Needs vs. Wants: Having money to throw around…
Recently, Lauren at Feministe, one of the oldest feminist blogs, mentioned us in her weekend roundup. She writes:
SINCE I’M BROKE and the economy has been tanking I’ve been perusing a lot of economics blogs. One of my new favorites is Queer Cents, a blog that talks money management with a focus on and around the queer community. Pros: posts on topics such as how to buy dresses when you look like a man, ways to avoid medical bankruptcy, and how to write letters to fix your credit report. Cons: many of the writers assume you have money to throw around in the first place. Still, great advice and worthy of the blogroll.
First, we blow big queer kisses to her for linking to us. The subscribers to our RSS feed jumped because of it. Apparently, feminists like their Google Reader. Mwah!
Second, let’s talk about what she doesn’t like and how we can fix that. (Hint: this is a nice opportunity for our readers to weigh in with their thoughts about how we can make Queercents better!) ‘œCons: many of the writers assume you have money to throw around in the first place.’
I think this brings up a really interesting point. I recently listened to a free podcast from iTunes U (downloads from iTunes U are my favorite things to listen to on my morning run). It was a lecture at Griffith University by Cathy McGuane called Money: It is not what you make, but how you manage it that counts. Her topic was the typical women & money pitch, but she said something that I thought was really interesting:
Perceived needs change with income.
I got to thinking about it and yes, my perceived needs are different than Elizabeth’s or Melissa’s needs. Elizabeth is in college and Melissa is in her first job and budgeting for student loan payments. Another example: Paula and I are both Gen X, our experiences are very different at the moment ‘“ she made the jump last year from a corporate job to business owner. I’m still schlepping for a paycheck and have a kid on the way. Or consider Roland. He appears loaded! And after trying retirement for about two minutes, he went back to work for what sounds like something to do and not to necessarily make money.
We are different ages and income levels, but we all have money to ‘œthrow around’ because we’re living within our means. Or at least trying to wind up with more money at the end of the month than we had at the beginning. And not less.
Achieving this objective comes in various forms ‘“ depending on the perceived needs of the contributing writer. So while, John and Aundi, might be taking a break from their careers to go back to school, their needs are completely different than the needs of Jennifer and Ashley. We have a bunch of unique writers… all with distinct money voices.
That said, Trent at The Simple Dollar has a fantastic post about needs vs. wants because even our perception of needs sometimes could use a refresh. In a nutshell:
What do I actually need in life?
I need a roof over my head.
I need food and water.
I need clothing.
I need a means to earn a living to pay for the needs.
My wife needs a means to earn a living.
I need basic hygiene and health, as does my family.
I need to protect my family against my demise.Everything else is a want.
It’s worth clicking over to get the skinny on each of his points. After dividing all his spending into needs and wants; his conclusion:
When I did this, I realized that the majority of our spending was on things that were merely things I wanted. Looking at those wants with a more critical eye – eliminating some and putting a bit more focus on the things most important to me – led me to making some cuts in my spending that I might have otherwise just assumed as a given. That’s made a big change in my spending choices – and has put some cash right back in my pocket.
And at Queercents, we all earn different amounts in our jobs or entrepreneurial pursuits but hopefully, our posts reflect that having money to ‘œthrow around’ ‘“ whatever that amount might be ‘“ is really based on spending less than you make.
Photo credit: stock.xchng.
And Nina is
havingbuying a baby and is flying across the country to rack up frequent-flier points and won’t bother arguing with being overcharged by SBUX and lives in the OC… which makes her my role model.ROFLMAO….taking DEEP Breaths…No I’m not Loaded…though I wish I was…I’m just “Comfortably Well Off”…Enough so that Working is a Choice not a Requirement…though there are Ulterior Motives for going back to work…(sounds like an Idea for a post..MMMmmmm).
Yes I Splurge(d) on some things (Pens and Cookware for example) but on many things I get accused of a Nasty BDSM Streak from Strangling Lincoln with the Purse Strings.
Having been in the “broke” category when younger I developed the habits of getting the most for my money and not wasting it….I’ve just never lost them as I got more affluent.
Nice summary, Nina. I would be the first one to admit that I don’t have extra money to throw around, which is why I’m so focused on food budgeting right now. Hence our series. I learn a lot, though, from the other contributors who have more experience with finances than I do. Which is why this is such a great site!
I agree that it is important to spend less than you make. I read this blog regularly and I generally like it but I would make the same compliment and downside listing as Lauren does.
It seems like all or at least the vast majority of writers here are solidly middle class. Everyone seems to be able to afford basics like health insurance, food, and some kind of shelter without a big problem. There does not seem to be a lot of income diversity – no one has mentioned living on Food Stamps, other government entitlements, or even living on a small budget that does not allow for luxuries like lattes, dvds, or vacations. I just don’t come here to look for that kind of diversity because I know I won’t find it.
Great post Nina. One of the best books I read was Barbara Ehrenrich’s “Nickel and Dimed”. Now THAT is a real hard look into an economic class of people you won’t find writing for us (or many other blogs I might imagine). Why? Because they don’t have a dime to their name and are working night and day trying to stay alive and scrounge up even some of the basic needs (food, shelter for instance).
Needs vs. Wants is a very meaty coaching topic that I often spend time with my clients on. Needs vs. Wants transcends just the financial discussion — it really impacts our choices on all levels.
I’ve read “Nickel and Dimed”…very thought provoking and in the Dark of Night can cause Nightmares.
A.J.: Glad you’re amused with some of my perceived needs. There’s a good chance I’ll be doing another mileage run at the end of the year.
Roland: When working is a choice; you’re loaded in my eyes!
WTTO: You make a valid point and that’s the first I’ve heard this view (aside from Lauren). I’d argue though that there is some diversity with the income levels of our writers… mostly this maps to age. Our twentysomething writers are in a different place than those of us who are older and more established in our careers and investments. We’re writing from our personal experience, but your point is well taken. I wonder too, if someone is dependent on food stamps, what is the likelihood they have Internet access and are visiting Queercents? Perhaps I’m being clueless, but I figured most of our readers are “middle class” – whatever that means these days. Maybe I’m completely wrong and we should include more diversity in the content as you suggest… or find a writer that writes firsthand from this perspective. Any takers?
Paula: I’ve read this book and found it eye opening. Thanks for mentioning it.
I think every blog assumes you have money to throw around.
My experience as a reader and writer is that most people want to know how to make more money, but usually that means you have to throw money at some kind of investment, like stocks or getting additional job skills and education. Some need to borrow that money, some use the money they save.
In general, I think anything you can say to help people get richer — or feel richer with what they already have — will make them happier. (But really these days I think we’d all settle for wanting to feel more financially secure than richer.)
Remember that one person’s “con” may be another person’s “pro.” I wouldn’t describe myself as someone who casually throws money around, but I do have a moderate amount of discretionary income, and I love that Queercents gives me meaningful and relevant food for thought on what to do with it!
There have been times in my life I’ve lived on very tight budgets, and then I found great value in websites that focused on things like cooking tasty meals from the dented-can shelf at the supermarket, and how best to dry out teabags for later re-use. But I’m not in that income bracket any more, and so now I appreciate being able to come to this site that’s focused more at those of us who do have a little extra money. I think Queercents is also a nice financial intermediate compared to some of the gay-lifestyle magazines focused at the truly wealthy.
Another consideration: when I was scraping by, my financial expenditures were so basic (food, heat, electricity) that being a lesbian didn’t really factor into much. Now I’m at a stage where the financial decisions I make (wedding plans, wills, vacations) are ones where being a lesbian actually makes a difference, and where advice from typical straight financial sites may not be as relevant or helpful. I think a queer-oriented financial website distinguishes itself more from a straight one when it’s slanted more towards the middle class than toward the poverty line. I like that some articles are aimed more toward the lower income brackets, but I don’t think the balance needs to be skewed further in that direction simply for the sake of diversity.
Agree that QC skews a little wealthier than I actually am. (Also agree that if you’re working by choice, you are wealthy. What other definition could there possibly be?)
I guess it’s a symptom of the shrinking middle class, but I feel like a lot of financial advice out there is not quite right for me. I don’t have tons of credit card debt, so I don’t need advice on credit counselors or how to contact someone to prevent a forclosure. On the other hand, I can save a few hundred, not a few thousand dollars per month, so when all finance advice columns begin with “Max out your Roth, then with the $ left over, do XYZ” I just laugh and laugh and laugh. What should I do with what little I have? Is it better to pay down my student loans aggressively, or save for a house?