081 Financial Excellence: Why Budgets Fail and How to Create a Successful Budget

Living In Financial Excellence

11 Oct 081 Financial Excellence: Why Budgets Fail and How to Create a Successful Budget


Financial Podcast for budgeting, debt free living and investing

Episode 81: Common Budgeting Pitfalls and How to Avoid Them Oct. 11, 2011.

Many people attempt to do a budget and fail miserably. There are so many different ideas out there about how to do a budget and very little guidance on how to make them work in your life. In today ‘s show Matt discusses the common pitfalls that prevent you from being successful in the budgeting process, and how to overcome them to create a budget that works.

Don’t forget: Living In Financial Excellence airs LIVE every Tuesday at 10 a.m. CST. You can watch live and join the chat at financialexcellence.net/live-show

Show notes:

Matt & Janelle Recording the Financial Excellence Podcast

  • Budgeting is such a negative term to many people. It shouldn’t be a restrictive experience. Rather, it allows you to plan your expenses and spend with confidence, if done correctly.
  • Lots of people mistake tracking expenses as having a budget. That’s like driving a car while looking behind you. Tracking expenses is only a piece of a successful budget.
  • Many budgets fail because they try to create an average monthly scenario that never plays out in real life. Matt covers how to fix this in your monthly budgeting process.
  • Successful budgets are all about being proactive, making a plan, and sticking to that plan. Credit cards can derail the plan, but the cash envelope system can help stick to the budget.
  • You can influence what we talk about in future shows. Simply fill out this three-minute survey.

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5 Comments
  • Little House
    Posted at 07:44h, 12 October

    Great topic. I’ll have to tune in later. I love revising my budget, but I often create one based on an average income that doesn’t always materialize.

    • Matt Wegner
      Posted at 08:22h, 12 October

      That’s exactly what I used to do and it never worked out. Hence, the new system we use.

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