Unfortunately, the word budget gets a bad rap.
Some people reckon it makes them look cheap and takes all the fun out of life.
We reckon that could not be further from the truth!
Here are some budget myths we wish would go away:
1. A budget holds you back.
In fact, a budget propels you forward. Maybe you were once stuck spending half your pay on takeaway. But now you have debts going down and a retirement nest egg going up. And the next time you splurge on something personal, you can do it completely guilt-free.
2. A budget is a ball and chain.
The reality is, you are now in control of your money—and not the other way around. If there is something you want to do, budget for it! A budget gives you the freedom to do whatever you want (within reason). Ready for a vacation? Itching for a new pair of shoes? Simply work it into the budget and reduce another spending category to even things out.
3. A budget is the end-all, be-all.
Your budget is a changeable, flexible tool. Your budget will ebb and flow along with your lifestyle.
4. A budget takes forever.
Fact: It takes me just a few minutes each month to monitor our spending (admittedly, technology helps).
OK, so now we ‘ve debunked some myths, are you ready to take control of your money, so you can stress less about retirement, and live a better life too?
Here are 9 tips gleaned from 30 years of helping people with their money. Follow these, and you will be saving money like a pro in no time.
IMPORTANT This information is of a general nature only and may not be relevant to your particular circumstances. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions.To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. See full Terms and Conditions here.