5 Myths You May Get Wrong About How To Budget
Look. We get it. Learning how to budget might not seem all that appealing at a first glance. Or second. Or third.
Understandable. There are, after all, a lot of misconceptions about budgeting. That it’s not really that useful, that it’s only for the rich, that it’s for the nerds, etc.
Let’s make one thing clear: everyone can learn how to budget, and everyone can make use of it. You just need to learn how to budget in a way that works for you.
Here we break down 5 common myths you may get wrong about how to budget, we also discuss how to use online payday loans to help you when budgeting isn’t enough.
5 Common Myths About How to Budget
Myth No. 1: You Can’t Learn How to Budget, Either It’s In You or Not
Everyone can learn how to budget. That’s the upside of routine work! Repeat it enough times and you’ll get it. Budgeting is simply repeating financially smart actions enough times to save money.
Sure, some people may make some more time to figure out what works for them than others – but everyone can get there if they give it enough time.
Myth No. 2: Trying to Learn How to Budget Is Useless If You’re Not Good With Numbers
Nope. This one is also wrong. Figuring out how much you need to spend for each of your expenses doesn’t need a lot of math skills. Just take a look at your bank statements and work from there.
If it’s likely you’re overspending on certain things, making your budget work will be easier after you identify and cut certain unnecessary expenses (rarely used subscriptions, apps, frequent takeout, etc.).
Pro tip: use the 50/30/20 method when starting out. That’s 50% of your income to necessities, 30% to wants, 20% to savings.
Myth No. 3: Learning How to Budget Is Too Time-Consuming
Budgeting will take you maybe an hour once or twice a month (if you’ll budget by paycheck) when starting out. Most of that time will be spent double-checking the numbers.
After you’ll have the budget that works for you locked down, it will take far less than that – and most of that time will be reviewing unusual expenses for the month (trips, gatherings, large purchases, etc.)
Myth No. 4: I Don’t Spend That Much, So I don’t Need to Learn How to Budget
Nope. Being good at not spending money is not the same as being good with money.
Budget isn’t just a tool to control your spending (though if you have a problem with overspending, budget is likely to be the most helpful tool to curb it), it’s about helping you make the most of your money.
The budget will help you spend your money with intent – and sometimes spending money can be more beneficial than saving it.
Spending can do you good. As long as it’s within the budget.
Myth No. 5: I Can’t Possibly Account for Everything
You can’t account for everything. That’s true. There will be unexpected expenses and emergencies from time to time – an unplanned doctor’s visit there, an urgent house repair here. That’s just how life works.
But that doesn’t make budget useless – on the contrary, budget is paramount when you’re hit by an emergency.
Having a budget allows you to know how much money you’re working with exactly – how much you can freely spend, how much you can siphon from other expenses, and, most importantly, it will let you know if you can handle the problem on your own or not.
Unanticipated expenses are what savings are for (and saving is much easier when you’re on a budget), but if you have no savings – the budget could be one thing standing between you and going into a money hole.
Handling Emergencies Without A Budget
Handling financial hardships can be much harder without a budget. The budget allows you to know exactly how much money you’re working with – without it, you only have guestimates, which aren’t all that useful, if you don’t have savings to cover the emergency in question.
So you should do your best to start budgeting today, but if troubles hit and you have no emergency savings, you might want to look into getting a payday loan.
Getting payday loans online with Carolina Payday Loans, Inc. is easy. You’ll only need a few documents and an active checking account. And you can get the cash the very same day.
How to Submit A Request for A Payday Loan?
Get the following documents you’ll need to qualify for a payday loan:
- A valid government-issued photo ID.
- Your most recent pay stub.
- A blank check from an active checking account in your income.
After that, you can start the payday loan application process online or by visiting the nearest payday loans location near you.
If you start the process online, a loan representative will contact you and set up a meeting. Make sure to take the required items with you so the loan representative can assess them and determine if you qualify for the loan.
Solving Trouble When The Trouble is Bigger Than Your Budget
Getting a payday loan can be an option to look into when you find yourself in a financial pinch and need a quick amount of cash to solve an urgent issue. This cash could be yours in as little as 30 minutes with Carolina Payday Loans, Inc., so apply today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.