To spend wisely, separate your wants from your needs

By Denise Dick

YOUNGSTOWN — If you’re like many people across the country, expenses are outpacing your income and something’s got to give.

From weighing your wants versus needs, figuring out where you spend and determining your priorities, Mahoning Valley residents with experience in financial and family matters offer some tips.

To help get your finances under control, Danielle Lazor, program manager of Family Financial Services at Family Service Agency, Youngstown, urges people to evaluate their wants versus needs.

“Cell phones are a good example,” Lazor said. “When cell phones first came out, they were basically for emergencies.”

Some people now use them instead of home phones as a way to save money. But because of features like unlimited minutes, unlimited text messaging and Internet access, a bill that generally runs $40 to $50 per month rises to $150 per month.

“You have to evaluate, is it a want or a need?” Lazor said.

Cable television, premium television channels, brand name versus off-brand clothing, going out to dinner and smoking are examples too.

“Televisions are another one,” she said. “Do you have a regular TV versus a big screen, an LCD or a plasma TV?”

In deciding how to save money, people need to compare basic needs and the things they can do without.

Lazor also advises people to add up the money they spend to determine where it goes. Saving and adding up receipts is a good way to do that.

Read the full story Monday in The Vindicator and on Vindy.com.