Want or Need in your budget

When we were preparing the public book for household finances we came across a few articles explaining the importance of separating the wants and needs in budgets especially for those who are financially compromised. Separating and creating awareness about actual needs can easily be achieved with bkper.

To illustrate that we asked the couple of the household finances book to record a #want hashtag on all the entries which they considered were more of a desire than an actual need. As it is easy to cheat on oneself they cross checked each others entries to make sure no one was cheating and added the #want hashtag to all none necessary expenses.

After a period of one month (October in the example) the jaw dropper OMG effect came after clicking the #want hashtag. Analyses of all the records quickly showed a balance of  $1047.77 of none necessary things. Surprised with the amount the young couple quickly identified a few hashtags (#starbucks#juice#happyhour...) that always join the #want hashtag. This awareness showed them that by adapting slightly different habits, they could considerably improve on their budget.

As you can see the free version of bkper perfectly attends the need of separating wants and needs by just adding a simple hashtag to the entries. Also the common mishap of easing down on a budget by cheating oneself can be avoided by sharing the book with a counselor or a family member.

So to take the first step of creating a workable budget, use bkper to gain awareness about expense habits.

Share your bkper experience with us via our help center or with the @bkpercom community on twitter.