Here are some bad budgeting ideas for you to think about:
1. Make minimum payments on your credit card bill.
I have helped people figure out how much interest they are paying on an item that they only make the minimum payment for. It's crazy.
2. Spend more money than you make.
3. Get approved for a mortgage and then spend the maximum that they've approved you for.
This isn't always a bad budgeting idea but often the bank approves people for mortgages that they couldn't possibly afford.
4. Buy things in order to keep up with your friends and neighbours.
5. Don't put any money aside for emergencies.
6. Pay for a vacation after you've returned from that vacation.
A vacation is so much more enjoyable if it's all paid for before you leave.
7. Pay for bills late and then have to pay the penalties.
8. Not being on the "same page" as your spouse when it comes to budgeting.
9. Have no goals for your money.
10. Eliminate all fun.
People think that in order to budget well, that means you must eliminate all the fun you can have. That's not true. Fun and entertainment need to be included in your budget.
Don't Buy Stuff You Can't Afford Video
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