5 Lies That Keep You From Budgeting

by JS 

Everyone needs a budget. Whether you think you do or not, you do. But many people trick themselves into thinking they don’t need any sort of budget at all.

Here are the 5 biggest lies people tell themselves to get out of making budgets (and the reasons why the lies don’t – or at least shouldn’t – work).


1. I Don’t Need to Budget

This is obviously the biggest lie and it covers all the other lies. Many people believe that they don’t need a budget. They think they make enough money and they save enough money so that they don’t need to budget.

Well, no matter how much money you make, you do need a budget.

A budget will ensure that you are living the life you want to live now, so that you can always live the life you want to live.

And a budget will ensure that you’re making the most of your money.

2. I Have a Secure Job

Unfortunately, there’s no job that’s completely secure. Jobs can vanish in a second. And strange things happen.

So don’t make the mistake of thinking that you have a great job that’s very secure, because not job is completely secure.

3. Nothing Will Happen to Me

People always think that bad things won’t happen to them. Bad things only happen to everyone else.

So you think you don’t need to have a budget because you don’t need to save for anything.

Well, rain comes into everyone’s life at one time or another. At some point you will have a tough time and you will suddenly need a safety net. A budget can give you that much needed net.

4. I’m Free of Debt

It’s great if you are debt free, In fact, this puts you in the fortunate minority.

But this doesn’t mean that you shouldn’t plan to save.

You still need to make the most of your money and it doesn’t mean that you shouldn’t plan for a bad time. Because when that bad time hits, you don’t want it to throw you into debt.

So be sure to budget even if you are debt free.

5. I Don’t Want to Live Like I’m Poor

This is probably one of the biggest reasons people who make a decent income don’t budget. They don’t want to live modestly when they work so hard. However, they don’t need to live like they’re poor.

In fact, you can still spend your money and buy things that you want.

However, a budget will help you spend it more wisely. It will help you see where you can save more and how you can save more. Exactly how much you want to save is still up to you.

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6 Responses to “5 Lies That Keep You From Budgeting”

  1. dawn @ iowahippiechick on October 15th, 2008 3:48 pm

    Even if we can see the financial errors of others, it is so easy to be delusional concerning our personal finances! The lies can come so easy. …

  2. Budgets are Sexy on October 19th, 2008 7:21 pm

    Amen! Gotta love those budgets ;)

  3. Monroe on a Budget » Carnival of Personal Finance 10/20 on October 20th, 2008 4:30 pm

    [...] Money Daily presents 5 Lies that Keep You from Budgeting: “At some point you will have a tough time and you will suddenly need a safety net. A budget [...]

  4. Little Thomas @ on October 20th, 2008 6:05 pm

    I totally agree with your five points – you hear these excuses everyday, but I think the greater problem is people who don’t want to face the reality of where they are.

  5. Mack jackson on July 6th, 2009 3:42 am

    Ya i agree with this five points, from this nothing will happen to me is very common point which all feel, but according to me there is always chance of unexpected expenses for which we should have some savings.

  6. Carnival of Personal Finance #175 – "Jokey McJokester" ed. | Budgets Are Sexy on September 21st, 2012 3:03 pm

    [...] from Smart Money Daily presents 5 Lies That Keep You From Budgeting. Everyone needs a budget whether you think you need one or not. Here are the 5 biggest lies people [...]

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