The Emotion Of Money

How many times have you been told that you need to distinguish between a “need” and a “want”? Innumerable, is my guess. Everyone who has tried to draw a monthly budget would have attempted this classification. Ironically, it is the predominant reason why people find it difficult to live within a budget. On the face of it, the distinction is clear and very practical. Needs are your survival. Wants are your desires. Cut down the latter if you want to save. But in reality, this timeless financial proverb doesn’t play out with such simplicity. I am going to attempt to explain why. Money must never be viewed in isolation; it must always be acknowledged along with the emotional need it helps us meet. Let me elucidate with an example from my life. At a time when I was going through a tough emotional period, I would do a lot of my writing and work at a Starbucks...