Some simple instructions to start the week:
Needs vs. Wants
The first big task this week centered around our needs versus our wants. Gail tweeted the question “What do you have classified as a need that is really a want?” and received a lot of input. If you’re mulling over the question, check out other people’s feedback here.
This week, we were again asked to press pause on our spending. But this week was different than waiting for 24 hours before making a purchase. This week’s “moratorium” was a chance to evaluate what we actually have on hand and to use it up before spending unecessary money.
Gail broke down the difference between finding a bargain and being a bargain junkie.
Years ago I used to be a huge bargain junkie. I use coupons and love a good sale, so often experienced that excitement of finding a mind-blowing deal. What I came to realize after ending up with an excess of items is that a deal, no matter how good or how cheap, is still a waste of money if I don’t need it. I also came to realize that deals cycle around, so even if I miss a deal this time, there’s a really good chance I’ll see the same deal again.
“My Shopping List”
The next task was to open up our “Me and My Money” notebook and write out a list of items we need and want to buy. I like the idea of keeping this list on my phone so that I always have it on hand to check if I do come across a bargain while shopping.
As we look at our list and shop and cross things off, that shopping moratorium should also help us evaluate our desires about why we want to buy and our actual space to store what we buy.
Net Worth Statement
The week ended with our continued homework of taking inventory of our stuff. (Personal confessional…I’ve stalled on this homework because after listing 200+ books I feel overwhelmed at the thought of listing everything I own.)
The added assignment to our inventory was to create a net worth statement. A link to resources and instructions on how to do this is here:
Documenting our belongings is a perfect time to reflect on what we’ve purchased, what we’ve purchased that was actually a bargain, and what we’ve purchased that was out of our budget.
Gail shared a reminder at the beginning of the week about how important gratitude is. She shared a link to an article about the science of gratitude in this tweet.
I feel that the same can be said about giving back and volunteering. There is something special about contributing to your community and to other people’s happiness and well being. Money Master Class participants shared some of the ways they give back in their comments here.
Did you find it easy to evaluate your needs and wants this week? What were your takeaways from the task?
New to the Money Master Class? There’s still time to get started!
Check out this tweet to see all of Gail’s #MoneyMasterClass tweets from the start.
Check out my weekly recaps to get caught up.
Start here with the Money Master Class Intro and Week One Recap
Missed last week? Find it here: Week Seven Recap