Money Management

Why You Never Make Time To Start A Budget

Through my early 20’s I never even thought of budgeting. I thought I knew where my money was going. I always wondered why I was running out of money before my next paycheck. I always just assumed that I just wasn’t making enough money. I was right, I wasn’t making enough money to spend the way I was spending money. If I had budgeted my money I would have realized I was making enough money if I curtailed my spending. But I was young and had no reason to fix my financial situation. Through the years I finally figured out why I never made time to budget.

You’re Afraid

Maybe you know deep down inside that you shouldn’t be spending so much money on going out at night or dining out. You enjoy spending your money this way and if you actually knew how much you were spending on these things you would realize you can’t keep it up and survive financially. Don’t be afraid, you have to think about what’s important in your life. Do you want to have fun now and worry about finances later? When do you think later is going to come? Just get your finances straight now and maybe you’ll realize you can cut back on other aspects of your spending and keep up what you like to do. Or maybe you’ll realize setting a budget for what you like to do doesn’t really reduce the value of it to you.

You Don’t Care to Budget

Perhaps you feel like you get by just fine. You have a some money stashed away and you seem to have a little bit of money in your bank account before your paycheck goes in. You feel like budgeting wouldn’t really have an impact on your finances. The truth is you don’t know unless you try. Just try it for a couple of months and I promise you will be surprised. If you could just realize that budgeting will help you free up more money to do things that you like and help you to save more money towards something that you want, you’ll want to budget. Saying you don’t care about budgeting pretty much says you don’t care about your future self and providing for that person.

The only way you’re probably ever going to start caring is if something traumatic happens in your life. When a point comes in your life that you don’t have any money to provide a life for yourself, then you’ll start caring. My point came when I ran out of money and I couldn’t afford a place to stay. I asked my dad to move back in with him and he actually said no. He knew if I moved back in with him my habits wouldn’t change. At the time I was really upset about it. Looking back it was one of the best things to ever happen to me. I had to take control of my own life and get it together. I didn’t have anything to catch me when I fell. With that I started to learn how to budget. It was a slow process but I eventually got my finances together where I could support myself.

I’m very lucky I had a turning point in my life that made me get my finances in order. I think everyone going through life just making it but not really doing anything to better their finances needs a point of do or die (not literally die) so they realize what they can do with their life. They could do so much more if they just took control of their finances.

Did you have a point in your life that caused you to have to look at your finances?

Comments (9)

  • Budgets are no fun, at least that’s what I thought when I was “rich”. Now that I’m destroying my debt, the are fun. They set the tone for how to work with money.

    I use to be afraid of budgets because I didn’t know much about money. Oh how things change with a little bit of knowledge.

    Good luck with your blog.

    • Thanks. Yea, knowledge is definitely power.

  • i still have yet to create a true budget for myself, even though i have made serious public attempts to get my finances in order. i think i need to go back to using wesabe but i never make time for it. how do you suggest starting? do you have a budget template you use?

    also, what did you do when your dad said you couldn’t move back in with him?

    • I have an article that I’ll post tomorrow on how I budget.

      I ended up getting very lucky and moved in with a friend. It was way to close though, so I knew I had to change my habits.

      Thanks for the comment

  • I think there’s a big misconception about budgets that they are restricting, they tie you down etc. But in reality they are very freeing – if only we’d make the time to do one.

    • Exactly, its like having a cavity and knowing you should go to the dentist to get it fixed but you put it off and the cavity only gets worse. Then after you go to the dentist you say to yourself “I should have done this a long time ago.” If more people made budgets there would be a lot less people having problems right now.
      Thanks for the comment.

  • I use to think it was too time consuming.
    .-= Broke by Choice´s last blog ..No Gifts in 2010 =-.

    • A lot of people think that and it’s true in the beginning but after you get started its so much easier and the benefit is well worth it.

  • Behavioral Finance research shows that most humans are just not hard wired to “budget.” Strictly rational thought (“this expenditure is in my budget”) can be easily overridden by the thrill of spending (the emotional part of the brain).

    The key is to find a framework through which to view your expenses that can short-circuit this dopamine-laced emotional process. My research and experience with financial planning clients shows that clarity of values (what is most important to you) often provides that useful framework.


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