Think Want, Need, Must About Your Money

Pyramid want need must

Today we’ll discuss a simple, yet effective, way to make sure you’re spending your money how you intend. Divide your spending into three categories – wants, needs, and musts.

We used to think about luxuries and necessities. This splits those luxuries into two categories because, over time, luxuries tend to become necessities.


georgeLike the dishwasher we have. It’s not a need; it’s a want. But I’d sure hate to live without one!



marylynnI think my cell phone is a need. But the unlimited texting and the ability to watch videos are wants that I added to my package.


With our cable TV, we have DVR and premium channels. Those are definitely wants, but we love the convenience and variety.

Climbing the pyramid

Picture a pyramid, with wants at the base, needs in the middle, and musts at the top. We tend to move things up the pyramid. The importance we place on them climbs, so to speak. We look at things that are truly wants as needs; we view things that are really needs as musts.

That’s why we think it’s a good idea to break necessities into two – needs and musts. It helps us refine what is really important.

Mixed message

It’s pretty easy to define our musts – food, clothing, shelter, and transportation. But even within this category, there are mixed messages.

For an example, let’s consider transportation. At its most basic level, the only thing we need from our chosen form of transportation is the ability to get from one place to another. Public transportation clearly would suffice for many people.

However, if you use public transportation, you lose some control over your own schedule. You give up the convenience of having your own vehicle.

So some people may need a car because of their job. They need a vehicle to drive to appointments. Could it work without one? Possibly, but it might cost you too much time to be worthwhile.

It depends on your situation. In the end, only you can know what is best for you.

Gizmos and gadgets

There’s another way that wants, needs and musts can come into play. We’ll stick with the example of a vehicle. Even if you need a car, what do you really need? Something reliable or that fancy car in the ad? Just the basics or a vehicle with all the gizmos and gadgets?

The second of these choices, which are clearly wants, can make a huge difference in the price you pay for a car. And if you happen to finance it, they will add many dollars more in interest costs over the years.

We interviewed Adam Shepard on The Bigg Success Show not long ago. Upon graduation from college, he decided to see if the American Dream was still alive. Starting with only $25 and the clothes on his back, he was eventually able to buy his own vehicle among other things. His vehicle wasn’t anything fancy – an old pick-up truck with manual windows, one which didn’t work. But he still had the transportation he needed!

Keep these three categories in mind and you’ll keep your budget in line!

Thanks for reading our post today. Join us next time when we’ll discuss how these same three categories relate to how we spend our time. Until then, here’s to your BIGG success!

Direct link to The Bigg Success Show audio file: