Attention: Money 101 will no longer be available after May 31, 2021. After that time the Enrich financial literacy tool will be available at moving forward.

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Spending - Heart Matters


2.  Purchasing Decisions

a. Fulfilling your needs

In the Money Management course, we discuss the different types of needs defined by Abraham Maslow in his Hierarchy of Needs. Because we have a wide range of needs, it is important to understand what type of need you are fulfilling with your purchases. Sometimes spending money may not be the best way to satisfy a need. By recognizing why you are spending, you may be better able to make decisions that will help you reach your financial goals.

Here’s a list of the needs Maslow defined:

  • Physiological needs are what we have to have to survive: food, shelter, sleep and other items that are important for our survival. 
  • Safety needs are not necessary for survival but they are what we need to feel secure and safe: a safe living environment, employment, and knowing our family is safe.
  • Love/belonging needs not necessary for survival, but important for our happiness: friendship, family, and intimacy. 
  • Esteem/ego needs are also important for our happiness. We are more likely to succeed in our jobs and relationships when these needs are met: self-esteem, confidence, respect by others, and achievement.
  • Self-actualization needs go beyond survival, safety, and happiness.  We tend to feel these needs more internally.  They make us feel like mature people. These include morality, creativity, problem solving skills, lack of prejudice, and self-awareness.

Keep in mind; we often confuse which needs go in which category. Because it’s easy to confuse which needs we are fulfilling, we may be overspending to compensate for an area that spending will not really fulfill long term.
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    • Heirarchy of needs

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