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Why people don’t budget and four reasons to start



Andy Webb

For some, knowing budgeting is a good thing to do doesn’t make them push it to the top of the to-do pile. Research from Standard Life has found a third (31%) of those who put off budgeting avoid it because they’re bored, while two in five (19%) just don’t have the time. There’s also close to another third (29%) of non-budgeters put off by worries about the state of their finances and poor money management skills.


  1. Find it boring (31%)
  2. Lack of time (19%)
  3. Lack of confidence in making money-related decisions (11%)
  4. Prefer not to know (10%)
  5. Find it difficult (8%)

There’s a good chance one of these reasons sounds familiar to you. So can these obstacles be overcome? We think it’s possible if you have the right motivation. Here are four reasons  

Boring now can lead to excitement later

Fancy a bigger holiday than normal? Want to buy a house? Wish you could afford to go clothes shopping?

These are the kinds of things that are more likely to happen if you pay more attention to your finances. It still won’t be fun, but having an exciting goal at the end of it could be the motivation you need to make some changes


Finding the time can pay for itself

When you’re working, you can often feel the last thing you want to do when you get home is look at some bills, or check your bank account. But sorting out your finances can actually make you money – sometimes more than you would at work!

Switching energy provider takes around 30 minutes – perhaps even less – but could save you £300 a year. That’s the equivalent of getting paid £600 an hour! Big savings are also possible on insurance, mobile phone contracts, pay TV and internet services.

Plus, by keeping an eye on your statements and knowing your bank balance, you’re more likely to avoid overdraft fees or penalty payments for missed bills – again saving you some decent cash.

Budgeting can actually be quite easy

For those that struggle with money decisions, there are simple ways that can take the edge off any anxiety, and remove some barriers to starting a budget.

The Money Advice Service Budget Planner is a great place to start. It guides you through the areas you need to account for and works out the sums for you. At the end you’ll have totals for how much you spend, and whether it’s more or less than you have coming in.

It’s really dangerous to stick your head in the sand

Being afraid of what you’ll find if you look closely at your finances is a sign you probably need to. The longer any problems are left, the more likely the situation will get worse.

You can get free and impartial debt advice wherever you live in the UK, which could stop struggling to get to next pay day from turning into spiralling debts.