A lot of people want to start budgeting, but they get put off because they think it’ll be too hard. They believe the myths about budgeting.
Here I want to address some of them and show you how wrong they are. Budgeting can be easy. But you have to take the first step.
‘I don’t have time to do a budget.’
Many people use this as an excuse to avoid taking control of their money.
Hey, I get it. Some websites or books will want you to list every single thing you buy, all your expenses and bills. Just looking at page after page of blank tables can put you right off.
They put me off.
No doubt some people will love to do their budget like that. But it’s not the only way. Using a free budgeting app for a month or two will automatically show you what you spend your money on.
As long as you have a general idea of the total you must pay out every month for:
other debt if any.
And you know how much you’re taking in.
You then know how much you have left over to play with. And that’s where the fun starts. You always have to allocate some money for fun!
‘You don’t need to budget if you’ve got money.’
This is another common excuse people use to avoid making a spending plan.
Long, long ago, in the dim and distant past, my Dad used to run his own business. He sold TV and Radio sets and repaired them.
He told me he would often visit a grand house to fix their TV set and there would only be a few sticks of furniture and no heating. Although to an outsider they appeared well off, clearly they weren’t.
Presumably, to afford the house in the first place meant they had been wealthy. Perhaps if they had managed their money they would have stayed that way.
‘You need to be good with numbers.’
People often avoid having a budget because they don’t like numbers. But budgeting isn’t about numbers, it’s not about maths.
It’s about freedom.
Freedom from worry, debt, insecurity. It gives you the freedom to be in control, to make decisions about your life, rather than being forced into unwelcome situations.
There’s an app for everything! You don’t have to deal with the numbers. But you will have to deal with the consequences of not managing your money.
Everyone should know this and the earlier they learn it, the better. But it’s never too late! Small changes can lead to big rewards, no matter where you are in life.