Dana Miranda, a certified personal finance educator, argues that traditional budgeting methods, which rely on restriction and shame, can be harmful. In her book 'You Don't Need a Budget,' she suggests that a different approach to managing finances is necessary.
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."
According to Miranda, the toxicity of budgeting stems from a capitalistic culture geared toward making more money and accumulating assets, rather than focusing on the quality of life of individuals. Miranda acknowledged that it's not easy to adopt this mindset, but said people need to start trusting themselves more.
Another way to avoid reckless spending is to take yourself out on a"money date" every fortnight, Miranda said.
TOXIC BUDGETING FINANCE EDUCATION DANA MIRANDA SPENDING PLAN BUDGET CULTURE
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