I wish I could come up with a better word than “budget” for managing money. While I’ve made peace with the word, for me it still conjures up synonyms like whip, drudgery and cruel master. Personally, I prefer the more elegant term Spending Plan, but for now, because budget is so universally understood, let’s just go with it, all preconceived notions aside.
While there are many ways to budget, none are perfect. A budget is a tool you develop to fit your lifestyle. There is no single, guaranteed budget method, form or spreadsheet.
No budget is fail proof. Even a template or financial software that fits your temperament and lifestyle is not guaranteed to change your life in the same way a power tool sitting on the garage shelf is not going to put together that new wall unit for you, while you kick back and watch TV. You have to do the work.
Budgets are extraordinarily useful, a lot like training wheels. They can help you get going and give you confidence as you learn to balance. There may come a time that you’ll become an expert “cyclist” and outgrow your need for the training wheels. Or you may want to leave them on for confidence and security should you hit a bump in the road.