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Daily Financial Obligations

The struggle for daily survival can also affect why and how we spend money. Even those who are frugal and don’t spend impulsively ave heavy debt loads and excessive taxes and are mpacted emotionally by the sheer effort of just making ends meet rom day to day. We have counseled hundreds of clients who have felt burdened and depressed by this daily struggle:

• “I feel angry that I have to fight just to pay taxes and my debts. It leaves me nothing left over to spend on myself or kids.”
• “We were just audited recently and I felt so intimidated by the IRS. Taxes are the first thing that comes out of my paycheck and it just makes me sick that I still feel like the government controls my life.”
• “We were so poor growing up. I promised myself I would never make my kids wear hand-me-downs, but we don’t have enough money after all of our other expenses are paid for me to really give my kids what I dream of.”
• “I can’t believe that I have to work almost six months out of the year just to pay my taxes. It really upsets me just thinking about it.”

The Martinellis* are a good illustration of how this daily struggle to survive can greatly affect the emotional well-being of a family. Don and Keisha Martinelli were struggling to make ends meet on the East Coast where the cost of living is high. The couple had three boys younger than the age of 7 and were concerned about financing their hildren’s college education. Don was working 14-hour days as a ontroller for a corporation in Manhattan, but even with the long hours, they weren’t able to find enough money to build a savings rogram for their sons’ future education. In an attempt to earn extra oney, they had invested in a business opportunity that never took ff because they didn’t have the time to put into it, forcing them into urther debt and farther away from the boys’ educational funding. his aily struggle simply to survive was draining the Martinelli family nd was killing the fun times they wanted to have with their boys ecause they never dared spend money to take them anywhere or go n any vacations.

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Money Is Emotional
Emotional Events Affect Money

Impulse purchasing, economic hardship, and daily financial obligations are just some of the things that affect the way people spend oney. ecause of these emotional events, whether we end up with anything o show for all our hard work has less to do with the math ehind the money, (that is, how much we make), but rather with how ell we understand that these emotional events can affect our oney over time.

aken from : Money Mastery “10 Principles That Will Change
Your Financial Life Forever