We’ve given you a few weeks to settle into 2022 and start working on your goals so that you will THRIVE in 2022 – not just survive. In this part, we’ll address Needs versus Wants as they relate to your goals.
Identification of Your Needs and Wants
The next step in GOAL BASED BUDGETING is to write down a list of each need and want for each of your goals. Alternative ways of achieving each goal should also be written down. Your list of needs and wants should contain a description of how it contributes to the goals of the family. Other than that, no judgments should be made at this point.
It should be noted that self-interest motivates both buyers and sellers in a society based upon capitalism such as the United States. This self-interest, or selfishness, will become evident very quickly as each member of the family contributes to the lists. Using the family’s goals that have been agreed to as a benchmark for identifying needs and wants will help redirect individual selfishness towards the welfare of the family.
There are four basic needs that people have in today’s society: