Here are the top five excuses for not budgeting. Most of these excuses are things that people have shared with me in the past. It is important to realize that budgeting can benefit you even if you do not think that you need to bother with it.
1) “I don’t have the time to track all of my expenses.” This is usually is mentioned by the same people who do not have the time to keep a running balance in their checking accounts. They are always confused as to why they never have any money.
2) “When I run out of my money, I stop spending it. So I really do not need to budget.” While it is good that they are not overspending, by budgeting they could get more with their money. Plus they could see areas of weakness, and possibly avoid that stressed out feeling the last few days of the month.
3) “We make enough to pay our bills, so I don’t see any need to budget.” Unfortunately I have learned that many people who use this excuse put money on their credit cards monthly, and do not pay off the balances. While they may have enough to make their minimum payments, and pay the mortgage, do they really have enough money?
4) “I feel like a budget is too restrictive and controlling. I just don’t want to feel like I can’t do what I want with my money.” A budget is the best way to control your money. If you do not control your money it will end up controlling you. By choosing where to spend your money and then sticking to your plan you are making your money work for you.
5) “I don’t know where to begin. No one ever taught me how to budget.” One simply remedy is to simply pick up a book about budgeting and read it, or conduct an Internet search. You can also ask someone you trust to help you set up and stick to a budget.
If you are not aware of what is happening with your money, then you will never accomplish anything with it. It is important to set long-term financial goals that you break down into smaller stepping stones. Money management can lead you down a path to wealth or to poverty. You decide which path you want to take.
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