The Art of Manliness #363: Budgeting Doesn't Have to Suck
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Dec 12, 2017 Jesse Mecham, creator of You Need a Budget, discusses budgeting and personal finance. Topics include the importance of budgeting for unexpected expenses, alternatives to emergency funds, using credit cards responsibly, teaching kids about money management, and motivating yourself with budgeting.
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YNAB Origin Story
- Jesse Mecham created YNAB to solve his own financial struggles as a young, broke newlywed expecting a baby.
- He wanted his wife to stay home, so he started selling his budgeting system.
Budgeting Pitfalls
- People fail at budgeting because they forecast earnings and expenses instead of using current funds.
- They also set unrealistic expectations of perfection, leading to discouragement.
Budgeting vs. Forecasting
- Forecasting creates a false sense of abundance, hindering honest prioritization.
- Budgeting should prioritize existing funds to instill scarcity and promote intentional spending.