To budget or not to budget?
If you’ve spent time on TikTok or Instagram, you’ve probably seen different takes on budgeting. Some people swear by it. Others say it’s too much admin, too strict, and not realistic when money is already tight.
So, what’s the truth?
The case against budgeting
Some “finfluencers” argue that budgeting doesn’t work for everyone. Their reasons include:
- Life is unpredictable — especially if your income changes month to month
- It can feel restrictive, like you’re not allowed to enjoy your money
- Many people start budgets but don’t stick to them
And to be fair, they’re not completely wrong. A complicated budget that you never use isn’t helpful. And if your income is irregular, a rigid plan can feel frustrating.
The case for budgeting
On the other hand, many financial educators support budgeting — not as a strict rulebook, but as a tool.
Why? Because budgeting helps you answer one key question: Where is my money actually going?
When you understand your spending, you can:
- Spot habits (like how much goes to transport, food, or data)
- Plan for important needs (rent, groceries, family support)
- Avoid running out of money before month-end
- Make more informed decisions over time
In simple terms: you can’t manage what you don’t understand.
So, what’s the middle ground?
Budgeting doesn’t have to mean tracking every cent or cutting out everything you enjoy. It’s about awareness, and taking responsibility for your finances.
Even a basic system — where you check your income and main expenses — is better than guessing.
Think of it like this: a budget is not there to control you. It’s there to empower you.
Different ways to create a budget
There’s no “one right way” to budget. The best method is the one you’ll actually use.
Here are a few options:
1. Pen and paper
Write down your income and list your main expenses (transport, food, airtime, etc.). This is simple, free, and works well if you prefer doing things manually.
2. Spreadsheet (Excel or Google Sheets)
If you have access to a computer or smartphone, you can create a basic table. This helps you calculate totals and adjust your spending more easily.
3. Banking apps
Many banking apps automatically track your spending and group it into categories. This can save time and give you a quick overview of where your money goes.
4. Notes on your phone
Even a simple list in your notes app can work. The goal is not perfection — it’s consistency.
You don’t have to follow a perfect budget or copy what others are doing online. But if you want to take control of your money, you need to understand it. A budget — in whatever form works for you — is one of the most practical ways to do that. We’ve created this cool, new BUDGETING TOOL to get you going.
Start small. Keep it simple. And focus on building awareness first.
Further reading
All things budget related…
Sources
Business Report: A budget is the first step to spending less and saving more
Discover: Discover Survey: Save More, Earn More and Spend Less Are Top 2025 Financial Resolutions for American Consumers
Financial Sector Conduct Authority: Money Smart Week – Budgeting tips (Consumer Education)
National Credit Regulator: Budgeting – Manage your money better
Old Mutual: Savings and Investment Monitor Report
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