You Don’t Need A Budget, You Need More Money

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12 Responses

  1. payingforprivateschool says:

    Can I borrow your wave runner? 🙂

    Love this post – keep up the great work.

  2. Mrs Groovy says:

    Good post, Jack! You mentioned you consistently go over budget in your restaurant spending. But, your grocery budget is pretty low. We spend $350 to $400 month for two people which I don’t consider to be very extravagant. And buying/cooking food for two averages out less per person than just planning for one, in my experience.

    I’d be frowning on WaveRunner. Within 5 minutes I’d be in pain from sunburn. Oh the curse of the fair skinned!

    • Thanks for reading! Yea, most people seem to be surprised by my grocery budget. Buying Great Value brand at Walmart tastes the same as the name brands to me 🙂

      Well, at least you should be smiling for the first 5 minutes lol

  3. I strongly agree with the idea that most people can find tons of “fat” to cut out of their spending, but once you reach a certain point it just becomes inconvenient and non-beneficial to attempt to save more. Once you reach a low spending level, the next best step is to simply earn more. I have applied this reasoning in my own financial journey by picking up side hustles and increasing my income, which makes me feel less guilty when I splurge on something I want. Awesome article!

  4. Akash says:

    Earning more money is definitely one way to go about easing up a budget. However, earning $50 is not the same as cutting $50 in expenses. Most people in the world pay taxes, which means that cutting $50 is actually larger than earning an additional $50.

    I especially liked your point on how spending $500 on social activities and fun are great investments in yourself. I need to start doing that more, as I’m currently in that super frugal phase of just saving / investing a lot of money. Did you start spending on yourself more overnight or was it a gradual transition?

    • You make a good point here! I guess you’d have to earn more like $65 to be equivalent to cutting $50. Nevertheless, that’s still the route I’d prefer.

      I actually started spending more on myself overnight. It started one day when I decided to add vacation, restaurants, alcohol, and entertainment to my budget. You know how many people say to pay yourself first? Well, it sounds like you and I both have the problem of saving everything we can and paying ourselves last. I don’t think this is always a bad thing, as our long term goals should be accelerated. However, I’ve found that adding these fun expenses to my budget has been a nice compromise to paying myself first rather than last.

  5. Dwayne says:

    Good post…did you create that budget graphic/tool yourself? Or where might I find it? I created my own in excel but not totally happy with it.

  6. When I was digging my way out of debt, I thought the budget feature on Mint would be very helpful. In reality, I kept going over my budget areas, and not meeting my goals, and would receive annoying emails about that. So then I would tweak my budget categories to fit my actual spending, to avoid getting the dreaded red highlighting or annoying email. So that totally defeated the purpose of budgeting, and I eventually got rid of Mint. I have a much better system now: I make all of my transfers on pay day to meet all of my saving/investing goals, and leave enough in my checking to cover bills and groceries. If I didn’t “pay myself first”, there wouldn’t be any money left at the end of the month. I agree that it’s important to include entertainment and vacations in your budget. If you don’t plan for those things, you either feel deprived or you cheat your budget (like I did) to sneak those things in.

    • This is interesting, as I was reading an article just the other day about how budgets don’t actually work. The article claimed that understanding where your money is going is what helps the most psychologically. I couldn’t agree more, seeing as this is the exact reason I use Mint. The red bars don’t bother me much. I just have peace of mind knowing what every dollar is spent on.

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