Following up on my Budget Basics post I thought it would be fun to come up with a list of reasons NOT to have a budget. I know 13 is usually considered an unlucky number, but so is not having a budget. So, here goes:
- Creating a budget is way too much work and takes up valuable time that you could be spending playing WOW or COD.
- You feel loved when your phone rings so you enjoy getting calls from bill collectors.
- A budget would show you where you’re spending too much money and you really don’t want to change your spending habits.
- You love working so much that you never want to retire anyway, so why budget and save?
- You live in your parent’s basement and have no plans on ever moving out.
- You don’t care how much money you spend. If your checking account is empty you simply pull out the credit card.
- You have no financial goals so see no reason to plan your spending and savings.
- You’ve never used a budget before and think that you’re doing just fine, even if you do have $20,000 in credit card debt. I mean everyone has credit card debt right? So what’s the big deal.
- If you had a budget you might feel accountable to stick to it and you hate feeling accountable for anything.
- You’ve budgeted before and no matter what you put in for the expenses for each category you’re always wrong. The expenses are never what you thought they were going to be anyway and you hate being wrong like that every month.
- You’re a free spirit who doesn’t believe in the whole planning thing. It’s too restrictive man, just go with the flow.
- You need to hide money from your spouse and if you created a budget he/she would know how much you really make and where it’s being spent.
- You perform better when you’re under stress and not know where you’ll get the money to pay your bills each month gives you lots of stress.
And now the 1 very good reason you SHOULD have a budget:
It is like the tiller that steers your financial ship into safe waters and a stable harbor. Nearly every financial decision that you need to make can be guided by your budget.
Can we afford that new house?…ask your budget
Do we spend to much on restaurants?…ask your budget
Should we take a vacation to Europe?…ask your budget
Big screen TV…new pair of shoes…furniture…home improvements…ASK YOUR BUDGET!
Hope you all enjoyed that and if you have any other good reasons for and against a budget please leave them in the comments below.