Wants Vs. Needs: A Financial Perspective with Samantha Boardman

Just how often do we confuse our wants for needs?

What are the basic essentials we overlook each day and how can we keep our desires from playing tricks with our financial obligations?

We tackle these critical questions and more in this podcast episode, with the guidance of our esteemed guest, Samantha Boardman, the brains behind Spending Made Easy.

Samantha walks us through the road less travelled, where we learn to appreciate the vital basics like a sound roof, clean water, food, and clothing.

She also opens our eyes to the tricks our desires play on us, making us believe they are needs, and how this misconception often distorts our understanding of our financial responsibilities. 

In a world where advertising is the order of the day, do you ever stop to think about the role these agencies play in influencing your purchasing choices?

Together with Samantha, we peel back the layers of the art of impulse buying and how to avoid falling into this trap. We delve deep into how advertisers tap into our emotions to manipulate our buying decisions, underlining the importance of independent research before making any purchase.

This conversation offers valuable insights into the psychology of spending and provides tips on how to steer clear of buyer's remorse by making smarter buying decisions.

Moving onto the nitty-gritty of financial planning, we examine how to differentiate between wants and needs when budgeting. Samantha graces us with her expertise yet again, offering practical strategies for categorizing purchases, saving for genuine needs, and making intelligent spending decisions. We also touch on the art of using vouchers and sales prices to our advantage.

This episode is a goldmine for anyone looking to make major purchases or simply manage everyday spending more effectively.

So, lend us your ears, and let's redefine how you view spending, one soundbite at a time.

--------- EPISODE CHAPTERS WITH SHORT KEY POINTS ---------

(0:00:03) - Distinguishing Wants vs. Needs in Budgeting

Samantha Boardman helps us rethink our relationship with money by discussing budgeting, distinguishing wants from needs, and planning our money.

(0:08:11) - Prioritizing Wants and Needs, Avoiding Impulse Buying

We discuss wants vs. needs, budgeting, impulse buying, and advertising tactics to persuade.

(0:15:25) - Wants and Needs in Financial Planning

Distinguish between wants and needs, prioritize and save, use vouchers and take advantage of sales to make smart spending decisions.

(0:22:49) - Spending Made Easy Podcast Interview

Samantha Boardman helps us understand spending psychology, research purchases, and make better decisions.