Search

Spending/Savings Plans: What you CAN do rather than what you CAN'T do

Updated: Jan 1

WSJ author Julia Carpenter


“New year, new budget,” the saying goes. Or “New year, no budget,” depending on your approach to financial goals.


Among those who give personal finance advice, there is a debate over budgets. Some say a budget is the only way to keep spending in check. Others say they can put people off looking at their finances altogether.


Both theories can be too black-and-white or one-size-fits-all. Many people fall somewhere on the spectrum between hands-off—think automated or “no budget” approaches—and hands-on techniques focused on finding out exactly where every dollar goes.


The important thing is distinguishing which behaviors pull you toward action, reflection, and self-discovery, said Preston D. Cherry, a certified financial planner and Ph.D. candidate at Texas Tech University.


In his research, Mr. Cherry studies how personality types and traits can relate to budgeting styles. “In money situations, particularly with scarcity and abundance, we have to start with the beliefs and attitudes first, before we even get to the money,” said Mr. Cherry.


For those looking to cultivate an abundant mindset, which focuses on the possibilities careful money management can create, some financial advisers recommend the “reverse budget.” This approach involves moving money to savings automatically.


See Concurrent Financial Planning in the rest of the WSJ article here:

New Budget? No Budget? Maybe You Need a Bit of Both


contact

3410 98th Street, Suite 4-144 Lubbock, Texas 79423    |       888-332-2372       |     By Appointment Only 

FORM ADV PART  II

This site is published for residents of the United States only. Concurrent Financial Planning Center, LLC may only conduct business with residents of the states and jurisdictions in which Concurrent Financial Planning Center, LLC is properly registered. Therefore, a response to a request for information may be delayed until appropriate registration is obtained or exemption from registration is determined. Not all of the services referenced on this site are available in every state and through every advisor listed.

This webpage offers direct access or ‘links’ to other Internet websites. These sites contain information that has been created, published, maintained or otherwise posted by institutions or organizations independent of Concurrent Financial Planning Center, LLC. Concurrent Financial Planning Center, LLC does not endorse, approve, certify or control these websites and does not assume responsibility for the accuracy, completeness or timeliness of the information located there. Visitors to these websites should not use or rely on the information contained therein until consulting with an independent finance professional.