subject: Phoenix Debt Settlement - How to Handle Needs and Wants While Going Through Debt Settlement [print this page] Phoenix Debt Settlement - How to Handle Needs and Wants While Going Through Debt Settlement
Going through debt settlement to regain control of your finances is an eye opening experience. Individuals and Families often find out what you really need versus what a person wants. However, during this process many needs and wants will arise and you will find out how to handle these below.
As you go through the debt settlement process certain needs and wants will come up. The best thing to do when you see something you would like to have and/or need is to write it down on a Needs and Wants Worksheet. On this worksheet there will be an area to write down date when you recorded this need or want, an area to write a description of the item, a place to check whether it is a true need or a want, then a space to record where you would purchase this item (for example store/Internet), and finally the cost of the item.
The importance of recording your needs and wants is so when money does become available you will not just spend it on the first impulse buy. You can refer back to your needs and wants worksheet during your debt settlement and make a rational decision on what you would like to purchase based on how long you have desired an item and its cost.
If you have children they should have a needs and wants worksheet as well. It is hard to tell a child "We just can't afford that right now." But if you acknowledge the child's need or want by helping them record it on the worksheet it will let the child know that you care about their needs and wants. Then when some money becomes available you and your child can review the worksheet to make a purchase.
So, by recording your needs and wants on a worksheet as you go through debt settlement you will be able to make good decisions for purchases when money becomes available.
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