Dana Miranda, a certified personal finance educator and author of 'You Don't Need a Budget,' argues that the traditional approach to budgeting is often restrictive and leads to feelings of failure and shame. She recommends 'conscious spending' as a more mindful alternative.
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 Dana Miranda, a certified personal finance educator, suggests that this approach can be 'toxic.' Miranda, author of 'You Don't Need a Budget,' argues that budgeting as we know it often relies on restriction, shame, and greed, much like diet culture.
Research shows that restrictive budgeting doesn't work, leading to feelings of failure and shame. This can be especially challenging for low and middle-income families due to volatile incomes and lower wages. Miranda recommends 'conscious spending,' a more mindful approach to using money, over traditional budgeting methods
Budgeting Financial Planning Conscious Spending Personal Finance Mindful Spending
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