2780: Why I Like Spending Plan Better than Budget by Miranda Marquit with PT Money on Budgeting

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🗓️ 1 July 2024

⏱️ 9 minutes

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2780: Miranda Marquit explains why she prefers the term "spending plan" over "budget" due to the negative connotations associated with restriction and limitation. By using a spending plan, she emphasizes proactive financial planning that prioritizes funding essentials while allowing flexibility and control in other spending areas, fostering a more positive and purposeful approach to managing money. Read along with the original article(s) here: https://ptmoney.com/spending-plan-budget/ Quotes to ponder: "Rather than thinking, 'I can’t only do this much this month,' as a budget encourages you to think, a spending plan allows you to say, 'I’m going to do this with my money.'" "I prefer to use the phrase 'spending plan.' It seems to convey a better sense of control and purpose." "With the budget mindset, money is always scarce. A spending plan, though, indicates that you have some sort of direction and purpose for (at least some of) your spending." Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is optimal finance daily episode 2780.
0:04.0	Why I like spending plan better than budget.
0:07.0	By Miranda Marquette with PTmoney.com
0:10.0	and I'm your host and personal finance enthusiast Diana Merriam.
0:15.0	This is the show where I narrate posts from a wide variety of personal finance blogs.
0:20.0	We cover so much on the show from saving to investing to debt reduction and more.
0:24.9	So thank you for joining me today and every day.
0:28.4	And before we get to it, have you subscribed to our other podcast?
0:32.1	We cover personal development and minimalism, health,
0:35.1	relationships, entrepreneurship, and life advice on the other shows. Just search
0:39.5	for optimal living daily wherever you get your podcast to find them.
0:43.6	But for now, let's get right to it and continue optimizing your life.
0:48.0	Why I Like Spending Plan better than Budget by Miranda Marquette with PT Money.com
0:58.0	I really hate the word Budget. Of course like so many things life, my aversion to the word budget has more to do with
1:05.2	my own personal baggage than any real problem with the word itself. In the case of the word budget, my personal
1:11.3	finance baggage is quite heavy.
1:14.1	When I'm talking about how I manage my money, I prefer to use the phrase spending plan.
1:19.2	It seems, I think, to convey a better sense of control and purpose.
1:23.2	I know that a spending plan is really just another budgeting technique,
1:27.2	but I feel better about it anyway.
1:29.9	Budget equals restrictions. One of the biggest issues I have with the concept of budgets is the restriction factor.
1:37.0	I know that as a personal finance blogger I'm supposed to be okay with cutting back,
	...

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