“If You Don’t Control Your Money, It Will Control You” If You Live Within Your Budget, You Will be Much More Likely to:īuild emergency and long-term savings accounts.

If you still have difficulties budgeting, remember this: If you identify with one or more of the above myths, then make a personal decision to implement the “realities” into your thoughts. Reality: Following a budget increases the likelihood that I’ll take care of my financial priorities first, such as housing, food, savings, and transportation. Myth # 4: Following a budget inhibits my freedom of choice. Reality: The checkbook can’t help me prepare for unexpected expenses like car repairs or doctor visits. Myth # 3: If I balance my checkbook, that’s as good as budgeting.

Reality: Budgets are for anyone seeking to stabilize their finances and avoid debt. Myth # 2: Budgeting is for people who are in debt. Reality: Actually, spending less than I earn may solve many of my money problems. Myth # 1: If I had more money, all of my problems would be solved. The following are a few such myths and their corresponding realities that may help us overcome our own resistance to budgeting. Many of these reasons are based on false assumptions or myths. There are a number of reasons why many of us do not create or live by a budget. The Myths & Realities of Household Budgeting Let’s begin by looking at what a budget is and what it isn’t. If you want to build wealth and get money fit with your personal finances you must live by a budget. First, let’s take an in-depth look into why maintaining a household budget is so important to the financial success of you and your family.

Monthly household budget template word