In this episode of Spending Made Easy, Ron Fiedler sits down with budgeting expert Samantha Boardman to explore the crucial topic of distinguishing between wants and needs.

Sam explains that "needs" are the basics essential for survival—food, shelter, and water—while "wants" are non-essential items like the latest gadgets or extra shoes.

Sam suggests that the key to managing finances is shifting your mindset, rethinking how you categorise these purchases, and considering whether something is a genuine need or just a passing desire.

As we move further into the conversation, Sam offers practical advice for balancing indulgences with responsible budgeting.

By setting aside a fixed amount each week—whether it’s $20 or $100—listeners can enjoy the occasional treat without derailing their financial goals.

The idea is to plan for these wants, rather than impulse-buying, ensuring your spending aligns with your overall financial strategy. Sam encourages listeners to consider how future-proofing your financial plans can make space for small indulgences without neglecting essentials.

Here are short chapter summaries for the podcast episode on "Wants vs Needs," with one-line explanations and time stamps:

Chapter Summaries

Defining 'Wants' and 'Needs'(02:31 - 06:00)

Clarification of the key differences between essential needs and discretionary wants.

- Why It’s Important to Know the Difference (06:01 - 09:00)

Explaining how understanding the difference can help with budgeting and financial freedom.

- Strategies for Managing Wants in Your Budget (09:01 - 13:00)

Practical advice for balancing non-essential desires within a responsible financial plan.

- Real-Life Examples of Wants vs Needs (13:01 - 17:00)

Examples of everyday spending decisions illustrate the difference between wants and needs.

Overcoming Emotional Spending (17:01 - 21:00)

Discussing how emotions can influence our spending choices and tips for staying disciplined.

Host and Producer: Ron Fielder

Web: podcastcity.com.au

Email: ron@podcastcity.com.au

Mobile: ‭0491 633 320‬

Co-Host: Samantha Boardman

Web: spendingmadeeasy.com.au

Email: hello@spendingmadeeasy.com.au

Mobile: 0404 468 525