//Needs vs. Wants: What to Do With Your Money

There’s no better feeling than buying something with money you’ve earned. It’s a great source of pride, self-respect and independence. The trick is to balance the rush of excitement with smart spending habits.

There are hundreds, if not thousands, of companies competing for your money, each one determined to sell you their products: CDs, video games, clothes, DVDs, etc. Your job now is to balance your needs and your wants.

The best advice is to ask yourself if you really need something before you buy it. Maybe you can even wait a few days to see if it comes out on sale. You may find that the item you thought was so important really isn’t a big deal in a few days.

It’s also a good idea to wait until you have a few paychecks before you decide to spend any money. And don’t ever be in a hurry to buy something. Keep this in mind: As long as you have money, you can spend it. But once you spend it, it’s gone.