5 Common Excuses for Not Budgeting Your Money

Budgeting can seem like math minus the fun – and we all know how fun math is. What’s exciting about adding up all your expenses and seeing that you spend way too much each month and need to cut back? Or maybe you put everything on your check card so you won’t overspend. Genius, right? Except you’re not building credit then, and unless you’ve also set up an automated transfer into a savings account, you’re probably not retaining any money either. But many people don’t want to hear that. Let’s examine five common myths that keep people from budgeting:

1 . I can’t manage my money because I’m bad at math.

Well, how are you with instructions? With modern budgeting software, you can just follow along and let the program do the work for you. Even better, a lot of these programs are free – so they won’t count against your budget!

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2. I can’t budget because my income always changes.

People whose income changes drastically from month to month, like contractors or freelancers, actually have a greater need to budget than most others. If you have a great month in February and make $10K, you can’t spend it all assuming March will bring in a similar amount. A budget planner will allow you to allocate the money you need that month – for bills, groceries, and so on – and set aside money for the following month. Conversely, if you have a bad month, you’ll know how much money you need to earn the following month to make up for it.

3.  It takes too much time.

More time than dealing with an unexpected expense when you don’t have any money? Once you have a budget planner set up, it shouldn’t take you more than 30 minutes a week to maintain it. Just for comparison, here are some things that take more time: surfing the Internet, watching TV, getting your nails done. If you can take time for any of those, surely you can find time to budget.

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Actually, it’s exactly the opposite. Budgeting doesn’t mean pinching pennies or guilting yourself over every indulgence. In fact, it doesn’t have to change the amount of money you spend at all, it just lets you know where the money you have is going. Knowledge that could be very valuable when you decide you want that shiny new 50-inch flatscreen, but somehow never seem to have enough in your accounts. Your lack of budgeting is depriving you of this cool new toy. How to fix this problem? Look at how you’re spending your money and see what you can change to move money into a savings account for your TV.

5. I make too little to budget.

You really need a budget planner. The less you make, the more important it is, because every cent counts. Budgeting can help you see where your money is going and where you’re being forced to make cuts. It can help you make the most of what you’ve got!

Ultimately, budgeting helps you keep track of the money you work so hard to make. By knowing knowing where your money is going, you can make some simple money-saving cuts if need be to free up cash for the goals you really want to achieve, like a vacation you’ll remember forever, an entertainment system that will make your buddies drool, your child’s college education or even an early retirement for yourself. So no more excuses – get budgeting!

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For more tips and tools to help you get your budget on track, including a free online budget planner and a Debt Payoff Planner to show you how to get out of debt faster, visit Quizzle.com.

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5 Common Excuses for Not Budgeting Your Money was originally featured on Quizzle Wire

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