Skip navigation

‘Budgeting is hard’ and other money myths you need to ignore

budgeting myths

Budgeting is an essential part of this whole adulting business, and we all need to accept that. Unfortunately, it’s something a lot of people struggle with. Managing how you will be spending your hard-earned dollars can seem daunting, boring or even just plain useless. Luckily for you, it’s none of these things! These are but a few of the budgeting myths that exist, which perturb people from getting a firmer grasp of their finances. 

So, to convince you that budgeting isn’t the dastardly demon that it may be in your head, we’ve compiled a list of some of the most common arguments against budgeting and will show you why they’re complete nonsense. Sound good? 

Money Myth #1: Budgeting isn’t for me, it’s for… (fill in the blank) 

This is a funny one. It seems people out there seem to think that budgeting is for everyone other than themselves. We’ve seen folks claiming that they’re too broke to budget in the same places where people are saying that you only need to budget if you’re struggling to make ends meet. Something doesn’t add up here. It’s almost as if people are looking for excuses…

A hand holding a phone with the calculator app open.
Photo by Kelly Sikkema on Unsplash

Yes, obviously budgets will look different depending on how much money you have. But that’s the beauty of budgeting, it’s for everyone! Whether you’ve got $100 or $100,000 in the bank, a budget can help you better understand how to get the most out of your money. Everyone has their own financial goals, and everyone could use more clarity on how much money they have, how much they are spending and how much they can put toward their goal. This is exactly what budgets are for.

Money Myth #2: Budgeting is hard

A pen next to monthly budget overview forms on a desk.
Photo by NORTHFOLK on Unsplash

A budget is a super complicated spreadsheet, that goes through planned purchases item by item and breaks costs down to the cent, right? Wrong! Well, not wrong per se, but it doesn’t have to look like this. 

As we said before, everybody is budgeting for different reasons. This means that everyone’s budget ends up looking… well, different. If a detailed spreadsheet is what works for you and your goals then great, go with that. But if not, that’s okay. There’s plenty of simpler budgets out there (like the 50/30/20 budget) for people who don’t want to get too granular about things.

Still think you’ll struggle to stick to a budget without some help? Well, that’s okay too because there’s heaps of help to be had. There’s loads of bloggers out there, like Frugalwoods or the Frugal Girl, who can provide you with inspiration on how to make your money go further.

There’s also a whole host of apps that are all geared toward helping you spend less and save more. Aside from the Ting App, there are apps like Flipp, which lets you view digital coupons for local retailers to find the best deals on your favorite products. Apps like this are sure to help you cut down expenses and stay within your budget.

Money Myth #3: Unexpected expenses make budgeting pointless

Even with all the help in the world, sticking to a budget can seem daunting. And we’re not going to lie, it can be tough. Unexpected expenditures can throw your budget way out, and leave you questioning why you ever bothered in the first place.

But there are things you can do to mitigate this. For one, expect the unexpected! Admittedly, at first glance, this seems like the sort of advice you’d expect to see on a bumper sticker but hear us out. People often include things like anniversary celebrations when they talk about “unexpected” expenses, but that’s just a mischaracterization. Just because it’s not something you’d spend money on every month doesn’t mean it’s unexpected; you know when your anniversary is (or at least you definitely should) so you can plan ahead for these types of things. 

If truly unexpected costs keep cropping up, then you can include a category in your budget that you pay into each month to help cover these expenses. However, the whole point of budgeting is planning so these sorts of expenses should only occur in exceptional circumstances. These events will inevitably occur though, and when they do, it’s important not to get demoralized and give up. Instead, chalk it up as a loss, learn from it what you can and stay the course. Budgeting is all about the long game.

Money Myth #4: Life on a budget is boring

Many people believe that budgeting means no more trips to the movies, no more drinks with friends and no more clothes shopping. No more fun. This is one of the most common misconceptions about budgeting, and one of the most frustrating.

Budgeting is, in its essence, planning how you will spend your money. So if you want to spend $500 a month on DVDs, as long as you can afford to, then do it! Just make sure you include it in your budget. (Although we’d also strongly suggest you look into a streaming service and join us in 2020).

Looking at where you’re spending your money might make you realize how much you are spending on trivial pursuits (no, not the board game) and you may want to cut back a little. But that’s entirely up to you. It’s your money, your plan, your budget. You should see it as giving you the freedom to spend money on things that you actually value, rather than limiting your lease on life.

A plant growing out of some coins.
Photo by Micheile Henderson on Unsplash

Money Myth #5: Budgeting isn’t worth it

If you’re already living on a budget then you may find this hard to believe but we have seen plenty of people online who think that budgeting isn’t worth their time and effort. They think the cost of setting aside time to sit down and examine their finances outweighs the benefit that they would get from doing so. 

And honestly, these people couldn’t be more wrong. Admittedly, at first, it can seem like a chore. But over time, it’s something that you grow to love! Not only will you be able to work towards your financial goals, which is hugely rewarding, but budgeting will give you a sense of control that is unparalleled. Plus, thinking about the cost of items in relative terms helps you understand their true value. Suddenly, a meal at a restaurant feels a lot more like what it is… a treat. This new perspective, combined with the sense of confidence that budgeting provides makes the whole process worth it ten times over. 

Why do people on a budget love Ting?

One key aspect of budgeting is eliminating wasteful expenditure; paying for things you don’t need or use. That’s why Ting Mobile is so great for people on a budget. With Ting, you only pay for what you use. Want to make sure you keep your bill nice and low? With the Ting App, you can set usage caps on your talk, text and data, which will disable your selected service when the level of usage has been reached. By giving customers complete control over their spending and with an average bill of just $23 per month, it’s no wonder that people on a budget love Ting. If it sounds like Ting is for you, then find out whether you can bring your device and phone number to us today! 

See what you could save

See what you could save

Ting Mobile’s unique pay for what you use approach saves people a lot of money. See what you’d save.

Check Ting Rates