Let’s rewind for a moment. Picture yourself at age 12. Remember how thrilled you were when a relative handed you a twenty-dollar bill for your birthday or at Christmas? You probably raced to figure out how many sweets you could buy or how many times you could hit the local arcade. Back then, that twenty felt like a fortune. Your wants were simple, and your needs? They were covered by your parents.
Needs are the basics — things you can’t live without. Think: food, water, shelter, clothes, and basic healthcare.
Wants are everything extra — designer clothes, luxury cars, big homes, gourmet meals.
As we grow older, both our needs and wants increase. And what one person considers a need, someone else might see as a want. This makes separating the two tricky. In fact, there’s a whole industry — marketing — designed to blur that line and influence how we spend.
Failing to know the difference leads to poor money choices. That’s how so many people, including athletes, end up living paycheck to paycheck.
Want to avoid that? Start with balance.
Follow this simple rule: Spend on your needs before your wants.
This doesn’t mean you should deny yourself all the fun stuff. Life’s meant to be lived. You can enjoy your money — but do it responsibly. Treat your wants as rewards, not requirements.
As a pro athlete, you’re constantly pulled in two directions:
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Live for now and enjoy your earnings
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Plan for the future and secure life after sport
You need to find your balance.
Start by taking a good look at your spending habits.
How much do you spend on needs?
How much goes to wants?
Write everything down. Use a notebook or one of the many free budgeting apps out there. Review your spending weekly. You’ll spot patterns fast and can make quick adjustments if you go off track.
If strict tracking feels too limiting, set up a “fun” account. Put a set amount of money into it each month for guilt-free spending. That way, your essential savings and bills stay protected.
Clear goals help too.
Short-term or long-term — doesn’t matter.
Having a plan makes saying “no” much easier.
Saving for a business after your athletic career? Skipping the flashy car today won’t sting as much.
Being intentional with your money doesn’t mean missing out — it means choosing long-term success over short-term impulse.
Following our suggestions can help you have money for both your current needs and wants.
For help on prioritizing your spending you can contact us on [email protected]