A couple weeks ago, I asked for my readers to take a budgeting survey. This was part of my effort to get a better understanding of whether people liked budgeting or not. I suspected that more of my personal finance friends actually don’t budget, but I needed some hard data. I always enjoy finding out new statistics, so I figured I would work to generate some new ones.
Are you Curious to Hear Whether Personal Finance Bloggers Like Budgeting?
If you have anxiously been waiting to see the results, I am glad to release it today. Overall, 30 people participated in the survey. Because I also wanted this post to be informational, I asked everyone who participated to offer 1 piece of advice for my readers that had to do with budgeting. There were a lot of great tips, but I forced myself to only choose 5. Here’s the top five (in no particular order).
[stextbox id=”info”]Budgeting is like dieting. It’s a lot easier to overeat or overspend than it is to restrict yourself. It is always hard to find a balance, but balance is the key to success. – Newly Weds on a Budget[/stextbox]
[stextbox id=”info”]The most important goal of any budget (even if you don’t have one like me) is to generate positive cash flow each month. Once you are spending less than you earn all other things in your personal finances are possible. – Six Figure Investor[/stextbox]
[stextbox id=”info”]Remember that life happens, and if you do blow your budget now and again, it is okay. Consider that working your budget over the long term will increase your chances of success. Glitches will happen, learn from them and let it go. – Cents to Save[/stextbox]
“Aim for the stars. If you fail, maybe you’ll land on the moon. Also, automate anything you can!
I build in such a large cushion it doesn’t hurt when we go over budget – but it helps to have targets. We do celebrate a month where we hit the target, but we go over as much as we hit our spending targets. If we hit them? We might lower a category even further.” – Don’t Quit Your Day Job
[stextbox id=”info”]Your budget has to work for YOUR situation. You can’t always follow a formula to determine your needs and expenses, and you can’t always cut drastically in certain areas just because a personal finance guru says you should. If your budget is unrealistic for you, you’ll never follow it. – So Over Debt[/stextbox]
Now that you have learned all about budgeting through the advice of the experts, how about some statistics, accompanied by some cool charts:
- 3 people who budget on a monthly basis say they do not enjoy budgeting. That tells me people not only budget for different reasons, but because they think it is important (regardless of whether they enjoy it). Good for you!
- When asked how often you over-spend your budget, there was a varied response (see below for details):
There you have it. If you think personal finance bloggers are the most disciplined, finance-loving individuals out there, you have something else to learn.
Did anything surprised you by the results? If so, what was it?