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One of the greatest challenges to living within a budget is learning to distinguish between wants, wishes or desires, and genuine needs. Doing so successfully gives your Debt Management Plan that much greater chance of success. Given your current financial situation and goals from becoming debt-free, determine what you consider to be true necessities (needs) vs. “nice to haves” (wants). Use an “N” to indicate a need and a “W” for a want. Once you’ve filled in all the blanks, go back through and total the number of “N’s” and the number of “W’s”. If you have a lot more “N’s” than “W’s”, you should seriously think about the things you can really live without in order to reach a debt- free lifestyle sooner rather than later.