Popular Budgeting Techniques Don’t Work - Here's Why!

Ready to break all the budgeting rules? This episode is a lively debate that flips the script on traditional money management. Doug Hoyes, isn’t holding back on his opinions about the Government of Canada’s “Financial Literacy Month,” challenging its effectiveness and taking a skeptical eye to the budgeting advice we’ve all heard before. Maureen and Doug discuss outdated budgeting norms, explore innovative approaches, and provide expert-backed tips for rethinking your money strategies. Join the conversation! Comment and let us know whose approach you more strongly align with-or maybe you have your own budgeting philosophy to share?
Timestamps:
1:00 - Why “Financial Literacy Month” might be missing the mark
2:30 - The truth about budgeting: why it often doesn’t work
5:35 - A breakdown of popular budgeting styles
10:50 - Pre-budget essentials
16:00 - The pitfalls of old-school budgeting and how to revamp it
19:00 - Zero-Based Budgeting vs. its polar opposite: which works best?
23:30 - When budgets spiral out of control and what you can do about it
27:00 - Real-world money management advice from top experts
30:20 - Are you on Team Doug or Maureen? Which budget is for you?
Episode Links :
Why Budgeting is A Bad Idea:
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7 Reasons Budgets Fail :
www.hoyes.com/...
Straight Talk on Your Money by Doug Hoyes :
www.hoyes.com/...
Hoyes Michalos Blog
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Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

[@Dougbell223]

Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments.

[@Jessie-J]

Another good episode. However, I believe that with a little self-control, Zero-based budgeting is best. I don’t think it’s “hell” at all. I do agree with the idea of paying monthly expenses every two weeks. Great idea.

[@elizabethlibero1878]

I make a list every month of all expenses. It makes me see what I need to pay including an auto save amount. The auto save usually goes to surprise expenses. Looking at the checking/debit shows me what went for random extras. It’s tough but looking at where your money goes is the first step get on track.

[@GregPhilip]

Doug's system works extremely well and also helps you see where your money is going. Without such knowledge, how can you pay yourself first?

[@CaptainHookhatesBooks]

Can you do a video on debt management plans vs debt settlement/relief? Love your videos just found you and suscribed. Trying to climb out of debt and really serious about going the debt management plan. Paying minimums a month but dont see a light so hopefully a dmp will get me out in 4-5 years.

[@DebtFreein30]

We have a few on that on our other channel. Here are a few of them - kzbin.info/www/bejne/qXTNYWaqqM6saassi=ltTgYC3H5kiBlKei 2 - kzbin.info/www/bejne/eaG2qHyEabWFarssi=-X0jFMo0CNsVbItZ 3 - kzbin.info/www/bejne/qpvHlKmMgt1mp6ssi=0WbJ93RxmUYAx8-8

[@paulinaolga6652]

As someone who has been doing zero-based budgeting for years, Doug's method sounds like a nightmare. 😅 I don't think I'd be able to sleep at night.