Common Budgeting Mistakes and Tips to Avoid Them

Having a budget is a big part of building your financial house. Still, budgeting is easier said than done.

For many people, starting a budget can feel overwhelming. And for the folks who have tried budgeting, some don’t stick with it. For others, it seems too restrictive, stressful, and full of budgeting obstacles.

We’ve all been there!

Starting and maintaining a budget — or spending plan — can be challenging. And it’s easy to make mistakes and give up.

But by knowing the typical budgeting pitfalls, you can take steps to make sure they don’t thwart your financial goals.

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Read on to learn the most common budgeting mistakes and how you can steer clear of them.

10 Budgeting Mistakes and Tips to Avoid Them

Mistake #1: Not having a budget

Even though more people are budgeting now than in previous years, many Americans don’t budget at all. Of those that don’t budget, many think they don’t earn enough money. Others believe budgeting is stressful and time-consuming.