5 Budgeting Myths You May Be Falling For

3 Minute Read

If you’re smart—and we think you are—then you’ll let go of these budgeting myths, excuses and misunderstandings and decide to win with money.

1. I don’t have the time to budget.

When you start a budget, you might spend a couple of hours a month getting your budget down. After the first few months, it’s pretty much smooth sailing. You’re simply plugging in numbers and letting math do the rest.

So if you’re currently not doing a budget because you don’t think you have the time, it might be good to take a fresh look at your priorities. You might be surprised at how many things you can probably let go of that really aren’t as important as taking control of your money. Create a zero-based budget online for free right here.


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2. Budgeting is boring.

You would be amazed at how many people don’t make a budget every month because they think it’s boring. You know what else is boring? Credit card statements. And bankruptcy court. And collector calls . . . actually, those aren’t very boring.

If you’re a free spirit when it comes to budgeting, take a breath. You can do this! Once you get the hang of it, making a budget isn’t bad at all! Get your spreadsheet-loving, planner of a spouse or friend to help you out.

3. Making a budget is difficult math, and I hate math.

This isn’t rocket science. If you can do basic third-grade math, you can make a budget. Your income minus your outgo needs to equal zero. That’s it!

Seriously, hating math is a really lame excuse. Instead of hating math, how about you hate being in debt? Get started with our free budgeting tool EveryDollar and let it do the math for you. But don’t stay away from the budget because “the math is too hard.” It’s not.

4. I can do a budget in my head.

If you can seriously do a zero-based budget in your head every single month, we’ll assume you are the most brilliant person on the planet. Could you please help our government make a budget?

A budget in your head isn’t a budget. It’s just a kinda-sorta-I’ve-got-a-vague-idea-of-what-I-spend thing. For a budget to work, it needs to be something you can track. Besides that, if you’re married and doing a budget in your head, then only one of you is involved in the decision making—and that’s a definite no-no! You need to be working together.

5. I budget by keeping track of everything I spend.

That’s a start, but it’s not a budget. When you only track spending, you’re always looking at the past and never looking forward.

Your budget is your plan for the upcoming month. You’re planning the money you haven’t spent yet. When you keep receipts or use your online banking to see what you spent last month, you’re doing just that—looking at last month. Plan for your future spending while looking at your past spending, not just one or the other. If you’re already tracking your spending, the budget is just a natural next step. It should be easy. 

It’s disheartening that so many people have fallen for these budgeting myths and excuses. The good news is you don’t have to be one of them!

When it comes to your money, you definitely don’t want to be someone who will fall for anything. Take control of your money by taking control of your budget. Sign up for EveryDollar today!

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