This Vox article challenges the traditional obsession with strict budgeting, arguing that current budgeting culture has become as restrictive and shaming as modern diet trends. Financial educators Dana Miranda, Jen Smith, and Jill Sirianni explore how our approaches to money often suffer from the wrong mindset—one that treats spending and saving as moral imperatives rather than adaptable skills. They advocate for understanding personal values and the broader financial landscape, rather than adhering to one-size-fits-all rules or viral TikTok challenges like the "100 envelope challenge." The discussion also rethinks debt and spending, suggesting that financial decisions should be personalized and flexible, instead of being dictated by stigmatizing norms.

Key Points:

• Budgeting has evolved into a trendy but often overly restrictive practice, similar to extreme dieting.
• The experts compare traditional budgeting to diet culture, which can induce guilt and limit individual financial freedom.
• They emphasize the importance of learning the skill of spending wisely rather than adhering to rigid budgets.
• The conversation promotes a holistic approach that considers personal values, systemic issues, and individual circumstances.
• Debt management is reframed as a neutral tool, with a focus on assessing personal benefit rather than following blanket rules.

Why did the personal finance expert bring a ladder to the budgeting workshop? Because they heard they needed to "raise their financial literacy"—talk about aiming high!
Link to Article