Necessities vs. Desires

Sat, May 2, 2015

Bankruptcy, Debt Mitigation

 Some rights reserved by Michael SternFood, clothing, and shelter are pretty basic needs. Humans need these to survive.

Most of us are not at the point where this is all we desire in our lives, however. It’s hard to separate necessity and desire for everyone from time to time. And a little splurge now and again won’t be the undoing of most of us. But it’s very important to distinguish between necessity and desire when trying to stay on a budget.

Sometimes you think it’s a real necessity to have a certain brand of clothing, when really the cheapest product might work just as well. Do you need high-cost underwear or would a less expensive brand work, saving the difference for an item of clothing that may be more worth the extra cost?

Those facing a bankruptcy soon learn the difference between necessity and desire. That’s because they find themselves backed into a corner. The only benefit the big brand name might serve you at that point is that they fetch more at the consignment store over the less expensive brand.

It’s sad to think that some of the things you thought you couldn’t live without are what got you into financial distress. But it’s never too late to learn the difference between necessity and desire. Pare down your belongings and perhaps you can pay off some debt or fit into a smaller house.

Attorney Christopher D. Smith, Sr. is designated a Board Certified Consumer Bankruptcy Lawyer by the American Board of Certification.  SmithLaw is located in Lakewood Ranch, Florida.  Attorney Smith concentrates on bankruptcy, civil litigation, probate, estate planning, and elder exploitation cases in the Sarasota and Bradenton area.  Call 941-202-2222 to learn more.  SmithLaw offers free consultations in certain areas, including consumer bankruptcy, probate, and personal injury matters.

Image:  Some rights reserved by Michael Stern

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