Let’s face it, budgets have a terrible reputation because they deprive you from what you love. But is that really true?
This doesn't have to be the case. Your budget is not supposed to make you miserable, it’s supposed to guide you. Here are a two budget myths that should be left behind:
#1: Budgets keep you from spending.
False. Start viewing a budget as a plan that will allow you to do the things you enjoy more. Also, keep in mind the “all or nothing” strategy is not always useful. Often times, you can cut one category of spending and it helps.
#2: You must be a math whiz.
Wrong! Well, you should know how to add, subtract, multiply, and divide. But one misconception is that you need a big spreadsheet with confusing numbers to be effective. If you need to calculate a budget, try one of our calculators. You can also find free budgeting software that will display your budget in a way that is easiest for you.
When it comes to a budget, it’s not so much about the amount, but the activity. Don’t let the idea scare you, creating a budget is a great way to get your finances in order!
To learn more about the myths of budgets, watch Fox 59's The Bottom Line segment with FORUM's very own, Andy Mattingly. Click here.
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Categories: Budgeting, Spending