Why You All Need Budgets

In my new role that I started in October, I am the official manager of financial planning and analysis. Basically I’m in charge of budgeting, forecasting, and solving problems with data. The hardest part about my job is seeing the frivolous spending while I see the bottom line get worse with each additional expense.

Let’s pay for fish tank maintenance because you don’t want to touch slime. Great idea!

Let’s add sales people with salaries that won’t generate sales for at least another year! Perfect!

How many people have company paid gas credit cards? Oh you don’t know. Awesome!

I asked a couple leaders if they have their own personal budgets. Was not asking for details but a simple yes or no. There was an overwhelming no or “I have a general idea.” In my mind, I’m thinking “do you know if you can actually afford that new $600,000 two bed room home, while paying child support, and alimony all while making about $150,000 per year pre tax?” and you are in charge of a whole department’s budget? Well shit. You are a budgeting rockstar! Let’s go 1990s with a response of “NOT!” to that one.

I wish I could say that financial illiteracy is rare among executives, business decision makers, and those perceived as rich. (There are way too many broke doctors driving fancy cars.). Business after business I see wasteful spending, poor money decisions, and a whole lot of “what were you thinking moments?” If cash is coming in less and less or slower and slower, then you have to slow down or stop the spending.

What happened if your hair was on fire? Would rather dunk your head in toilet water or wait for cleaner water. It would be “HELLO TOILET WATER!” So if you are spending more money than you are making, your finances are on fire. And I’m not talking about the Financial Independence Retire Early FIRE.

For 2021, I want to help one person build their very own budget. Now I’m not a financial expert or licensing certified public accountant, I’m a blogger with a budget that works for me and I happen to work in finance. So as a disclaimer, I’m not responsible for your finances and your financial decisions. If you want me to help you build your very own budget, send me an email at bmmblog@outlook.com. I will select one lucky winner on Saturday, January 9th! This contest is only open to residents of the United States/Canada because of time zones.

We will tailor your budget to your pay frequency. Do you get paid weekly, biweekly, monthly, randomly? Not a problem! Got bills? Not a problem! BMM has your back!

4 thoughts on “Why You All Need Budgets

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