Budgeting is the financial equivalent of eating your vegetables. It may seem unpleasant, even grueling, but it’s ultimately good for your financial health.
Budgeting is also unpopular. Bankrate’s latest Money and Mental Health Survey shows that less than one-third (29 percent) of Americans reviewed their budget during a 30-day period between mid-February and mid-March.
“Few people like tracking their spending, and itemizing every dollar spent can be tedious and (time-consuming),” says Stephen Kates, CFP, financial analyst at Bankrate.
When it comes to using a system to budget, Kates suggests that the simpler, the better. Here’s why making a simple budget, and reviewing it, is worth your time. And here’s how to develop one that will work for your financial needs.
Bankrate’s survey breakdown
Bankrate’s Money and Mental Health Survey found that Americans with higher levels of education were more likely to have reviewed their budgets.
Nearly four in 10 post-graduates (38 percent) and people with a four-year college degree (38 percent) said they reviewed their budget in the 30 days prior to Bankrate’s survey, which was conducted in mid-March.
This percentage was lower for those with some college or a two-year degree (30 percent). Respondents who have, at best, a high school degree (23 percent), was the group that budgeted the least.
Disclaimer
The information contained in South Florida Reporter is for general information purposes only.
The South Florida Reporter assumes no responsibility for errors or omissions in the contents of the Service.
In no event shall the South Florida Reporter be liable for any special, direct, indirect, consequential, or incidental damages or any damages whatsoever, whether in an action of contract, negligence or other tort, arising out of or in connection with the use of the Service or the contents of the Service. The Company reserves the right to make additions, deletions, or modifications to the contents of the Service at any time without prior notice.
The Company does not warrant that the Service is free of viruses or other harmful components
This article originally appeared here and was republished with permission.
