Debunking Your Budget Excuses

There are many questions in life that you have a static answer for. For example, you respond with a specific number when someone asks your age or your address. Other times, like when queried about your weight or when you started losing your hair, the answer is slightly modified but pretty much stays truthful. Then there’s the question of why you don’t have a budget to maintain personal finances. Instead of one answer you have a plethora of excuses, and not one of them is the same.

Preparing a budget for some people is worse than getting a double root canal without pain killer. No matter how many times they hear how it maintains financial stability or assists in paying off debt, they tend to find an excuse that seems logical and gives them a sense of security. And they do this while trying to find money to pay the upcoming rent.

We’ve decided that enough is enough, and it’s time to debunk some of these excuses. Use these at any time when a friend or relative gives you an answer shown below.

Excuse: I don’t have time to create a budget.

Debunker: Despite how busy people say they are, there is always some kind of down time where they end up staring at the television screen or trying to reach the next level on Angry Birds. This time can be used in a more productive manner to produce a personal budget. Sure, it may take longer to set up the initial document and all of its categories, but as soon as it’s done it’ll take now more than 20 minutes to populate them each time income goes in and expenses go out.

Excuse: I don’t need to balance my bank statement. I know how much I spent.

Debunker: Do you know how much the person spent that happened to steal your identity and debit card number? How about the bank representative that deducted a large overdraft fee from your checking account due to the identity theft? Reconciling a monthly bank statement is one of the most important things a person needs to do. In addition to making sure their withdrawals and deposits meet your records, a review of this document can display any unknown or duplicated expenses.

Excuse: I don’t need to budget. I always have money available.

Debunker: Until you don’t. Even those who are well-to-do keep a budget to ensure they have enough money to pay for an emergency or perhaps buy another company. You may not be interested in buying another company, but you will certainly have an emergency pop up that requires a good deal of funds to correct. In the end, you may not have the money available to do what’s needed.