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Budgeting Myths Brought to Light

Budgeting Myths Brought to Light

Budgeting may not be your favorite topic. To many, budgeting seems like it takes away your freedom, but that is false. Budgeting gives you freedom and control over where your money goes. Budgeting will help you reach your financial goals. 

Your financial goals may be large, for example saving for retirement or putting a downpayment on a house. You may just be trying to get out of debt or keeping your spending from getting out of hand.

When you change your mind about what budgeting means to you, you change your life. You begin to spend your money intentionally instead of mindlessly. You’re able to spend money without feeling guilty. You won’t keep burying yourself in debt. Real freedom starts with a budget. Here are 3 budgeting myths brought to light:

  • You are on your own
  • It’s no fun
  • All work and no play

Myth #1: You are on your own

The hardest thing to do is budget alone. Some people are go-getters, ready to budget and save every last penny. Others are a little slower when it comes to devouring debt and need more flexibility. You need someone to balance you out and to keep you accountable with your spending. If you are married, this is the perfect person to sit down with. Without family being on the same page, you are doomed to fail. If you as a couple are working towards the same goals, you will reach them faster and easier. But what if you aren’t in a long-term relationship? Find a friend that will help you with your budget and keep you moving towards your goals.

Myth #2: It’s No Fun

Everyone’s first goal should be first to get out of debt. Once you are free from all those extra payments, you can move forward with bigger and much more fun goals. You are in control of where your money goes, so save up for what you want!

Some financial goals you might think about:

  • Retirement
  • College Tuition
  • Wedding
  • Upgraded Car
  • New House
  • Dream Vacation
  • Investing – Grow Your Wealth

Myth #3: All Work and No Play

When you don’t leave any room in your budget for entertainment and you resort to eating Ramen soup every night you will save plenty of money. But to what end? If you are bored you may end up throwing out the budget all together. Learn to compromise. Cut your expensive cable bill and invest in a streaming service like Disney+ or Netflix for a fraction of the cost. Did you know that movie theaters have discount days? Most theaters offer a lower price ticket on Tuesdays or other weeknights. If you sign up for their rewards programs you can also get free or discounted concessions. Just remember to budget this cost!

Not sure how to get started? One of the quickest ways you can do a budget is by using the free budgeting tool, EveryDollar and map out next month’s budget in as little as 10 minutes! 

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