Budgets Suck. Watch What’s Left at the End of the Month
Steve Rhode and Damon Day explain why budgets fail, how debt relief payments squeeze people on Social Security, and why tires and repairs aren’t emergencies.
budgets
Why Budgets Suck — and What Actually Works Instead
Quick Answer: Budgets fail most people because spending is driven by brain chemistry, not math. Research published in the Journal of Economic Behavior & Organization found that people who set budgets for specific categories actually spent $30 MORE in those categories than people who didn’t budget at all. At Myvesta, the credit counseling organization I …
Budgeting: When It Helps and When It Hurts
Steve Rhode challenges conventional budgeting wisdom, arguing that traditional budgets are guilt-inducing documents that set most people up for failure. He…
The Best Way to Budget for Home Improvements and Renovations
Quick Answer: The best way to budget for home improvements is to include a significant contingency fund since unexpected costs are inevitable, especially in older homes where hidden issues emerge once walls are opened. Construction expert Craig Ferri from Front Street Construction explains that accurate estimates are impossible because “they have to know all the …
Lowen Wants to Know “Can I Budget My Way Out Of Debt?”
Quick Answer: Budgeting alone cannot solve Lowen’s $123,000 debt crisis on their combined $2,800 monthly income, as the debt-to-income ratio is unsustainable. The advisor recommends focusing on factual budgeting rather than wishful thinking, and suggests debt elimination strategies beyond simple budgeting.“Dear Steve,I have $102,000.00 in student loans, $21,000 in credit debt, and can’t budget my …
Best Budgeting Tools to Get Out of Debt
Quick Answer: For couples with $60,000 in credit card debt who can make minimum payments, budgeting tools and expense tracking should be prioritized over credit counseling or bankruptcy. The couple can identify $300+ monthly in unnecessary spending through detailed expense analysis, which could significantly accelerate debt payoff when redirected to principal payments.“Dear Steve,My wife and …
Does Money And Things Alone Bring You Happiness?
Quick Answer: Money and material possessions alone do not bring lasting happiness, as demonstrated by Mountain House, California where 90% of homeowners are underwater on mortgages despite previous wealth. True happiness requires finding fulfillment through non-material sources, especially during economic downturns when financial resources become limited.I’m not quite sure what really resonated with me about …
