Budget Debunked: How budgeting can be overblown 7/25/16 by Carmine Barbetta (FB)
No matter how much you tell yourself to budget, to have a budget, to follow a budget, to stay on track with your budget, you still manage to fall off rather quickly once the term starts impinge on the realities and demands of daily life.
Saving money is important, and no one can argue that or just how wise it is to put money aside, to be able to have a savings account or plan the future the way you want to, rather than struggle.
When it comes to saving, budgeting often is the salvation that we all seek out as the one element of money that will keep us on the right track. The issue with budgeting, however, can be a two fold proposition.
Budgeting, for those who don’t view it as an ominous task, works brilliantly, and can keep you and your expenses on track and money in your pocket, but for some, the budget is actually counterproductive.
The budget can be daunting, and even the more mention of the word sends plenty of potential money savers into defensive mode and assume that a budget means they’ll have to start cutting expenses or be deprived of what they’ve been enjoying.
Simply put, the budget is overblown in the eyes of many as being a negative element of saving money. In reality, budgeting is supposed to be about understanding how to live within your means and spend accordingly.
A budget might be something you have, but perhaps not calling it out or putting it in the sense of not getting what you want is what is necessary. The word itself might just need a little public relations help, and instead of looking at it as a reason to not take a vacation, buy that shirt or eat out at that restaurant, you can refer to the budgeting process as something different, and even map out your savings plan in a more positive light.
You might consider having a plan of attack that looks more like you’re itemizing your spending in categories, so you can have an entertainment piece included, so that going to the movies isn’t going to seem like a major purchase or you’ll feel bad about it by the time the credits roll.
This isn’t to suggest that you shouldn’t know where your money is going, but maybe a little perspective and a name change could be the difference from negatively associating a budget and following it, along with saving money in the process, with something you simply can’t accomplish.