There are all sorts of reasons people don’t create and live on budgets. I’m one of those people that always had an excuse for not doing it. However, I’ve come to see the errors of my ways. In this post I will list what I believe to be the top 5 reasons people don’t budget and then I will take it a step farther and explain how to get past those reasons or why they don’t make sense in the first place. Here we go…
- Image. This is a big one. People get used to living a certain way and like being able to get what they want whenever they want it.
- This was clearly one of my issues. I didn’t save for stuff. I didn’t prioritize my spending. If I wanted it I just got it and sometimes that made things harder for me the next time I truly needed something. I didn’t ever want to be seen as someone that HAD to budget. Eventually this kind of thinking made it so that someone that made a good income was facing harder times. I realized a little too late that I need to worry less about what people think and more about considering my financial future.
- Don’t know how to create one.
- This is a valid reason, but not a reason that should stop you from getting there. There are websites with templates for creating spreadsheet budgets, community education classes available in a lot of areas that teach this, and finally… this site will do what it can to teach you how to budget…even as I learn the best ways myself.
- Easier to ignore my spending than try to rein it in
- This is true for awhile, but sooner or later debt will start to rise and you will find yourself struggling to get the things you need or want. If you continue to ignore this it will also make long term saving nearly impossible. Eventually you will be forced to budget or go broke.
- I disagree with my spouse on how best to spend money.
- The solution here is obvious but difficult. You will need to have some long discussions with your significant other about what absolutely has to get paid (rent/mortgage, utilities, groceries), what can be optional (cable tv, trips, going out to eat) and what can be reduced (groceries, gas, memberships). You will need to go through the budget together and work out your differences.
- We owe so much money to so many different places that we don’t know where to start.
- This was the biggest reason for me and can be the most daunting. The importance of starting allows you to start paying down your bills so that you can get this under control. Budgeting, where you at least pay small amounts on each bill, allows you to hopefully avoid bills going to collections or worse yet into garnishment from your wages.
So what are the other reasons that you know of for people putting off budgeting? If you are already budgeting, what is working for you and what kept you from doing it sooner? I would love to hear your comments!