Wednesday, 24 April, 2024

Budgeting Methods That Don’t Work


Reading Time: 2 minutes

INTERVIEW ON THE PRICE OF BUSINESS SHOW, MEDIA PARTNER OF THIS SITE.

Recently Kevin Price, Host of the nationally syndicated Price of Business Show, welcomed David Lewis to provide another commentary in a series.

The David Lewis Commentaries

There’s no greater sacred cow in personal finance than budgeting. And, among the many different types of budgets a person can make, nearly every expert agrees some version of “The Envelope Method” is best. Some versions of “envelope budgeting” swap out the envelopes for digitized folders or budget categories, but the general idea is the same. These types of budgets are considered the gold standard—the best.

But, are they really the best?

Are there other ways to budget that are equally (or maybe more) effective?

In this week’s commentary, I discuss budgeting methods that don’t work. First on the list is… the sacred cow: Envelope budgeting. No matter how you do it, this method doesn’t work long-term. And even when it appears to work well, it forces you to make bad financial decisions.

Want to know why? Listen to today’s commentary.

 

David has been a licensed life insurance agent since 2004. In addition to life insurance design and sales, he has also helped develop educational and marketing content for large financial firms like Allstate, New York Life, State Farm, AmTrust, and J.G. Wentworth. His articles and essays on life insurance and Human Life Value are currently taught at California State University (CSU) as part of its Expository Writing and Reading Course, and his articles on budgeting, life insurance, investing, and financial planning have been featured in online publications like ThinkAdvisorThe Huffington PostNuWire Investor, and RealClearMarkets. David is also the author of several short eBooks on budgeting and saving money, and the designer of the xFlow™ budgeting app and the xCalc™ suite of financial calculators.

Visit www.monegenix.com to learn more.

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