Listen Now: Needs vs. Wants: 59% of Americans Consider Takeout A Necessity
There’s stuff you need and stuff you want; and if you can’t tell the difference it’s going to cost you.
There are some things you have to pay for, such as housing, health care and food. Others such as dinner out, morning coffee and gym membership can be minimized or eliminated altogether.
Unfortunately, most Americans have trouble distinguishing between the two. According to a new survey by TD Ameritrade, sixty one percent of people think vacations are a basic necessity, and fifty nine percent say the same for takeout. And since people are so convinced, they can’t live without these items they go into debt to pay for them.
Thirty two percent say non-essential items contribute to their credit card debt, while almost half say paying for luxuries is cutting into their ability to save for retirement.
So, no surprise here, experts suggest cutting out what you don’t need for survival and sticking to a budget. That includes eating out almost every night, weekends away if you can’t afford it and your daily coffee fix.
Don’t let your wants cost you your needs.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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