Suze Orman’s Surprising Views on Budgeting
Written by
Katie Wudel
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Suze Orman has been a guide for many people seeking reliable financial advice. Her straightforward, no-nonsense approach to money management has inspired millions to take control of their finances. However, Orman’s stance might surprise you when it comes to budgeting. Here’s what Orman has to say about budgets.
What Suze Orman Thinks About Budgets
You might think Orman is a big fan of budgeting. However, she says she finds budgets restrictive.
“I hate budgets,” said Orman during an interview with The Wall Street Journal. She compared them to diets, saying, “If you restrict, you limit, you cut back. You don’t buy this, you don’t buy that, and then all of a sudden, you explode, go out, and buy everything at once.”
Financial Freedom Over Strict Budgeting
Many assume that financial gurus like Orman live by strict budgets, meticulously tracking every penny spent. However, Orman’s philosophy on budgeting is more nuanced. She believes in the power of understanding one’s finances and making informed decisions, but not necessarily in the traditional sense of budgeting.
Orman recommends making small changes instead of attempting to reach big financial goals. She encourages a focus on making smart financial choices that align with one’s goals and values.
“Just do one thing that might make you feel more secure,” Orman told the publication. “Is that saving $10? Is that not going out to eat?”
Why Suze Orman Rarely Dines Out
Orman emphasizes the importance of saving, investing, and eliminating debt as pathways to financial independence. One of the most intriguing aspects of Orman’s personal financial habits is her reluctance to dine out.
Orman’s choice is less about budgeting and more about valuing experiences and investments over immediate gratification. She sees dining out as an unnecessary expense that can detract from long-term financial goals. By saving money that would otherwise be spent on eating out, you can invest in your future, whether that’s through retirement accounts, emergency funds, or other financial instruments.
The Value of Home and Health
Orman’s preference for home-cooked meals over restaurant dining also reflects her emphasis on health and well-being. Preparing meals at home allows for better control over ingredients and nutritional content, aligning with her holistic approach to financial and personal health. The savings garnered from avoiding frequent restaurant visits can be substantial, further reinforcing her message of financial prudence.
The Bigger Picture: Investing in Yourself
At the heart of Orman’s philosophy is the belief in investing in yourself. This encompasses financial investments as well as investments in health, education, and personal growth.
Orman’s approach to money management is about creating a life that is rich in experiences, not just wealth. By prioritizing things that truly matter and bring long-term happiness and security, Orman believes individuals can achieve a more satisfying and financially stable life.
Bottom Line
While Orman may not advocate for traditional budgeting, she does encourage smart money management. It’s about making conscious choices and prioritizing long-term goals over short-term desires. Instead of focusing on the minutiae of budgeting, Orman recommends making wise financial choices.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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