If budgets are the diets of financial planning, then why do we all have one, want to have one, know we should have one, have heard that we should have one? What’s the point, if we know we will only break them?
It’s simple. Even if we know the diet will fail, we realize we need something to get our eating back in line. Budgets get our spending back in line, after we’ve splurged for too long.
The longer we can keep to the budget, the better for our long-term success. But failing to keep to a budget doesn’t mean you should avoid one altogether. A budget doesn’t track your failure to budget. It tracks the splurging, which you already knew you needed to realign.
You and the budget have the same goal.
The next time you’re ready -- or need -- to set restrictions again, don’t be afraid to circle back to the budget. With a few tweaks, you might find the next one is easier to stick to.
Sure budgets will be abandoned, but they’re still good for the financial soul (or stomach).