Lets get started on this cringe worthy word. BUDGET. As a topic, I could talk all day about it. However using ‘budget’ in a sentence, in a post or in a conversation….. Yuck. I know I am not alone on this one. Go ahead, say it out loud. How did it make you feel?
I am also smart enough to know words like ‘moist’, ‘literally’, and ‘panties’ are some of the top words people dislike. But those are different to me. The word budget gives me the feeling a child gets once they understand “bad” words and hear their parents slip up and say ” f@ck” for the first time. It hits deep. This word found a way to work itself into the negative category for me and many others as well. But WHY?
The word ‘budget’ on a personal basis hits the hardest. Mostly when we refer to it while we have conversations around money. As a money conversation, the word turns into a topic. A topic every individual can benefit from and one we need to talk about more, but don’t because it has that negative feel.
Reasons for the Negativity
One of the biggest reasons negativity attached itself to the word budget is because it can be associated with horrible emotions such as guilt shame and anxiety. It can make individuals feel like they have to constantly monitor their spending and not allowed to enjoy life.
Another reason for the negativity is that the word budget can be see as a symbol of scarcity. When people think of a budget, they often think they have to do more with less. This is discouraging and can make one feel they will never have their dream, especially for those who are already struggling financially. The ones who need a budget more than anyone else.
Finally, a budget can be seen as a rigid and concrete tool that it does not allow for flexibility. Some people believe that budgets are strict and constraining. A budget adds an element of being controlled which turns people away.
The Reality Behind It
I don’t really care what you call it. What we really need to talk about is the act. The act behind the word is what matters the most. It is all about money management on a consistent basis to ensure you meet your goals.
If you don’t manage the money side of your life, you will one day wake up and wonder where it all went.
A quick story: I recently worked with a woman who is in her mid 50s. This person worked her tail off in the automotive industry for 25 plus years and was starting to think about what retirement would look like. She made great money, could work overtime to add more to her pay check, but found herself broken and in a hole she never thought she could get out of.
At no fault to this person, she was never taught and never learned how to truly look at her finances. Three months after our initial conversation about money management, she paid off credit cards, had more in her savings than she ever has, and was feeling dang good about the direction of her financial future. All because she learned what the act of budget really was. She was internally pissed she didn’t learn the basics of a budget or money management 25-30 years earlier. The thought of a budget was far too constraining for this person so she never dug in.
Where Do We Go From Here?
The answer is simple. Never use the word budget if you don’t like it. However, If you are not tracking your income and expenses on a month basis, you are throwing valuable dollars out the door and do not know it.
These wasted dollars can be the difference in retiring early or working your entire life. The difference between relying on social security or retiring with a fat bank account. They can be the difference between a paid off house and a 30 year house payment. The difference between taking out a loan for a car or paying cash for one. You get it.
The dollars one can find when they “budget” can be life changing. I’ve seen it happen in my friend circle, in my own life and to many others out there that now live free without money worries.
If you want to get ahead in life, a great way to start is through money management. A budget is a tool and an act that will help you get there faster than anything else. You have to know what comes in, what goes out, and what it is getting spent on. If not, the risk is that you will wake up in your late 50s and 60s, when you are forced to look at your money, and wish you would have managed your money earlier whether you call it a budget or not.
If you need a hand to getting started,
Hit me up and I will get you on the right track. Helping people is where my heart lights up every single time.
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