Disadvantages of Budgeting
Are there any disadvantages to having a budget? Do you currently have a monthly budget? Budgeting has its advantages, but there are also many disadvantages, or are there?
Do you currently have a budget? Do you spend your money with care and purpose? Or do you throw caution (and quarters) to the wind and spend freely wherever and however you wish? Budgeting has its advantages, but there are also many disadvantages, or are there? Read the post to find out!
Here are five disadvantages of budgeting:
1. Delayed Gratification-sometimes you won’t have the money for what you want right now. There won’t be room in the budget for it. This means you have to wait for it! What if the price drops! Oh wait… (Did you know that the ability to delay gratification is actually an early marker for future success? Read the Marshmallow study!)
2. A Scrooge Reputation-when you pinch your pennies, your friends and family will laugh at how cheap you are. As opposed to them laughing at how broke you are?
3. Research-with a budget, you always need to make sure you are getting the best possible deal. This means you have to research. This can be time consuming and frustrating. Although the invention of the internet actually does make this incredibly easy…
4. Jealousy-a budget might cause you to feel jealous of those around you that spend with wild abandon. On the other hand, the generous padding in your bank account might make you the envy of your social circle
5. Entrapment-your budget might make you feel like you are trapped in a death grip of responsibility. Spontaneity and impulsiveness will cease to exist. Think about how many times some really awesome deal has come along and you couldn’t take advantage of it. If you had only had some money in the bank at that time…
Clearly, this is a tongue in cheek list. I can’t think of any actual disadvantages of budgeting that aren’t heavily outweighed by the positives.
Life can be so much more fulfilling when you handle your income responsibly and within the parameters of a budget.
A budget need not be overly restrictive. In fact, it can be incredibly freeing.
Factor in entertainment and shopping and you’ll never again feel guilty for spending on fun. If it’s budgeted for, you can rest easy that it is not going to put you in the poor house!
There really aren’t many disadvantages to budgeting!