Why Should I Bother With a Budget? 4 Ways It Gives You Freedom!
Do I dare ask what you are least motivated to do regarding money management? It is quite possibly the dreaded B word—yep, you guessed it, budget!
Budgeting…I think for most people it is a love-hate relationship. I, for one, LOVE budgeting and believe why you should budget is because it actually provides a huge amount of freedom!
Wait…freedom? Freedom comes from a budget? I always thought budgeting would be super restrictive. Nope! I said “freedom” not “restriction.” Here’s how a budget can give you more freedom than you ever imagined!
So what is a budget?
We first need to define what a budget actually is. It is really just a spending plan, or a way to prioritize your spending and decide what is most important (or necessary) for you to spend your money on.
Now that we have that definition out of the way, let’s get into why you should budget–and how that budget frees you!
Freedom Breakthrough #1: It frees you to spend!
You see, I am a saver by nature. Which means I am naturally more likely to find ways to save money rather than spend it. So the budget frees me to spend!!
How cool and freeing is that? It tells me it is perfectly okay to spend some moolah!! And I do NOT have to feel guilty about it! Definitely a reason to get excited about why YOU should budget!! 
Sure, Heather, but how on earth can a budget provide freedom for someone who is a spender?
Freedom Breakthrough #2 (and a HUGE reason why you should budget if you’re a spender): A budget frees “natural-born spenders” from feeling guilty about overspending and from the nagging of his or her spouse!
You would think budgeting would be restrictive for someone who loves to spend money. Isn’t it? I would argue it provides more freedom than restriction.
My husband is a spender by nature. So, when we meet once a month and decide on the budget, it frees him to spend as well. We BOTH come to an agreement on the numbers.
This allows him freedom to spend within the allotted amount that we BOTH decide on and mutually agree upon. It keeps me from nagging him about spending that money since that spending was pre-planned. I’m pretty sure he will take freedom from my nagging any chance he gets! It also frees him from the guilt of overspending, and gives him confidence we are on track to achieve the financial goals that we both are striving for.
It has been, and will continue to be, a learning process for both of us, but, seriously, the budget has been such a positive asset to our marriage. Though sometimes it can be difficult to decide on a shared goal, it has certainly decreased the day-to-day arguments about money. It has allowed us to achieve goals for our life that never would have been possible otherwise.
Also, in the long-run, it has brought us closer together as a couple. It truly can be a win-win for both savers and spenders! If you’re married, this is certainly a great way to help convince your spouse why you should budget your household finances!
Freedom Breakthrough #3: A budget provides a means for less stress and worry when it involves your money.
If you and your spouse are on the same page with your money, you can see how less arguments would be started.
But also, as an individual or as a married couple, you no longer have to worry if there is enough money in your account to cover certain purchases or bills. Instead of limiting you, it actually provides for more opportunities and a means to truly achieve those things! Very quickly you can go from living paycheck-to paycheck to having extra money available by the time your next paycheck comes through. Yes! Can’t get any better than that! Talk about stress relief!
Freedom Breakthrough #4: Budgeting allows freedom to dream big dreams!
Budgeting also allows you to set your sights on bigger financial goals than you may think is possible with your income. When you look at what small deposits of even just $5 or $10 can do if invested over the long run, you will be shocked at how much money it adds up to! You can truly dream and achieve big goals if you will make yourself set a reasonable budget and stick to it.
Here’s an example. Suppose you save $10 a week, or about $40 a month, and invest it. I am assuming a 10% annual return (which is very reasonable, and actually lower than average considering the market the last several years.) Over 10 years, you will contribute $4800 to that investment.
At that point, your investment would be $8414! If you kept doing that for 10 more years, it would become $30,241!
Just for fun, let’s take it out 10 more years. Now, 30 years later, you have a nice chunk of cash–$86,852! Just from contributing $40 a month, or $14,400 total! What if you contributed even more? That’s what I call freedom! Such a small amount now will result in huge amounts later.
That concept motivates me more than anything to stick to my budget and to try to keep my financial goals front and center no matter our current circumstances. Dream about the things you want most, and write out what it is you want to achieve financially. Then use your household budget to get started!
Even if you can only carve out a small amount for now, you can see what time will allow you to achieve! And the more you budget, the more you will be able to dream and accomplish. It’s really cool how budgets allow for that, especially in the long run!
Clearly, it is the small steps over time that will get you where you want to be. The budget will help you prioritize what is most important to you, and allow you to plan ahead and make that matter of importance actually happen! I can’t think of more freedom than that!
There you have it. Four ways that living on a budget FREES you and totally why you should budget starting TODAY! Whether you’re a spender or a saver, it can bring freedom! And it can release you from the worry and stress that comes from poor money management. Last but certainly not least is my favorite…the opportunity to dream bigger dreams and think of larger goals than you ever thought possible! Yes, those all come from making and sticking to a budget.
I can’t wait to hear your thoughts on why you should budget and how it provides freedom for you and your family!
As always, steward your money, and your life, intentionally.
Heather
P.S. If you’re needing ONE place to keep up with your monthly bills and payments, you can download the Penny Steward Mama Bill Trackers by signing up for the newsletter! Also, join us on the Penny Steward Mama Facebook Page!
I’d love to hear from you! How has budgeting affected your life? Have you ever tried to make and stick to a budget? How did it go?
Great post Heather! Budgeting is hard to do and even harder to stick with. I’m working on it right now as a matter of fact. Thanks for the great motivation!