|Pros of Budgeting||Cons of Budgeting|
|It is empowering as you are in control of your money||It is a lot of worker|
|It can save marriages and families||It can be stressful, especially when you are on a low income |
|It can save you a lot of future worries||Random shopping sprees go out the window|
|You will make more educated decisions with your money ||You may be considered a scrooge with your money|
|You can make plans to set aside money for dreams or a rainy day||Your kids know your budgeting goals (this can be a pro or con)|
|Sets a good example for your kids||There is less room to be selfish|
Stress climbs high when you start to budget money! How much should be saved for a mortgage, clothes, food, and gas for the car? Suddenly the costs skyrocket! Sometimes it is easier not to budget, so you don't have to worry about how much money you don't have.
Pros of Budgeting
- You know where every penny is going. Where did the last 15 cents of your income go?
- It can feel very empowering as you are in control of your money. You are the one in charge. No matter what, you are the one that makes the final say!
- It can save marriages and families! Without a budget, so many couples overspend on something they shouldn't have. All of a sudden five, years later, they are getting a divorce because the stress was too high and the payment was even higher.
- It can save you a lot of future worries. If you limit or omit your credit card debt because you set a plan, the relief will be mind-blowing.
- You make more educated decisions with your money. All of a sudden $2 candy bar doesn't sound very good. When you know that if you buy it now, you won't be able to pay for your water heater that month. These are wise decisions that will benefit you in the future.
- You can make plans to set aside money for dreams or a rainy day. Have you always dreamed of going to Hawaii for a long three-week vacation? Well, today is your lucky day! Start saving, and your dream will come true!
- Set a good example for your kids. Many kids go off to college not knowing how to save or spend money wisely. With a family budget, they can learn the basics of living the way they want to live while being debt-free.
Cons of Budgeting
- It is a lot of work. It takes me about an hour a week to look over and collect everything that I need for our budget. Then after I gather it all together, it takes time to talk to Kevin about any concerns that might have popped up that week. Is it worth it?
- The stress is never-ending when you only have enough for the minimum. How much was our electricity bill?!? I guess we can't turn on lights for a week or two...
- Random shopping sprees go out the window. Did you just get a Black Friday ad and are dyeing to break the bank, just once? Too bad! If it is not in the budget, you must forgo some wanted shopping sprees.
- You can be considered a scrooge with your money. Growing up, I was tight will all of my money. Some people thought of me as a scrooge because I rarely spent. It can be a problem!
- Your kids know your financial goals. This point can be a pro or con. If you are very private with money matters, then budgeting with your kids might not be your cup of tea!
- There is very little room to be selfish. Do you want a boat? Or a new outfit? Too bad! Unless it is in your budget, you need to wait.
"Our goal is to help the world make decisions with a list of Pros and Cons. We invite all to add to our lists to help others make the most educated decision possible. We are all in this world together to help each other and learn from what others have learned from their lives journey." - Pros and Cons Team
Written By: Sarah