You either love them or you hate them. Budgets and budgeting often have a negative connotation. People often think of budgets as too rigid or that they lead to a negative view of money. Other people and families swear by them.
Credit.com recently surveyed Americans on their budgeting habits. Here’s what they discovered:
27% don’t think budgets are necessary
24% don’t think they’ll stick to a budget
15% feel too restricted by a budget
10% don’t know how to start budgeting
10% just don’t want to do it
12% are afraid to even look at their bank account
In this episode, we take a closer look at budgeting to determine if budgets actually work.
What a budget is
Types of budgets
Benefits and drawbacks of budgeting
When budgeting makes sense
Catch These Must-Listen Moments From The Episode
[04:25] What is the anti-budget?
[05:45] The difference between a budget and a spending plan
[09:15] Reasons many people graduate from using a budget
[10:31] The importance of tracking your spending
Resources to Check Out
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Kevin Payne is the budgeting and family travel enthusiast behind FamilyMoneyAdventure.com. He’s also the host of the Family Money Adventure Show podcast, where he helps families learn to manage their money better so they can afford to do the things they love.
Kevin is a freelance writer specializing in personal finance and travel. He is a regular contributor to USA Today, Forbes Advisor, Bankrate, Fox Business, Credible, and CreditCards.com.