2 min read

    Debunking Common Budgeting Myths

    By Wasatch Peaks on June 29, 2018

    Topics: Budgeting Savings

    Whether you’re saving up for a home, car or small business loan, or just looking to get a better handle on your overall finances, budgeting will be key to your overall success. Any process that involves setting thresholds for what you can spend compared to what you need funds for can be counted as budgeting.

    At Wasatch Peaks, our professionals can help you with every area of budgeting, whether it’s to save for a loan or pay off a debt. Unfortunately, we’ve seen several common excuses over the years for why budgeting doesn’t make sense or couldn’t be done correctly – here are some reasons why these excuses fall short. 

    I Don’t Need It

    In many cases, people get the impression that they simply don’t need any major financial budgeting in their lives. Some are simply over-confident and assume they can keep everything in their head, for instance.

    In reality, though, any legitimate financial profile is too complex for this sort of thing. You need to be able to organize everything from plans to financial documents in a way that makes sense, and this can’t be accomplished by trying to track everything in your head. 

    I Don’t Have Enough Money

    Not only is this myth fully untrue, it’s actually likely the complete opposite of the truth. When you’re struggling with money, your need for a solid budget actually goes up – you have to take every step possible to maximize your income and use it in the right places. 

    I Don’t Have Any Debt

    In other cases, individuals mistakenly think they only need proper budgeting if they’re looking to get out from under a specific debt. This is a narrow way of thinking about things; just because you don’t have any debt now doesn’t mean you won’t in the future, and having good budgeting practices is always valuable.

    It Takes Too Long

    Certain parts of initial budgeting may be time-consuming, but these are essential parts of your life. And know that once you have some of the bigger basics covered, it will take much less time each month to spot-check things and make sure everything is in line.

    It’s Too Strict

    If you continue to find a budget too strict for your liking, guess what? You can control it. There’s plenty of trial and error involved in getting the perfect budget, so don’t get discouraged if you have to try a few different formats to find what’s best for you.

    For more on budgeting, or to learn about any of our personal or business banking solutions, speak to the pros here at Wasatch Peaks today.

    Wasatch Peaks

    Written by Wasatch Peaks