Over 70% of people live from paycheck to paycheck. It’s a mental game called “Can we make it until next payday?” Surprisingly this way of life usually are not dependent on their earnings, but their attitude towards money. CBS Money Watch says about one-third of families earn more than $75k, and they live from one paycheck to another. It feels a bit like driving a car without a fuel gauge. There is no problem with running the vehicle, but there is always the risk of running out of gas. And people without there’s a plethora of excuses for not having a personal budget. But what we wonder is, why do people want to deny themselves financial freedom? Because that’s exactly what excuses for not having a personal budget do. They deny you financial freedom.

If we don’t budget, how will we know the areas where we are overspending, and how do we keep our finances in check? Simply put: you can’t. There are many excuses for not having a personal budget, and some of the most common ones are listed below!

This one cracks me up: Budgeting is too scary

Budgeting is not frightening, but it might shock you to know how your money is doing (or not doing!). Your spend analysis might prove that you help support businesses like Starbucks, Chick-fil-A, Gucci, Chanel, Costco, Macy’s, and other designers from around the world. Try calling it ‘Cash Flow Plan’ for a change.

The best excuse for not having a personal budget: “I am not good with numbers!”

Budgeting requires just fifth-grade math. Even so, this is the most common excuse you’ll hear! Having a personal budget requires minimal skills when it comes to numbers, and if you can solve 5–1=4, then you can budget your finances just fine.

Ignorance at its peak: “I am busy and don’t have the time to do a budget!”

It may take a couple of hours the first time you create your budgeting plan because you may be required to go through your bank statements, past bills, outgoings, etc. The worst-case scenario is that you might have to spend 2 hours the first month. The following month, it will take half the time. The third month takes even less. Once you begin, you’ll find that it takes no more than 20 minutes to create a personal budget for the month.

“My friends and family will think I am crazy”

If your friends and family are making fun of you for being cautious about spending, you’re probably making a personal budget and sticking to it (that means not giving in to take-out every time they want it.) Eventually, they will see you are debt-free and have extra money! Freedom from debt is greater than mindless spending.

“I will start having a personal budget after I get ___.”

The blanks are mere excuses to delay the inevitable – something that you are never really going to follow through with. When you say, “I am going to start training for a marathon after ________,” it requires thoughtful action to fill in the blanks. If true financial freedom is what you’re planning, go ahead and grab a pen and fill in the blank: “I will start budgeting Right Now.”

The one that always fails “I already budget in my head and keep track of everything”

Personal budgets get over, but excuses for not having a personal budget do not.

Utilities, cable, credit card payment, life insurance, mortgage, groceries, gas, gym membership, dining out, savings, auto insurance, student loans, birthday gifts, investing, mobile phone payments, hair and makeup, rent, coffee & shopping. If you have an eidetic memory like Sheldon Cooper, then have it at. But if you’re anything like us, enjoying financial freedom will require you to make an excel sheet or use a budgeting app.

“I don’t have any money left to budget”

You don’t have money left to plan a budget because you aren’t budgeting. If there is even some money coming in, then you require a cash flow plan. Budgeting is merely telling your income where to go instead of wondering where it all went each month. Budgeting concepts are simple, and the equation is:

Budgeting = Having money

Not budgeting = Not having money

“I cannot budget because I have an irregular income”

Honestly, it is slightly more challenging to budget on irregular income than fixed ones. But even when you have inconsistent income, you can still create a cash flow plan. There are different methods to set up your budget when your earnings are not the same.

D’you know what else Roomi does outside of helping its readers understand if they’re denying themselves financial freedom? With our ever-increasing lists of rooms and roommates across the world, we help you find your perfect match! Download the app here and hop on the easiest ride home, ever!