Mythbusters: Busting the Top Five Budget Myths That Keep You Broke (Part Two)

Happy Friday everyone! Today, we’re wrapping up our Mythbuster series, and we’re débuting our new weekly installment called “Date Night.” Now for the final two budget myths (if you missed Part One, click here)!

Myth #4: A Budget Will Constrain Me

Truth: A Budget Will Set You Free

In essence, a budget is the natural outcome of you taking control of your spending, rather than letting circumstances or emotions control your spending. When you set a budget, you are literally assigning a name (such as food, gas, fun, etc) to every dollar you spend. A budget puts YOU back in the driver’s seat. Contrary to popular belief, a budget gives you control. It is the exact opposite of losing control.

The reason people relate a loss of control with having a budget is because a budget brings transparency to their spending. No longer can you just go out and spend blindly. But again, this isn’t losing control…this is gaining control…control over the crazy part of you that thinks buying things will satisfy emotions (shopping therapy anyone?).

Myth #5: My Spouse Won’t Agree to Follow a Budget

Truth: You’re spouse probably doesn’t understand the budget.

When a spouse doesn’t agree to a budget, it typically means that he or she doesn’t understand the budget. This is often the case when one spouse gets on a financial fitness kick and creates the budget with little or no input from the other spouse, then is hurt and confused when their spouse resists the “new budget.”

The key to this, as in almost every area of marriage, is good communication.

To be cheesy, budgeting is a team sport. To be fully sober, it will be incredibly difficult, if not impossible, to achieve financial success inside a marriage where there is not a sense of “oneness” in the way you and your spouse handle the finances.

We highly recommend that you and your spouse create the budget together. If one spouse is more “financially inclined” (or like me, loves creating spreadsheets), then it is acceptable if one person carries more of the load when creating the budget. However, it is absolutely necessary that both of you fully agree upon the final budget. You’ll know pretty quickly if this isn’t the case, as you’ll end up with resistance, arguments, and overspending.

To recap, here are the top five budget myths that keep you broke:

Myth #1: I Don’t Need A Budget. Truth: If I want financial freedom, a budget is essential.

Myth #2: Budgeting is Hard. Truth: The first 2-3 months are hard; after that it’s basically auto-pilot.

Myth #3: A Budget Won’t Work For Me. Truth: A budget will benefit any income level or financial situation you may find yourself in.

Myth #4: A Budget Will Constrain Me. Truth: A Budget Will Set You Free

Myth #5: My Spouse Won’t Agree to Follow a Budget. Truth: You’re spouse probably doesn’t understand the budget.

Date Night!

As promised, here is our first installment of what we’re calling “Date Night.” At the end of every post on Friday, we’re going to include a few discussion questions that focus on that week’s topic which you can print out and take with you on your weekly date with your spouse.

If you don’t have a date night every week, we HIGHLY recommend it! You don’t have to break the bank every week, but it is vital for the health of your marriage to get some one-on-one time with your spouse away from the kids where you can reconnect (and may even rekindle some of those sparks you used to have when the only time you could see each other was on date night!).

Since this week’s topic is about budgeting, here are a few questions to discuss with your spouse:

If you don’t have a budget:

What are our hesitations or fears to creating a budget?

How would a budget benefit our finances? (5 ways)

How would a budget benefit our marriage? (5 ways)

When would be a good time each month to have a budget meeting?

If you have a budget:

Do you feel that our budget is working? Why or why not?

How could we improve our budget?

If you could make one change to the budget, what would it be?

Upcoming Posts

If you don’t have a budget, you’re in luck. Next week, we’re going to discuss the ins & outs of creating a budget! Be blessed and have a great weekend!

Comments: We respond to every comment! How have you bought into these  budgeting myths?

Committed to your success,

-Wesley

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