Do You Have a Budget?

If you are an American, then based solely on that fact there is only a 32% chance that you have a household budget (read this article for more financial statistics). If you fall in that 32%, then fantastic! You are setting yourself up for financial success. If you fall into the 68% of people that do not have a budget, let’s talk. I read an article that The Balance put out on five excuses for why people aren’t budgeting. Here they are: 

It takes too long. Yes, budgeting can take a long time when you’re just getting in to it. I remember times when my husband and I were first married that it would take us one to two hours to do the budget. We could never seem to get it to balance for some reason! But I promise you, the more you do it the easier and faster it will get. I can budget our paychecks in less than five minutes now and, when it comes time to budget out our expenses for the month, I can do that in about 15 to 20 minutes. Once you get the hang of it, it really doesn’t take that long. The benefits you will start to see from actively managing and budgeting your money will be well worth the hour-or-so per month that you will be putting in once you get the hang of it. 

I don’t have enough money to budget. A budget can be done for any income amount. When you budget, the only thing that you are doing is creating a plan for your money. Whether you make $500 a month or $5,000 a month, you can create a budget (plan) for that money. If you feel like you’re not making enough money, then you can solve this in one of two ways. You can either increase your income or you can make cuts in your spending. If you are unable to make cuts to your spending, then it would be a good idea to get a second job or start working overtime. If you can’t get a second job or pick up any overtime, then you will need to cut back on your spending. 

I don’t like tracking my expenses. Fair point. It would be extremely difficult to budget if you are unwilling to track your expenses. Unfortunately, not everything in life is enjoyable. I personally love budgeting, but I will admit that tracking expenses is a bit of work. However, the work that it takes to track my expenses is well worth the benefit of having 100% control over my money as well as the peace of mind that comes with not living paycheck to paycheck.  

My spouse isn’t on board. If you are married and you are wanting to start a budget but your spouse isn’t quite on board, then you need to sit down and figure out why they aren’t on board. Explain your reasons for wanting to start a budget and listen to their reasons for not wanting to start a budget. If they simply don’t want to physically do the budget, then you volunteer to do that part. Maybe you can establish monthly “budget meetings” that only last about 30 minutes so that you can update them about your financial situation on a regular basis without them feeling like they have to put in a ton of effort. Sit down with your spouse and build some dreams together and figure out how you can make those dreams a reality with a budget. If all else fails and you are still wanting to budget and your spouse still isn’t on board, perhaps it would be a good idea to look into some marriage counseling to get an outside opinion and some professional advice.  

Budgeting makes me feel bad. I could see there being a few reasons as to why budgeting might make someone feel bad. Perhaps they have a hard time getting their budget to balance. If that’s the case, just keep working on it and it will eventually work out! Like I said earlier, my husband and I had the same problem when we were first married. Maybe it’s because they feel that their budget is too restricting. If that’s the case, then try looking at your budget in a different light. The purpose of a budget is not necessarily to restrict what you spend (unless you have a tendency to spend more than you make). The purpose of a budget is to control your money by assigning it a category that it can be spent on. You tell $1500 of your income that it is to be spent on your mortgage, $500 that it is to be spent on groceries, $200 that it is to be spent on gas, and so on. Budgeting, when done correctly, should make you feel good because you can rest easy knowing that you have enough money in the bank to pay for your expenses. 

If you are on social media, go give my pages a like or a follow! You can find me on Instagram and Facebook @survivetodaybudgeting. If you like this blog and you think that other people might benefit from reading it, share it on your Facebook page and tag me @survivetodaybudgeting. It really helps! 

If you would like some one-on-one advice on creating a budget or creating a plan to avoid or get out of debt, click on the Budget Coaching button below or contact me to schedule a free consultation call! Also, if you haven’t already, sign up for my monthly newsletter! I will be sending out exclusive content each month and you will get a free budget guide as a thank you for signing up! 

Sign up below to receive my monthly newsletter and get a free budget guide! 

Processing…
Success! You're on the list.

Published by Myranda Griebel

It is my goal to reach as many people as possible that need help, guidance, or advice with any aspect of budgeting so that they can work toward living the life they deserve and desire.

2 thoughts on “Do You Have a Budget?

  1. Taking an honest look at our definition of ‘wants’ & ‘needs’
    Forgive me if this point is already covered in one of your other blogs, but for me personally this plays a vital role in that ‘budget plan’ because suddenly you give yourself a pay rise without a second job. The realisation that we are being brainwashed into buying so many things that we do not really need. That cheaper smaller car that gets you from A to B for half the price, half the insurance andi half the fuel costs of the original car that you supposedly “needed” (to impress the Jones next door that have a company car that they don’t pay one cent out of their own pocket).

    Liked by 1 person

    1. Absolutely! And what a lot of people don’t think about is the fact that there’s a chance that the Jones next door are in debt to maintain that appearance. In all honesty, basic survival expenses can be fairly low if we are willing to make sacrifices for a season to work toward other goals.

      Liked by 1 person

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: