Dana Miranda, a certified personal finance educator, argues that traditional budgeting can be toxic, leading to shame and failure. She recommends a more mindful approach called 'conscious spending.'
If you're trying to stay on top of your spending, you might have logged your finances in a spreadsheet, tracked every dollar, and created a strict spending plan, but one expert says budgeting like this can be"toxic."
Instead of scrimping and saving your money, Miranda recommended"conscious spending," as an alternative."It's like an intuitive or mindful approach to spending and using their money." Miranda acknowledged that it's not easy to adopt this mindset, but said people need to start trusting themselves more. Not paying off your credit card every month can be costly, however, leading to additional debt, an increase in repayments, and damage to your credit score,
On the money date, you can check how your spending is affecting different areas of your life, and prioritize what's important. For example, if you initially planned for 10% of your money to go into retirement savings every month, but then you realize you'd rather spend that money now, you can do that with a money map.
Budgeting Conscious Spending Personal Finance Financial Toxicity Mindful Approach
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