September 1, 2018

The Unbudgeted Budget for Savvy Spenders

Eric Rosenberg is part of the EarnIn Community Contributor program. This Article first appeared on his blog Personal Profitability.


Unless you are a rare finance geek like me, you probably do not find any joy in budgeting. Some people need to look at their budget every day, while others do fine checking in on spending casually a few times a month.

Some People Need a Serious Budget

If you ever have spending problems, you need to treat your budget like a recovering alcoholic treats AA meetings. You may not love dealing with it, but it keeps you on track to do the right thing.

There is no doubt about it that without a budget, some people simply cannot help but overspend. If you fall in this category, do not feel bad. Most people horribly overspend if they do not pay attention. Budgeting is a tool that help you pay attention, understand where your money is going, and save and plan for the future.

If you fall in this category, try to create as detailed of a budget is possible. Plan for small spending categories like haircuts, gas, and break out your grocery spending from your restaurant spending. Granularity will help you stay on track. Have a very small catch all “other spending” category for rare occasions.

Some People Can Survive with a High Level Budget

For some people, budgeting to that level of detail might be overkill. Okay, it is overkill. I fall into this category myself, but I still prefer to budget some items at very detailed level to help me better monitor and control my spending. Every little bit counts.

However, most people in this category do not really need to take the time and effort to build and track a super granular budget. Instead, consider higher level budgeting.

Instead of using categories like fast food, restaurants, and groceries, you could get by with a lumped together food and dining category. Instead of breaking out gas, repairs, and parking, you could just create an automotive expenses budget. A large catch all for everything else is just fine.

If you never find yourself overspending habitually, but still like a guide to keep you on track for your big financial goals, this is the right type of budget for you.

Some People Just Need a High Level Spending Goal

If you are a rock star saver , taking advantage of automatic savings and investments, living within your means, and still have extra cash in the bank account each month, you might not need a high level budget at all.

Instead, you can safely get by with a spending goal for the month. I have friends who do this, even other financial bloggers. I often end up with extra cash in the checking account at the end of the month to transfer to savings, but not always. That is why I prefer to keep a more detailed budget. I would rather end up with more money for savings than scrape by paycheck to paycheck.

Where Do You Struggle?

Where do you struggle with spending and budgeting? Are you a chronic overspending shopper? A restaurant addict? A hobbyist with deep pockets for your favorite activity? Let me know in the comments, or shoot me an email. We’re all here to help.


Eric Rosenberg is part of the Earnin Community Contributor program. This Article first appeared on his blog Personal Profitability.

You may enjoy

The Complete Beginner Guide to Budgeting
The Complete Beginner Guide to Budgeting
Budgeting is one of the essential parts of managing your finances. Read here to learn best practices to create, track, and manage your budget.
How To Manage Debt: 11 Smart Debt Management Tips
How To Manage Debt: 11 Smart Debt Management Tips
Learn how to manage debt with these eleven simple strategies that can help you repay your debts and get on a better path.
8 Expenses to Factor Into Your Home Budget
8 Expenses to Factor Into Your Home Budget
You already know to include rent, utilities, and debt repayment into your home budget, but remember to factor in savings, fees, pet care, and more.
How to Create a Zero-Based Budget One Dollar at a Time
How to Create a Zero-Based Budget One Dollar at a Time
Master the art of zero-based budgeting with this comprehensive guide, empowering you to manage every dollar with purpose and achieve financial freedom.
Closing Credit Cards Can Be Good For Your Credit Score
Closing Credit Cards Can Be Good For Your Credit Score
Closing credit cards can actually be good for your credit score under certain circumstances. Here are tips on how to do it strategically.
How to Track Your Expenses for Better Money Management
How to Track Your Expenses for Better Money Management
Learn how to track your expenses for better money management. Discover how to use apps and spreadsheets to track costs and maintain your budget.
How to Save Money Using the Cash Envelope System
How to Save Money Using the Cash Envelope System
Learn to save money using the cash envelope system. We’ll share the best cash-stuffing methods and show you how to budget wisely.
7 Benefits of Using a Personal Finance Management App
7 Benefits of Using a Personal Finance Management App
Take control of your finances with a personal finance management app. We explore 7 benefits of using one and how it can help you save money.
The Benefits Of Same Day Pay For Workers
The Benefits Of Same Day Pay For Workers
Are you struggling to make ends meet? Learn about same day pay and discover how it can give you more control over your finances.
Rising Gas Prices Hurting Your Budget? Here Are Some Tips
Rising Gas Prices Hurting Your Budget? Here Are Some Tips
Don't let rising gas prices get you off track from your budget. This article provides tips and strategies to help you save money at the pump.
Why Self-Care Doesn’t (Always) Mean Spending More Money
Why Self-Care Doesn’t (Always) Mean Spending More Money
Community Contributor Zina Kumok helps define self-care, separating long-term beneficial activities from impulsive acts. Read more about it here.
Big Banks Don’t Want to Help You Manage Money
Big Banks Don’t Want to Help You Manage Money
Many people are hunting for better banks since big banks don't help us manage our finances. Read here to know more.

EarnIn is a financial technology company, not a bank. Bank products are issued by Evolve Bank & Trust, Member FDIC. The EarnIn Card is issued pursuant to a license from Visa USA Inc.

Download on the App Store
4.7 +189K ratings
Download on Google Play
4.6 +200K ratings