Need It or Want It?
Ever feel like every purchase somehow turns into a “need”? In this episode of Ask Ralph, we tackle one of the biggest challenges in personal finance: learning to distinguish between true necessities and discretionary spending. Ralph shares practical strategies rooted in biblical stewardship to help you gain clarity, break free from cultural pressures, and build a more intentional budget. If you’re tired of feeling stuck or guilty about your spending, it’s time to start asking one crucial question: Do you need it or want it?
Check out the full podcast episode here
You’ll learn why mastering this simple distinction is key to financial peace, generosity, and faithful living. Ralph offers a step-by-step guide for labeling your expenses, along with encouragement to align your money habits with God’s priorities. Whether you’re rebuilding a budget or just need a fresh perspective, this episode will equip you to spend with greater wisdom, contentment, and purpose.
Chapters:
- 00:06 - Understanding Needs vs. Wants in Budgeting
- 01:51 - Understanding Financial Necessities
- 03:17 - Distinguishing Needs from Wants
- 04:42 - Understanding Needs vs. Wants
- 06:50 - Understanding Needs vs. Wants
- 07:12 - Exploring Common Wants and Their Impact
Takeaways:
- Budgeting can feel impossible when every expense seems like a must-have in life.
- Understanding the difference between needs and wants is crucial for financial freedom.
- Clarity in spending helps you see where you can cut back without sacrificing joy.
- Labeling your expenses can reveal surprising insights into your discretionary spending habits.
- Marketing tricks often convince us that our wants are actually needs, which isn’t true.
- Identifying true needs versus wants empowers better financial choices and reduces stress.
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00:00 - None
00:51 - None
00:58 - Understanding Needs vs. Wants in Budgeting
02:42 - Understanding Financial Necessities
04:09 - Distinguishing Needs from Wants
05:33 - Understanding Needs vs. Wants
07:42 - Understanding Needs vs. Wants
08:03 - Exploring Common Wants and Their Impact
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Hey, ever look at your budget and feel like there's absolutely
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nothing you can cut, like every single expense feels essential.
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Today we're getting real about how to tell the difference between what you
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truly need and what you simply want.
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Hey there, and welcome back to Your Daily as Ralph.
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I'm Ralph, and it's great to have you here.
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As we keep building on our series, the Joy of Living Below Your means, we're working
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towards breaking that cycle of financial shame and doing it with confidence.
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Now, yesterday we scheduled that all important weekly money check-in.
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Today we're digging deeper into our spending itself.
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So you've got your budget draft, maybe you're even tracking
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spendings, you're checking in.
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But when you look at the numbers, perhaps you're still feeling stuck.
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You know you need, or you want to reduce those expenses,
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maybe to pay off debt faster.
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Maybe you wanna save more or just have some breathing
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room, or what I call margin.
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But when you look at each of these categories, you think, I can't cut that.
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I need it.
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Everything starts to feel like a necessity.
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From the streaming services to the daily coffee to the latest phone upgrade, that
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feeling of being trapped, believe in, there's absolutely no fat to trim in your
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budget because everything feels essential.
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I. That's the single challenge we're digging into today.
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'cause it keeps us from making progress because we can't identify
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where changes are possible.
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And here's the thing you need to understand.
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Our culture is brilliant and convincing us that our once are actually needs marketing
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messages constantly blur the lines.
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Plus we get used to certain conveniences or luxuries in our lives and they
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start to feel essential over time.
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But the Bible encourages a much different perspective, and Jesus
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tells us not to worry excessively about food or clothes ' cause our
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heavenly Father knows our true needs.
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That's right in Matthew chapter six and in one John chapter two, the Bible
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warns about letting worldly desires.
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And it says this.
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It says The lust of the flesh, the lust of the eyes, and the pride of life.
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And it warns us not to let those things take over.
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They're strong words, but they're extremely useful.
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I see.
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Getting honest about needs versus once requires us to push back
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against the cultural norms and even our own internal rationalizations.
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So you might be asking, Ralph, how do we break free from the feeling like
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every expense is, non-negotiable?
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How do we gain the clarity needed to make intentional spending
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cuts if they're necessary?
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Well, a single crucial solution is this to honestly and objectively distinguish
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between your true needs and your discretionary wants within your budget.
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Think of it this way, needs, those are those absolute essentials for survival
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and basic functioning in our society.
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General things like basic housing, essential utilities like
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water and heat and electricity.
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It also includes things like core food, staples, simple groceries.
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It also would include essential clothing and basic transportation to work or
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to school and essential medications.
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But then there are these things that we call wants, which is
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pretty much everything else.
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And this includes entertainment, eating out vacations, hobbies, yes,
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those subscription services, fancy coffee, upgraded electronics, brand
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name, clothing beyond their basic function, convenience services, and
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you get the idea and so on and so on.
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And I'm betting I probably named some of your vices there.
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I know I named many of mine.
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Now listen wants aren't necessarily bad, but they are optional.
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And see, gaining this clarity doesn't mean you have to
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eliminate all once immediately,
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but it does empower you to see exactly where your discretionary spending
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lies, making it much clearer where cuts could be made if needed to
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achieve your overall financial goals.
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The solution is this, it's clarity through honesty.
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You gotta label your needs in once.
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Okay, so here's your one action step for today.
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Grab your budget draft, or your recent spending tracker and
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set aside 10 or 15 minutes.
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And what I want you to do is go line by line.
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I want you to look at each category or significant expense
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and ask yourself this question.
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And you gotta be, honestly, honestly, ask yourself, is this a true need for
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survival and basic functioning, or is it a want that enhances my life?
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But isn't essential.
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And then I want you to label it really simple.
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I want you to write an N for a need or a W for a want next to each item.
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I want you to be tough, but I want you to be fair and listen.
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If you're married, do this together because it might spark
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some interesting conversations.
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Now listen, no judgment yet.
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Just remember the goal today isn't necessarily cutting, it's just
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honestly labeling and gaining clarity.
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See how much of your spending falls into that want category.
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' cause the results might just surprise you.
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And now you might be asking, Ralph, why?
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Why do this labeling exercise?
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Because it directly attacks that painful feeling of being
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stuck with no room to cut.
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It forces clarity and exposes the reality of your discretionary
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spending, and it empowers you to show exactly where you do have choices,
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which makes future decisions about potential cuts so much less daunting.
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How about we pray together?
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Father God, thank you for providing for our true needs.
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Lord, give us the wisdom and the honesty today as we examine our spending.
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Lord, help my friend listening to clearly distinguish between genuine needs
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and those discretionary wants without making excuses or even feeling guilty.
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Grant them your perspective, Lord, rooted in contentment and stewardship, not those
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worldly desires that are all around us.
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Lord, we ask that you help bring clarity, and bring freedom and and empower wise
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choices as they manage their resources that you've already entrusted to them.
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Lord, we just thank you for your abundant grace and we ask this in Jesus name.
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Amen.
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Alright, well I want you to take some time today for some honest
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reflection on your needs versus wants.
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I'm gonna tell you right now, it's gonna be an eye-opening exercise for you.
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And remember this.
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Clarity is kindness to your future self.
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Okay, so we've identified needs and wants.
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Now tomorrow we're gonna go zoom in on one very common want that adds up fast.
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So be sure to join me back here on Ask Ralph as we explore a common
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want and the surprising impact that small changes can make.
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And listen, if this episodes help bring some clarity, do me a favor
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and please share it with somebody.
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You can find resources and links.
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In the show notes or@askralph.com, and I'm gonna also ask you to please
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consider support in the show by going to ask ralph podcast.com/support.
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So until tomorrow, seek honesty in your finances and keep seeking him first.
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Stay financially savvy and God bless you.
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Have a great day today.
