Do you need to start budgeting?
When you go online for finance tips, influencers love to talk about budgeting.
They promise that a monthly budget will keep you on top of your cash and prevent overspending.
But is it all that effort really worth it?
The upside of budgeting
You set a fixed amount for necessities like rent, insurance, and groceries.
You allocate another amount for pleasure—subscriptions, movies, dinners, and so on.
When the credit‑card bill lands, you already know what you owe, so nothing blindsides you.
Long-term goals —paying off debt is easier when you set aside enough money each month
Peace of mind that you will not get into financial trouble
The downside—especially if you earn big
Tracking every coffee and cab ride takes serious time and mental effort.
Most expenses are unavoidable, and you remember the ones you were not sure about - second guessing every expense stresses you out
If you already make a lot of money, those hours may be better spent on work, health, or family.
Example: five hours of budgeting that saves you $250 equals $50 an hour. If you earn $100 an hour at your day job, that “budgeting wage” is half your usual rate—and it isn’t fun.
Sometimes it’s cheaper to accept a bit of inefficiency than to pour full focus into every dollar.
When skipping a budget makes sense
You consistently earn more than you spend.
Luxury purchases don’t tempt you; you’re not impulsive or materialistic.
You crave peace of mind more than spreadsheets.
Every person is different.
If you are prone to impulsive spending and you’re a highly organized individual who loves keeping track, budgeting can be an awesome tool to save money and maintain peace of mind.
My experience
I’ve never kept a budget. As a broke teenager living with my parents, I spent almost nothing.
When I started earning real money, the mental effort of detailed tracking just wasn’t worth it.
I’ve got my own financial challenges, but spending more than I should is not one of them.
Instead, I focus my valuable time on playing and teaching poker, and working with my clients at High Stakes Finance. That’s more fulfulling and profitable than micro-managing the things I did spend on.
What about you?
If you are clueless about finance and never get any traction, you should most definitely start budgeting.
Satisfying or not, your old ways clearly were not working. It’s time for a new approach.
I’ve also seen the flip side. Some clients weren’t exactly high‑rollers, yet their sloppy spending still produced massive balances at the end of the month. They endured the stress without enjoying any luxury.
Everyone can benefit from learning about finance, and creating a plan for success.
Make sure to automatically pay off your credit card balance every single month.
In most countries, you don’t even need a credit card.
I would suggest using one in the US, to boost your credit score. A good credit score will help you get a mortgage in the future.
Waiting for at least 24 hours before you buy a luxury item prevents you from impulse buying. If you still really want something once you’ve had some time to stop dreaming and think about the pros and cons of your purchase, you’re far less likely to regret it.
Everyone should be aware of roughly how much they are spending. The degree of detail depends on your personality, earning opportunity and understanding of finance.
Beyond that, it’s really up to you.
Need Structure?
If you’re struggling to organize your money, I’ll create a step‑by‑step plan so you maximize what you earn and enjoy what you spend.
Click the button below to contact me, and book a free call with me.