the marginal utility of money as it equates to happiness.

It applies to the Wealthy Doc's premise. The iPad might be 20% better, but costs 500% more.  Same idea with the cheaper phone and phone service. You can apply the concept to pretty much anything available purchase.

I'll go check out Wealthy Doc's post.