Creating a budget is one of the best financial decisions you can make for yourself and your family. Not only does a budget help you determine and reach your long-term goals, it will also help you manage your day-to-day spending and gain control over your finances.
Even so, starting the process to develop a budget can be intimidating. There are some myths about budgeting that have developed over the years, and we want to debunk some of the most common ones so that nothing stands in your way of reaching your financial goals.
Myth #1 You Have to Be Good with Numbers
Good news: you do not need to be a math wizard to create and manage a budget. In fact, budgets have very little to do with math, and everything to do with planning ahead for a stable future. If you go the old school route, then you will most likely encounter simple addition and subtraction. However, budgeting in today’s world is easier than ever. If you utilize a budgeting app or tool, setting up and managing your budget can be done within minutes, no math required.
Myth #2 Budgeting is Too Restrictive
Many folks assume that budgeting requires you to say “no” to everything, and while budgets do require some self-control in order to be the most effective, budgets also allow you to live the life you want. You may need to give up a few trips to Target or limit your Amazon spending, but you may also find that you enjoy making those kinds of decisions when you have your longer term goals in mind.
Myth #3 I Don’t Have Enough Money to Budget
Creating a budget is for everyone, and has very little to do with your monthly income. Rather, a budget is a way to maximize the efficiency of that income, which can be extra helpful when things are a little tight or when you have a little extra.
Myth #4 I Don’t Have Enough Time to Budget
Believe us, you absolutely have enough time to set up a budget. While it may take a little extra time up front, managing your budget on a monthly basis can be done within minutes. With the help of budgeting tools and apps, that time can be even shorter, as the tools take on all the time-consuming tasks.
Blackhawk Bank’s new Budgeting Tools service is an easy option that can be accessed all from our online banking or mobile banking app. You can add in all your accounts from multiple banks or investment services, monitor and manage your cash flow, set goals, and view recent activity all in one place. Let our Budgeting Tools service do all the heavy lifting, so you so can better focus on paying down debts and building a stable financial future.
Deciding to create and set up a budget is one of the best things you can do for your financial health. No matter what’s getting in your way, it is never too late to start a budget that fits your daily needs and lifestyle. Are you ready to learn more about developing a healthy budget? Contact us today!