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Busting Budgeting Myths

Do you have a monthly budget? If not, have you asked yourself why not? A budget is a key building block to creating financial freedom. A budget puts you in charge of your money and in charge of your life. Money is interconnected with almost everything we do. Think about it. Food, shelter, health, fun, travel, hobbies- all are interconnected to money.

Why do many people resist having a budget? Let’s explore that question together. I know it to be true that creating and working a monthly budget is one of the best things you can do to begin to get your financial life in order. Once your financial life is in order, you become less stressed, less fearful, and more free. Yet, many people resist creating a budget and that usually has to do with pain points. So, what are some of the myths surrounding budgeting? Let’s bust those myths!

Myth 1

It is too difficult to budget. I hear over and over that budgeting is difficult. This is an untruth. Sometimes we deflect to avoid looking at our current financial snapshots, getting organized, and taking action to getting on the path to financial freedom.

Budgeting gets an undeserved bad rap. People equate budgeting to a burden. The way many of us generally think about budgeting is flawed. If you can reframe budgeting into what it really is: simply getting organized and cleaning up your financial life. Monthly Budgeting is truly a building block to financial security and freedom- allowing space to create fun, joy, and peace in your life.

My good friend Lisa says a budget does not tell her what she cannot spend- it tells her what she can spend. That’s a reframing thought about a budget! Lisa and I both enjoy budgeting. It is something we each now have down so well, the time and money it saves us to spend on what is important in our lives is exponential.

Myth 2

I don’t have enough time to budget. Yes, you need to invest some time upfront to implement a budget. The time you initially invest is a small fraction of the time you will ultimately save. Once you get organized and prepare your first monthly budget, it gets easier from there on. How much time do you spend worrying about money, not wanting to open that credit card bill, or thinking about your debt? A budget not only ultimately saves you time it reduces stress and changes the energy around money in your life. It is a wonderful feeling to know how much money you have coming in, going out, and how you spend your money- it puts you in the driver’s seat of your financial life.

Myth 3

I don’t make enough money to need a budget. A budget fits every income level. If teenagers started budgeting when they got their first job, it would help them begin creating monetary wealth at a young age. It doesn’t matter how much you earn monthly- a budget works. Also, there is something about taking your head out of the sand regarding money matters and facing them head on that wakes you up. In order to better your financial situation in life, you first need to face it. A budget makes your money matters clear and on point. When you know what you earn and what you spend, save, and invest, you can then make adjustments that better your financial life. Budgeting takes the mystery out of money.

Myth 4

I am not good with money. This statement in and of itself gives away your power to money. Do not give away your power to an object. The ability to learn how money works is within every one of us. The words you tell yourself matter. MoneyMaestra was created to get the word out- Financial Responsibility = Financial Freedom. I grew up without money, my family was poor. I refused to believe that was my destiny. Choose your life. Budgeting is a concrete way to start building a more financially prosperous life for yourself.

Myth 5

Budgeting is Boring. This is an untruth. The act of budgeting is simple once you get the hang of it. I know budgeting can be exciting when you reframe it in your mind. Earlier in September, I took a trip to Colorado with Grace, one of my best friends. The trip was exceptional, exhilarating, and exciting- the opposite of boring. My trip was doable because I know what I can afford and when I can afford it. Budgeting opens up the door to both security and freedom- isn’t that a combination we all want in our lives?

I invite you to budget- it is a true game changer. Budgeting is one of my specialties. For those of you who need a little help getting started, please visit my website https://www.moneymaestra.com/ and look at my “Budget Like a Boss” bespoke budgeting program. Let’s take the mystery and fear out of money matters and put in the freedom and fun.

Sincerely,

Susan, The MoneyMaestra

Susan Howell
Written by: Susan Howell, The MoneyMaestra.

Even though I grew up without money, I was able to retire at 50 based on my financial practices. I worked for the Federal Government for 26 years, with 6 of those years at the IRS and 20 at the Department of Justice, which included investigating many money-related cases.

I created MoneyMaestra to share what I know and to help people get on the path to Financial Freedom.

4 Comments

  1. Cheryl

    Guilty as charged…I’ve been avoiding a budget. One of the reasons is just procrastination. I don’t want to make the effort to analyze my spending. The other main reason is that budgeting feels restrictive and nit-picky. I prefer the feeling of free flowing abundance to the exactness of a zero balance budget. I know this is just a mind shift for me, yet it has kept me at an arm’s length from budgeting.

    Reply
    • Susan Howell

      Cheryl, thanks for sharing. It really is just a mind shift. Once you get your budget organized and ready to go the maintenance is pretty minimal timewise. You need to know what you earn and what and where you spend-otherwise it is guesswork (and often times pretty lax guesswork) and hard to create financial freedom in your life. One of the reasons I offer my “Budget Like a Boss” bespoke budgeting program is to get people over this original resistance/hurdle. Once you create and work a budget it really opens up freedom and space in your finances and life. Maybe think of it as a spending/saving/investing plan instead.

      Reply
  2. Steve

    Hi, great post

    Reply
    • Susan Howell

      Thank you Steve. My monthly budget is key for me. It is my guide to knowing exactly where I am with my money at any moment.

      Reply

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