All About Budgets

Top 3 Reasons why a budget sucks

Not hearing about budgets

A Budget Is Not For Everyone

Not everyone thinks a budget sucks, in fact we love using a budget but I don’t think a budget is right for everyone. If you are working too much or have too much pressure at work the last thing you want to do is count your dollars when you get home. Funny though, that task is now viewed by myself as a positive in my life rather than a task I “must do” in order to build our net worth. If you know me then you know there will be motivation in this post especially if you are someone who wants to take steps towards a debt free lifestyle.

Looking back

Some people say ‘I never look back’ but I do for certain things in my life, especially if it’s to learn from an experience. There comes a time when you have to realize that you just can’t change someone. If they don’t want to use a budget, they won’t full-stop.

When I was on my own and bought my first home at age 21 I can tell you that budgeting wasn’t for me. Looking back it was probably because I wouldn’t have invested the time needed, simply because I didn’t know any better. I worked long hours and I picked up every overtime shift I could which included holidays to get double or triple pay.

I was more interested in making money rather than spending it so why on earth would I need to budget it. That and I was too damn tired to do anything else. Sometimes working too much can drain the rest of your life away.

I probably should have slapped myself a couple of times because I really had no control over my finances, although I believed I did. Most people do believe they have control of their finances and don’t want anything to do with a budget. My sister is a great example because she loves to shop but you won’t catch her with a budget, no way even though she has more debt than she could ever handle.

She knows about money since our parents taught us about money from a young age but she chooses not to listen. This is why a budget might suck for some people. No matter what you say or do you won’t be able to change what they think if they don’t want to change themselves. Some people actually do love budgets like us but many people don’t and in some cases this can attribute to a high debt load if the finances aren’t controlled in some other fashion.

When you don’t know where the money is going and how much of it is being saved and spent then it’s hard to keep track. Even if you aren’t a budget advocate you could easily track numbers in a way that benefits you so that you don’t spend more than you earn. There are some smart, organized people out there that can do that, but that’s not me. I like to see every dollar that’s going in and out plus keeping record of it all in our Canadian Budget Binder spreadsheet.

Not for you

Budgeting is not just for low-income earners either which we talked about here the other day. I even have people who don’t think they can budget because they don’t make enough money to pay the bills. These negative mindsets are what set you apart from trying something and not doing anything at all.

Budgets are for everyone but not everyone is cut out to use a budget. Really, is there a point to setting up a budget if you have absolutely no drive to use it? Probably not. Often we will hear of people on the brink of losing their house, going bankrupt or flat-out broke and in debt sometimes over $100,000 in debt like Tony was and then they decide to give budgeting a try as a last resort before the inevitable happens.

I have friends now that earn good money and take good care of their finances but they don’t budget. They don’t have that urge to know where they spend every dollar each month unlike us who want to know how we are spending our money so we can base or financial decisions from the data we collect. We learned from budgeting that we were spending way too much money on grocery shopping and that’s why I started the grocery game challenge.

I think if someone is hesitant about starting to budget what I would recommend is to start with a mock budget, or a trial budget including only one category. Once you get the hang of it I bet you will want to start tracking more than the grocery budget. Now you know my hidden agenda behind the grocery game and I hope I can inspire others to do just that, take the first step.

Ideally taking the grocery budget would be optimal because everyone has to eat, food is love and most people enjoy being in the kitchen. It’s easier to start with something where the end result is satisfying and fulfilling unlike, say, your utility bills. So when should you say, budgeting might not be for you? Bellow are a few reasons why a budget sucks for some people that I’ve come up with since starting this blog and getting feedback from the fans.

3 Reasons why a budget might suck for you

You tried It

Sometimes people give a budget a try and numerous attempts at it fail so they get discouraged. If you start something with the wrong attitude, you will likely fail. Some people feel a budget is too much work but hard work is what gets people to the top. Nothing in life is easy and besides over time a budget becomes easy.

Some people give up and never want to budget again. If I might add a suggestion it would be to never give up. If you don’t find a budget that works for you, keep looking or create an excel budget spreadsheet like we did which has worked great for us the past 2 years. Sure we have had to make modifications and time to input data but it suits our needs well.

Don’t want it

Then there are the people who flat-out refuse to budget for one reason or another. The most common thread I hear is that budgeting is for people who are in debt or have no money. You know as well as me that it’s bull but that makes them feel better about where they are financially. I know in a subtle way I might have thought that when I was younger. Looking back all I needed was some education and maybe that would have sparked some interest. If we just share our knowledge and experiences with each other it may just inspire others to try.

It reminds me of someone who has no desire to try anything new in life. They are comfortable where they are at and don’t feel they need any change in their life. If you don’t try something how do you know if you will like it? Even if you know the premise behind a budget it doesn’t mean it won’t work wonders for you. Look what it did for Jen and Ken, it changed their lives as it has ours.

No need for it

Some people have a handle on their finances and simply have no need for a budget. If you pay your bills on time, know where your money is going and are happy with that then a budget might not work for you. There are also people who simply have too much money and don’t need to budget from their perspective since they feel they will never run the well dry.

Doesn’t that sound like a rotten place to be in? Sad part, look at all the Hollywood stars who likely have that mindset who are broke, can’t pay taxes on their homes and go bankrupt. Just because you have lots of money doesn’t mean you know how to manage it well. If you plan to go this route you still need to be smart with your cash.

There will always be people out there that think a budget sucks and it’s not for them. That’s fine though because if you have someone who is dead set against something it will never work. You have to want something bad enough that you can taste it. If your goal is to reach financial independence and you want to budget your way down that path, don’t let anyone or anything stop you. Dream big, dream loud and bring your dreams to life.

Do you think budgets suck? Why or why not?  

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