Most people suffer from the financial crisis because of the lack of enthusiasm in budgeting. If you think that there is no necessity to plan the budget, then you are completely wrong. Basically, when people proceed with expenses without making any plan, then they start spending money without any calculation.
As a result, they fail to keep money in the savings account and are unable to fulfil financial goals. Such an incident takes place due to a lack of understanding of the importance of budgeting. Therefore, the person who does not understand the necessity of budgeting hardly segregates all the fields of expenses.
However, those people set excuses for not planning a budget. According to the finance experts, ‘They are reluctant about planning budget as they are obsessed with their spending nature.’ Basically, for not planning a budget, they show these excuses.
Lame excuses for not planning budget
1. ‘It is a long process’
Most people often show a very common reason for not planning a budget, which is that it takes a lot of time. According to those people who do not like to bind their hands within a specific amount of expenses claim that they do not have enough time to plan a budget. They claim that it takes a long time to design a budget properly.
There is no doubt that in order to plan a budget, one needs to devote a good amount of time because the process of making a budget is not about a small task. A person needs to analyse all the fields of spending and only after that, he can set a proper budget. Besides, after every expense, one needs to keep notes and make sure that the expenditure is within the budget.
2. ‘Budgeting is for them who do not have enough money’
Just because you are earning huge amount of money there is no necessity to save. Suppose, if you are thinking about to buy a car then you can arrange for money by applying for auto loan in any car finance company with no guarantor facility. On the other hand, you can easily purchase the dream car by spending a good amount of money.
So, it is for a group of people. Budgeting is completely unnecessary because they think they can easily mitigate the need for money by applying for a loan. Actually, they think that the process of budgeting is suitable for those who cannot be able to earn an adequate amount of money.
3. ‘It is tiresome to track each and every expense.’
Apart from thinking that budgeting takes time, there are many other excuses for not planning a budget. The main purpose of budgeting is to track expenses. Only after that, a person can easily find out exactly where the person has overspent.
So, there is no doubt that a person should always track down the budget and make sure he has not overspent. For some people, the process of tracking after every purchase can be tiresome. People tell that budgeting takes a long time, especially, do not like to track all the expenses.
4. ‘I do not like to involve my partner into the budget.’
While planning a budget, both the partners should involve in the process. This is because it becomes a serious problem if one party is saving and the other party is overspending without any reason. Sometimes, it can create marital discord between couples.
As a result, most of the couples do not like to involve their partners into budgeting. Besides, they only like to spend money without keeping track. Moreover, if one of the partners is not associated with any job, then it becomes difficult to force the other partner to begin the process.
5. ‘It controls my spending habit’
We have seen people suddenly quit budgeting even after following it for a couple of months. To support their decision, generally, those people used to say that budget takes over expense control. People who have the habit of overspending generally feel bad being unable to spend money as much as possible.
When people do not like to control their expensing habit, they stop the following budget. As a result, those people never want to track their expenses and even do not wish to plan a new budget.
Therefore, these are lame excuses that people would like to give for not following the budget. We have prepared some contradictory ideas that may work to drive out these lame excuses in such a condition.
Contradictory ideas for driving out those lame excuses
1. Planning a budget is a small task
According to financial experts, if you will seriously devote time to planning a budget, it will hardly take 1-2 hours to design the entire budget. Besides, it is like a one-time task that needs not to do again and again. All you need to do after planning a budget is to follow it every month.
2. The process of making a budget is for everyone
There is no financial status associated with planning a budget. From rich to poor, everyone should follow this technique to achieve the financial goal without any worry. For instance, if you plan to buy a car, you have two options for arranging money.
Take out 100% guaranteed car finance from the direct lenders and repay the outstanding amount every month. On the other hand, you may easily arrange for money by setting a financial goal. This is something that always helps to achieve goals without putting a person into financial problems.
3. The budget helps to manage finance
Whenever you visit any financial advisor, he will tell you to follow a budget because it is the best way to manage finance. This is because when you start spending money as per the budget, it will never lead you towards extra expenses. Moreover, you can easily put a hold on the habit of spending money.
Therefore, if you really want to maintain financial stability and do not wish to witness a financial crisis, then without wasting time, start the process today.
