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Chapter 3. A Blueprint for Financial Balance > Balance Your Emotional Budget

Balance Your Emotional Budget

As we have laid it out here, finances aren't a big mystery. Debt is bad; savings are good. Planning for the future is even better. IRAs and saving for kids' college funds, however, can seem like a pipe dream if you can't get a handle on your spending and debt. It's important, then, to take a look at your emotional budget.

An emotional budget, and in turn balancing it, involves examining your feelings about money. For instance, if you look at a closet full of clothes and think you have “nothing” to wear and then, despite your debt, go out to buy new clothes, there is some emotional component to your spending. If you are tempted to buy a car, a set of golf clubs, or an expensive vacation and put it on credit because you feel like you “have” to have it, this is also an emotional button.


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