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Some people manage their money; with others, the money manages them. Some people have "too much month left at the end of the money" and spend most of their management effort defensively reacting to money problems. These people are not managing effectively.
People who are slaves to their bills and have little choice about who they are and would like to become are not managing by objectives.
Reasons for families becoming hopelessly in debt are numerous. For some, it is unexpected illness or accident, irresponsible acts of a family member, untimely death, or a freak of nature-hurricane or earthquake. For other families, financial troubles are caused by a combination of lack of Iong- range goals, unrealistic estimates of income or costs of living. Lack of patience for what may be afforded more easily at some future time, unexpected changes in the economy or loss of job. Materialism, inflation, the tendency of some newly married couples to expect their life cycle to begin at the same level of living that their parents have achieved over a lifetime, and excessively generous credit that makes possible a debt level higher than can be handled have all been blamed for financial difficulties of families.
It is important to recognize that families with serious money problems may suffer emotionally and experience family disharmony. Those in financial trouble have little control over their lives. The money should be utilized according to the goals set and to be achieved.
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