Is creating a budget that hard to do?

I had a close friend today ask me for help with his finances, which I was absolutely pumped to do (i know, sounds weird... but it's just what I do).

He was wayyy behind on his loans, just on the verge of defaulting, and I'd say was about a 2 weeks from getting his truck repo'd.

But beyond all that, what amazed me was the fact it was all resolved, to a point, when I established a budget for him. At first, he was so disorganized and scared, living in fear and stress every day... only seeing the big things (ie, total past-due balances, threatening collections, the amount of his loans, etc.)

He was missing that little "small" detail: the budget! Once he put his in & outs together, there was a little sign of relief.

So I was just curious to hear from you guys & gals, do you have trouble creating & maintaining a budget? Are budgets a pain / what makes budget such a chore for your?

 

putting someone on a budget is like confining them to a dark cold cell all tied up....
a person does not feel free unless they can spend on what, and when they want....
They are in denial, some or most feel like they could die tomorrow, so
why save anything, lets spend, spend, spend, why would anyone save for the
future if their only attitude is "I could die tomorrow" so they do not save for
the future or even rainy days...and why does it matter if you die tomorrow, i almost
feel they are afraid they are going to die, and leave some unspent money behind...
and so what if you died tomrrow, what difference does it make that you had
no self control in life, and you felt that you had to spend broke just incase you die tmorrow..
this type of person accomplished nothing other then to die broke, and in debt...
because he had fear that he would have money in the bank if he died...

and setting a budget is more difficult if you do not earn alot, or they continue
to spend as if they have end credit, and true goes the same with people with
money, they have stuff that they could not really afford from the start, and they
are trying to live a higher then normal standard of life trying to keep up with the jones...

 

You're definitely not stretching the truth... self-control and money are natural friends.

 

Creating the budget helps huge. Before I was spending with money like there is no tomorrow every but when creating the budget it actually help me to save money every month to be able to pay what I or my family needs or want. Creating a budget can help everyone to be able to have more money each of the month and eventually be able to afford something that they really need such as a vehicle or to have as much as money for retirement.

 

I am happy to report that as a result of my careful budgeting over the years, I could retire today.....as long as I die next Tuesday.....before lunch.

 

Thanks for sharing your story. Wait, budget, and focus your money on investments & retirement?!? You're weird

 

Next Tuesday? Lucky! Live long & prosper! XD

 

my day job is a UK-Accountant, i work for a small family business, budgets are part of my life

 

I am not close to retiring, ha! But if I stay focusing on the investments and retirement in long term I'd have enough money to support myself and the family for the rest through my retirement in future.

 

Well, that is actually stretching it, but I am an eternal optimist on these types of things...

 

What I believe is, creating a budget is not a hard thing. But to follow that guidelines are very difficult from general people perspective.
I do believe and always in favor of making budget, it certainly help people in balancing income and expenses & ultimately save some money for Investment to live better life in future.
Hope everyone follow budgeting...

 

True, I should have made that point - making budgets is one thing, FOLLOWING it is what's really important!
FYI - it has been roughly one month since I helped develop the budget for my bud, and he stuck with it... already saved ~$250 just because he's more aware of his spending - that was $250 from fast food & starbucks. Imagine if businesses & govt. would follow this philosophy...