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I have a budget.
And I enjoy my budget.
And I really like tracking my spending, getting great deals, improving our financial situation and making progress because I have a financial roadmap. But there are some out there who don’t find any value with all the hassle it takes to log into Mint.com and look at where their money is going. I mean, seriously, 5 minutes is a CRAP LOAD of time, and it can’t be wasted getting a snapshot of my entire financial picture so I can make sound financial decisions!!! What a waste. My time is just too valuable for that.
This one’s for you.
Too Rich For A Budget
Budgeting takes some emotional maturity. I mean, first of all, you have to acknowledge that your head isn’t a ledger and your mind doesn’t contain a detailed aggregation of your entire financial life. You also need to realize that no matter how much money you have, you might possibly be wasting it. And you also need to know that your spending might be downright ugly. It’s tough to sometimes face those realities. Budgets are financial mirrors, and they show every wrinkle and crease in your old, saggy spending habits. Can you handle that?
If not, don’t worry, you’re probably too rich to have to worry about this stuff anyway. I mean, who cares if you’re leaking hundreds a month out of your accounts like a backed up toilet. Just let that crap spill everywhere, mop it up and throw it away. Doesn’t matter where it goes after that, because those dollars didn’t have a purpose.
So continue enjoying life, because budgets are buzz-kills. You make money so you must know what you’re doing with it. Don’t let those lame financial nerds be all like “get on a budget” or “invest your money”. That crap do they know?
You’ve got money, you’re saving some and your net worth is growing. By all accounts, you’re moving in the right direction. A budget is just a cramp in your style. Why fix it if it ain’t broke?!
But here’s the problem. You’re working too hard to NOT have a budget! If you make good money, why in the world would you NOT plan every hard-earned dollar that leaves your hands? How much is your time worth again? If you keep leaking hundreds or even thousands of dollars per month, you are wasting something MUCH more valuable than money. You are wasting TIME!
Say your time is worth $50 an hour. That’s over $100,000 per year if you’ve got full-time hours. Your job is high-profile or very technically challenging, you definitely earn every one of those $50 per hour. Why would you waste those hours on a bunch of untracked spending and waste? For every $50 you spend that you don’t really know where it goes, you have to slave away one more hour at the office. I mean, you could be working 3 or 4 unnecessary days per month because you don’t have a budget to tell your money where to go! Get over the mental hurdle of wasting time on a budget and realize you are wasting MUCH more valuable time by NOT having one.
Everyone needs a budget. Of that I am convinced. Not every budget looks the same, and people all have different financial plans. But if you don’t start somewhere, you won’t really go anywhere. If you don’t set goals, then what are you doing with your life?
These are big questions, and can extend far beyond finances. But let’s start somewhere simple. Let’s start somewhere practical. Let’s start with a budget.