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The Truth About Budgeting

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Myth: I don’t have time to work on a budget.
Truth: You don’t have time not to make a budget!

The dreaded "B" word. Budget. The only other word that starts with "B" that might generate a worse reaction in most people is the word bankruptcy.

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Unfortunately, the word budget has gotten a bum rap – it is basically just a PLAN. When you budget, you’re spending on paper, on purpose, before the month begins. But many people view a budget as a straight jacket that keeps them constrained. Freedom and budget just don’t seem to go together.

However, when you see that a budget is just spending your money with intention, you'll actually experience more freedom than before. Many people say they’ve found even more money when they created a realistic budget and stuck with it.

Here are some pointers:

  • Give it three to four months to start working. It won’t be perfect the first time you do it.
  • Spend every dime in your plan before the month begins.
  • Over-fund your groceries category. Most people underfund that category.
  • If married, spouses need to do the budget together. The preacher said "... and you are ONE."

When you are spending your money on purpose, you will be on the road to changing your family tree forever!

Create your first budget in 10 minutes with EveryDollar, our online budgeting tool!

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