Budgeting applies to all people both poor and rich. Yes, even the richest person in the world has to budget his or her money in one way or another. However, some of them do not consider themselves being on a budget although, in almost everything we do, we budget—may it be a money value or not.
Moreover, to a number of people especially those who programmed themselves into budgeting, they view this tight money-spending thing as their suffering. Yet unknown to them, it is just a myth. It is what your mind believes even if they haven’t seen the bigger picture.
There has been a long list of myths when it comes to financial matters that we believe in. While some of us believe that it can even put us down as we are restricted from the things that we want to have, budgeting is actually something that we can profit from. Here are some of these myths that we consciously and unconsciously apply in our budgeting system. The top five myths about the budget you never believe to make a profit:
Myth #1. Budgeting is Unnecessary for Survival
Many people believed that there is no need for them to be on a budget in order to survive. However, this cannot be true because everybody is on a budget aware or unaware. Moreover, all of us should always be budgeting so we can build our savings, pay our home bills, settle debts and we don’t have to panic so much during emergencies. Therefore, budgeting plays a vital role in each of our lives as we live on the same needs every day. It is then a necessary tool for survival.
Myth #2. There are tons of Constrictions When On a Budget
In a way, this is true since you are being held back by your mind from having the things you supposedly wanted to have. In short, you are not able to buy the “extras” and out-of-the-list items from your shopping list. However, try to take a step back and look at the bigger picture. What is it that you get with suffering from these constrictions? Don’t you get a better result? A better money management that doesn’t make you spin your head during situations when you needed money the most?
Budgeting does not necessarily mean that you have to spend the least and making yourself guilty of the little extra things that you included in your shopping basket. Therefore, you cannot call it as constrictions but rather “salvation”. Why? Because the least that you spend, the greater money you can save by the end of the month. Thus, maintaining a good balance between you assets and liabilities.
Myth #3. Budgeting is only for the “Lowly” People on Earth
Now this is another misunderstanding of the belief. Most of us believe that budgeting is only for this type of human beings. As a matter o fact, budgeting applies to everyone, to the young and seasoned alike and of course to both rich and poor. It is because everybody faces financial crises although degrees vary. This is definitely out of the line of truth. Even the noblest person in the world is on a budget. Some of them pay people to do the budgeting themselves. But nonetheless, they are still on a budget.
Myth #4. Budgeting Consumes Too Much Time, Effort and Paperwork
This is what most lazy and timid people believe onto. It has then become more of a fear than being a myth. Lazy individuals give it such a big deal to work on a few papers just to organize their financial issues for such a short time. This has become a fear as it makes these people afraid of more paper works, effort and working time just to budget. Whether we like it or not, the end result of proper budgeting is only for you own benefit and profit no matter how you feel like suffering or doing it.
Myth #5. Budgeting is Always Accompanied with Suffering
This may be true BUT—that is only the forefront of being on a budget. Unknown in many of us, every consumer do budget their money whether they planned it, or they didn’t. We may be deprived from the many other things that we wish to have. The end result of budgeting will always be on our favor. Thus, budgeting is never a suffering. Come to think of it. Why do we budget our money when in the first place we knew that it’ll make us suffer? It is because we knew our money is going to last until when we wish it to be. Thus, we will survive with budgeting.
About the Author: This article is written by Mackenzie Sulivan, who is a professional blogger, freelance writer and guest poster. She writes about SEO, finance and technology articles for many websites through online exposures. She runs her own website: Logbook Loans from eMoneyBuddy.
