7 Common Excuses People Make for Not Budgeting

woman sitting at her desk with laptop and adhesive notes using mobile phone.
Jacob Ammentorp Lund / Getty Images/iStockphoto

Whether you are living paycheck to paycheck or have a healthy savings, at some point you may wonder whether you should be on a budget. Budgeting can help anyone meet their financial goals, regardless of income level. It can be hard to know if you are spending within your means without one.

Budgeting, however, can be a frustrating concept for many people. And those who don’t want to adjust their spending habits may find any reason to not budget. They throw out every excuse in the book in order to avoid the subject.

Here are the most common excuses people make for not budgeting and why they aren’t good enough.

I Don’t Make Enough Money

A recent CNBC survey indicates that approximately 58% of people in the United States report living paycheck to paycheck. High inflation and stagnant wages are two of the biggest culprits causing Americans to suffer financial hardship. Additionally, around 70% of those surveyed said they were stressed about money. 

Make Your Money Work for You

For anyone who is struggling to make ends meet, the idea of budgeting may seem pointless. After all, at the end of the day, there simply isn’t enough money to set aside. Unforeseen expenses pop up each month that make it nearly impossible to get ahead. But, budgeting can actually help to overcome these obstacles and ensure that you are well-prepared for financial obligations. 

Tracking your income and expenses can help you understand where you might be overspending and where you can cut back. Without the numbers in black and white, you may not realize that you are spending money on stuff you don’t need.

Find Out: Why Stealth Wealth Is the Best Way To Handle Your Money

It’s Too Hard

Another common excuse is that budgeting is simply too hard. Trying to figure out how much you should be spending each month based on your income and necessities takes time and effort. Today, however, financial institutions and fintech companies offer a number of easy-to-use budgeting tools that can help you stay on track without stress.

I Will but My Partner Won’t

One of the biggest challenges is if partners cannot agree to budget. However, getting on the same page about your finances may be worth the uncomfortable conversation. Financial problems remain one of the leading causes of divorce. 

Make Your Money Work for You

If you truly can’t agree about how to spend and save money, you can speak to a neutral third party like a financial advisor. Or you can keep separate accounts and contribute to a shared account to pay the bills. 

I’m Not Sure How

For most people, budgeting isn’t intuitive. This is particularly true for individuals who did not have a good example of how to budget growing up. For generations, money was a taboo subject not to be discussed in front of others, including children. 

Today, thankfully, the trends are shifting so that children are openly included in financial conversations in age-appropriate language. For those that were never taught how, there are a number of online resources to help get you started. 

I Don’t Get Paid Regularly

Undoubtedly, budgeting can be trickier for people who do not get paid regularly. Without a stable paycheck, it can be hard to estimate your income and expenses. Arguably though, individuals who do not get paid regularly should be more aggressive about budgeting. Without steady income, you will need to learn how to scrimp and save until more money comes in.

Make Your Money Work for You

I Can’t Access the Right Tools

Not being able to access budgeting tools is a legitimate concern for many people. In years past hopeful budgeters either had to do it the old-fashioned way by putting pen to paper or fork over big sums of money for an online tool. Now, there are several free websites and apps that can help you reach your financial goals. If you have a phone, you have access to a budgeting tool.

I Don’t Need To Budget

Shockingly, people on either end of the spectrum use the amount of money they make as the No. 1 reason they do not budget. High-income earners often feel like they simply do not need to budget. The problem is that money may not be infinite and you will need to be prepared if your financial situation suddenly changes. 

Additionally, you may be missing out on ways to increase your wealth if you decide not to budget. No matter how much money you do or do not make, you should try to keep track of your spending. 

More From GOBankingRates

Make Your Money Work for You

Make Your Money Work for You


See Today's Best
Banking Offers