Budgeting is complicated 

Budgeting can be as simple as you want it to be. Sure, you could make a budget where each category goes super granular, like having separate categories for fruits, vegetables and pasta instead of just grouping these all together as groceries. But that probably isn’t the most effective way to do it. 

You can keep it as simple as a set dollar amount per month for groceries, another for entertainment, and a third bucket for bills and other utilities, etc. Or you can go even more straightforward, using methods like the 50/30/20 rule (50 percent of your take-home pay goes to needs, 30 to wants, and 20 to savings), so you don’t have spending categories at all, just proportions of your monthly income. 

Budgeting takes too much time

Budgeting doesn’t need to be time-consuming. Sitting down at the start of every month and taking 15 to 30 minutes to consider your financial priorities can go a long way. Once you set your budget, all you need to do is stick to it. 

Budgeting is restrictive 

It’s easy to think of a budget as a set of rules you have to follow at the expense of enjoying your own hard-earned money. But having a budget doesn’t mean it has to be a restrictive budget. Budgets usually work best when you are realistic about your monthly expenses and leave room for fun spending. 

Budgeting involves too much math 

Pulling out the calculator just isn’t necessary anymore when you’re budgeting. With apps that track spending, you can automate most parts of the budgeting process with no mental math required. 

Budgeting requires too much discipline 

Much like the myth of budgeting being restrictive, the myth of discipline plays into some common assumptions about budgets. If you set a budget based on how much you earn and how much your realistic monthly expenses are, with your financial goals as the incentive to stay on track, it will take minimal discipline to follow. 

You don’t need a budget 

This is possibly the biggest myth of all. Everyone can benefit from having a budget. Whether you’re looking to make ends meet or you’re trying to maximize your savings, a budget can help you. Even if you’re happy with how much you’re putting away in monthly savings, you probably still have financial goals that a budget could help you achieve. That’s the beauty of budgets: no matter where you are in your financial life, you can mold your budget to serve you best. 

If you’ve never budgeted before, getting financially lit(erate) can help you in many aspects of your financial life. RMCU’s Money Mastermind course can help you lay the groundwork for a solid financial future. And the best part? It’s free. Sign up for this free online course, and get deep into the basics of money management.