Watching my income dwindle has shown me the true difference between financial 'wants' and 'needs,' and how I should really be spending my money

Courtesy Natalia Lusinski

• I've lost a chunk of my income to the coronavirus; as a full-time freelance writer, many of my clients have scaled back.
• Having less money — and staying home all the time — has really shown me the difference between financial "wants" and "needs," and how I can make better decisions now that I'm on a limited budget.
• I'm not shopping online, I'm prioritizing food staples over everything, and I've cancelled all the subscriptions I'm not using.
• Read more personal finance coverage.

In January, I was walking by a boutique clothing store here in Prague when a spring jacket caught my eye: It was black with bright pink and blue flowers embroidered on it, and it was the last one in stock. Plus, if I paid cash, it would be half price. I didn't need another jacket, but how could I resist? 

Now, mid-April, that jacket is still sitting in the bag I brought it home in. It was too chilly outside to wear it the last few months, and now, being self-isolated due to the Czech Republic lockdown, I have nowhere to wear it anyway. I only leave the house once every two weeks — to go grocery shopping — and certainly don't make it a point to dress up, unless my pink ski mask counts.See the rest of the story at Business Insider

NOW WATCH: What makes 'Parasite' so shocking is the twist that happens in a 10-minute sequence

See Also:

• Now is not the time to refinance your federal student loans, says the CEO of a student-loan refinancing company
• How to keep your credit score up when the economy feels uncertain
• Most Americans who request help from their banks right now get it easily, but too many don't even realize they can ask