If you’ve never tried budgeting before you probably still have a few concerns, right? You might be thinking about some of the things that it’s going to mean for you. So, what do you do about it? Let’s take a look at how you can get some of the answers that you’re looking for when it comes to budgeting. It doesn’t have to be as difficult or as scary as you might think, if you know the truth going in.
1. I Have to Give Up Everything I Want.
That’s definitely not true. You don’t have to give up everything you want in order to go on a budget.
In fact, you shouldn’t give up everything you want in order to go on a budget.
If you don’t have any kind of spending money of your own and you don’t have at least something that you can spend on anything you want you’re definitely not going to stick to the budget. Putting in some money for personal spending is essential.
2. I Don’t Make Enough Money.
The truth is, you can and you should budget no matter what kind of money you’re making.
If you’re not making much that’s when you should be budgeting more, because you have to make sure your money is going to last through the month.
Knowing what you make and knowing what kind of money is going out is going to make it a whole lot easier for you if you’re not making a lot of money.
3. I Just Don’t Have the Time to Make a Budget.
It will take time for you to get that first budget together. It will take time every time you need to reevaluate your priorities and every time you have to reconsider the money that’s available. But you really need to make the time to do it.
If you’re in debt then you really don’t have the time not to budget.
Every day that you don’t you’re getting further and further in debt and the longer you don’t know what you’re making and what you’re spending the worse off you’re going to be in the long run.
4. I Just Don’t Have the Math Skills For Budgeting.
You don’t really need math skills for budgeting. In fact, I can build a budget and I almost failed out of every math class with the word ‘algebra’ in it since the 6th grade. (Yes, I took Algebra 1 in 6th grade ... it was not pretty.)
Budgeting requires you to add and subtract. That’s it. You add up all the money you have coming in and subtract the money you have going out. That’s all there is to it.
So yes, you can definitely do the math that’s required for budgeting (you can use a calculator or Excel can do a lot of the math for you).
5. I Don’t Want to Live on Ramen and Peanut Butter and Jelly.
You don’t have to.
If you don’t make a whole lot of money and there’s a category that needs to be trimmed down you’re the one who gets to decide what it’s going to be.
Of course, you can’t cut down on some of your bills (unless you negotiate with your companies anyway) but you can trim things like cable or going out to eat out your personal budget money.
That way, you can add in a little extra to the categories that are important to you, like not eating ramen or peanut butter and jelly.
6. I’m Already Keeping Track of My Budget.
Are you keeping track?
Or are you on a budget?
If you’re tracking your spending then that’s actually a great precursor to a budget, but it’s not actually a budget.
What you’re doing is monitoring your spending after the fact and what you should be doing is looking at how much to spend in each category before the fact.
If you have been keeping track though you’re going to have a good start on just how much money needs to go into each category, so you’re going to be off to a good start.
7. I Already Have a Budget.
Do you? That’s great.
When was the last time you followed it?
When was the last time you even looked at it?
If it’s been a while then you definitely need to get back to it.
Take a look. Does it even fit what you need or want anymore?
Chances are it probably doesn’t.
That’s because you made a budget when you were being idealistic and now you’re realizing that there are different priorities or there are other areas that you need to start saving or spending than you thought. Or maybe the budget worked at the time but now things have changed.
Work on how you’re going to update your budget (or if it really is a good one then just start working on following it).
8. Following a Budget is Hard.
Well, I’m not going to tell you it’s easy.
I’m a born spender, remember?
When you get yourself started on budgeting though, you’ll come to realize it’s not as difficult as it seems.
In fact, it actually gets to be really fun when you get ahead of things.
When you realize, I don’t have to wait until next payday to take care of that bill that just came in the mail. I have the money now.
Or when you realize that big item you always thought was too expensive is just a couple months of saving away.
It’s not easy to get started, but it doesn’t have to be as hard as you’ve probably built it up in your mind.
9. I’m Scared to Look at it in Black and White
This is probably something that we’re all worried about.
I know that I didn’t want to look at the numbers when I knew we were in the middle of a bad situation.
When I knew that there was debt. And that it was getting out of hand, looking at the numbers all put together was difficult.
But you’re not going to get out of debt if you don’t get real about your situation and where you stand. So take a look at those numbers.
Even if they’re big and scary and your debt makes you uncomfortable (or maybe especially then) because the sooner you take a look the sooner you can take the next steps. And that means the sooner you can make the problem better, not worse.
What About You?
Do you have different thoughts about budgets? Do you have specific ideas that you've been carrying around for a long time and you're still trying to break free off?
Share your thoughts about budgeting and let's see if we can find anymore misconceptions that are holding you back.
Comments