Aug 31, 2024
Pros and Cons of Budgeting: What Works, What Doesn't, and What to Do Instead | Debt Free in 30 | Episode 522
Is budgeting the best way to manage your
finances, or is there a more practical approach?
Debt Free in 30’s Doug Hoyes discusses the pros and
cons of budgeting, breaking down popular budgeting methods like the
50/30/20 rule and the practicality of saving 20% of your income.
Explore why traditional budgets can often be overly simplistic, why
it’s hard to start budgeting, and how to find a method that truly
works for you. Doug shares his perspective on effectively managing
money without being a "budget guy" and offers practical tips for
those who struggle with budgeting. From understanding different
budgeting styles to finding the right balance between debt
repayment and saving, this season finale has everything you need to
know to make budgeting work for you.
Episode Timestamps:
(0:00) Doug Hoyes Isn’t a “Budget Guy”
(0:50) Maureen Explains the 50/30/20 Budget Concept
(4:20) Is Traditional Budgeting Overly Simplistic?
(5:50) Doug Reconsiders His Stance on the Value of Budgeting
(6:45) Budgeting Based on Pay Cycle
(9:50) Is Saving 20% of Your Income Realistic? A Breakdown of Saving vs. Debt Repayment
(14:40) Annual Budgeting: Why It Can Be Helpful and Practical Tips
(19:20) Consumer Proposal Budgeting Sessions: What to Expect
(21:20) Overcoming Difficulties of Starting a Budget
(22:10) Exploring Budgeting Styles
(23:45) The Importance of Being Realistic in Budgeting and
Making Tools Work for You
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Resources:
“Joe Debtor” Hoyes
Michalos Annual Bankruptcy Study
Zero
Based Budgeting – Giving Every Dollar a Purpose
7
Reasons Budgets Fail and How to Succeed
Budget
Mistakes to Avoid (Youtube)
Is
the 50-30-20 Budget Rule Do-Able Today?
Disclaimer:
The information provided in the Debt Free in 30 Podcast is for
entertainment and informational purposes only and is not intended
as personal financial advice. Individual financial situations vary
and may require personalized advice from a qualified financial
advisor. Always consult with a financial professional. The views
expressed in this episode do not necessarily reflect the opinions
of Hoyes, Michalos & Associates, or any other affiliated
organizations. We do not endorse or guarantee the effectiveness of
any specific financial institutions or strategies
discussed.