4 Lies You Tell Yourself So You Don’t Have to Budget

The golden rule of finance management is a budget. Without one, you can be clueless to how much money is coming in and going out. You can easily overspend, under-save, and be completely unprepared for the slightest emergency.

If you are not budgeting, you need to ask yourself why. Chances are pretty good you are lying to yourself about your own financial situation because you aren’t willing to face up to the facts. Lying to yourself or your spouse can cause significant damage to your financial future so it’s time to start ‘fessing up.

Here are 4 of the most common lies people tell themselves about their finances:

I Can Budget in My Head
You might be a whiz at numbers but there is nothing that creates a more accurate financial picture than putting your finances down in black and white. A budget constitutes the categorizing of income and expenses. Until you write it all down, it is too easy to overlook different financial obligations. Even if you are well-to-do, you should always be aware of how much is coming in, how much is going out, and how much you should be putting away.

Money Is Not a Concern
There are thousands of people who were utterly confident in their job status and then the recession hit. The nation’s unemployment rates skyrocketed and people who once had no concerns about money were suddenly forced to scrape by. While you job may be secure now or you think your investments can fail, there is never a guarantee unless you have a plan in place to help you through any emergency.

I’m Already Debt-Free
You may have worked hard over the years to attain debt-free status. If you did that without a budget, you got incredibly lucky. The only way to stay debt-free is to keep a budget and set financial goals. Not only will you bypass debt, you’ll also be able to have a secure future when you hit retirement age.

My Friends Don’t Budget
It can be easy to feel a bit down about having to bring a bagged lunch to work every day when all your friends are hitting the local diner for food but budgeting is not a four-letter word. There should be no shame in sticking to a financial plan for the good of your family and your future. You may think your friends do not have a budget and spend recklessly but chances are good those friends have money to spend because they do budget their income. They may make other sacrifices to have the money for lunches outside the office. Unless you know another’s personal financial status, you can not judge the situation. Your obligation is to take care of you and not worry about keeping up with the Jones’.