What are some myths that stop people from working on budgeting? Good morning finance faithful and welcome to another Finance Friday. The war in Iran continues, the price at the gas pump seems to get higher and everyone is managing their finances as best they can.
This month we’ll try to help with some budgeting tips for your financial plan. First, let’s go over some myths about budgeting:
Budgeting means giving up fun:
I run into this one the most. People believe that budgeting is a bad word, equal to having your parents tell you to eat your broccoli, brush your teeth and make your bed. On the contrary, Budgeting is about getting rid of stuff that you don’t care about in order to live your best life and be able to spend on stuff that you do care about.
It will be a total failure if you can’t stick to it:
Many people give up if their budgeting is not working out. Having anxiety and a guilty feeling over not getting it right the first time can overwhelm and create a mental block stopping any further development. Budgeting should feel like a science experiment. You may fail the first time, but you’ll get better the more you do it.
Checking in once a month is enough:
Once a month is not a good enough checkup. In the beginning you have to commit to a more frequent check of your finances. Practice by having a weekly spending review, with your significant other, or trusted advisor. Once you have found a grove, then you can go towards more of a monthly check-up.
Now it’s your turn. What are some budgeting myths that you’ve heard about? Please send me your answers and any additional questions to hector@hrcfin.com. Also, don’t forget to follow HRC Financial on Facebook and LinkedIn for more Finance Friday discussions.
Thank you again everyone, have a great weekend and continue to battle on!