Why Budgets Are A Waste Of Time

It might be possible to live a better life without a budget. Kathleen Elkins, senior money reporter at CNBC Make It, explains her strategy to save 30% of her income without using a strict budget. And experts Ramit Sethi, David Bach and Grant Sabatier agree. But what do the people of New York City do? Watch the video to find out.

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Why Budgets Are A Waste Of Time

[drewconway]

So they’re telling us not to budget, and then the best way to manage your money by not budgeting is... wait for it... budgeting. If you’re setting money aside in a “vacation fund, ” you’re budgeting. A rose by any other name....

[logen]

this kind of advice makes people with terrible spending habits feel better about themselves and not actually change anything. If you have a spending problem, you should track all of your spending and use a budget. Oh it's hard? sorry, things that work arent always easy.

[lioness]

When Graham’s video gets me so agitated that I come here just to dislike.

[pedroacosta]

First five minutes “don’t budget”, last 30 seconds “this is how I

[shiv]

They should change this channels name to CNBC Not Make It

[AmiyrahMartin]

Keep track of your spending = budgeting. It’s the same thing. I just...I don’t understand this video 🤦🏾‍♀️

[Cklauber]

Didn't know you guys became a humor channel lol
I mean... this video HAS to be a joke, right?!

[StannisBaratheonOTK]

1:40 "And it often makes us feel bad about our spending"
Budgets are facts. Facts don't care about your feelings.

[franknills]

This is why an average American doesn't have even $1k saved up and instead has $5k+ in credit card debt. Because they follow this advice and buy those stupid little things without control.
Great video for a financial failure

[Arvabelle]

Graham is going to have a field day going through this one. Anyone can benefit from having a budget. You can't "spend wisely" if you don't even know what you're spending in the first place.

[markymark]

This is utterly stupid, i budget and within my budget i allocate how much money to every area including, investing, savings,going out, splurge money etc .A good budget is not about denying but effective allocating money to what you value within your budget . The banks are making a fortune on consumer credit because people don't budget.Most people are not effective at creating wealth.A good budget put you in control, the stupidity in all this is they are forgetting that you design your own budget, you allocate how much to what you deem is important.

[GrowthePiggyBank]

CNBC should seriously interview Graham. It might double their subscribers.

[ChristianAviles]

There attacking graham with this video because 100 dollars a month for Starbucks is crazy

[homer_thompson]

Apparently CNBC forgot to add the disclaimer, "This video and its stupidity of participants were sponsored by Mastercard"

[croatiandirter]

Next CNBC video: Why it is stupid to pay your credit card on time

[bdmixpro]

Omg horrible advice.. they don’t want you to win and get out of debt!

[kouturierecustoms]

This video makes no sense..show us all the well off people who dont "need" to budget..because 9 times out 10, they have the money..budgeting helps prioritize when funds are tight. I'd be upset if i spent $100 frivolously on Starbucks then get my phone disconnected for non payment. 🤷🏽‍♀️

[lovejulieandrews]

this is bad advice. really bad advice. A budget will fail if you make it unrealistic. Don't set yourself a 20 dollar a month coffee budget if you usually spend 100... of course, you will go over budget. You're encouraging people who are likely already bad with money to spend without guilt? Nah- you should feel guilty if youre not saving and taking care of your priorities first. and how do you save and prioritize? oh thats right... a budget

[koolit]

I wish their was a "Reasons why we made this video" segment in this video. Because I don't see why this channel thought this was good content. Showing a difference of opinion in financial wellness? Idk, I don't want to assume too much.

[backupaccount]

CNBC: “Lets make a video about not budgeting”

Marketing Agency: “Sounds good.. what’s your budget for the production?”

CNBC: ...