On a recent episode of the highly respected, laudable, and deserving-of-awards Bitches Get Riches podcast, Kitty and I came out with a controversial take: You don’t necessarily need a budget.
Next to “You can buy a latte sometimes,” it’s just about the closest we’ve come to outright heresy in the halls of money writers. We expect to be shunned and excommunicated any moment now.
Yet I firmly believe that budgeting doesn’t work for everyone!
Yes, for some people it’s an incredibly useful, indispensable tool. I know people who flailed around with money like a noodly-armed fan man on a used car lot before they made a budget, and afterward approached their finances with the serenity and enlightenment of a monk.
I also know people who make budgets, fail at them, and enter a cycle of constant self-loathing and financial stress that ultimately harms more than it helps. Some of us chafe against the rigidity of a budget. Others thrive within its strict boundaries.
So budgeting ain’t for everyone. But that doesn’t mean you’re excused from managing your money altogether. Even without a budget, it’s still useful to have a system for keeping an eye on your money. Today I’m going to teach you my system: the spending tracker.Read More