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> I don't care if you make $35K a year or $350K a year, you need a budget. That's a catchy thing to say but if someone is making $350K a year and easily saving

> I don't care if you make $35K a year or $350K a year, you need a budget. That's a catchy thing to say but if someone is making $350K a year and easily saving / investing six figures annually without a budget, telling themn they need a budget sounds a bit absurd. I'd say the further you are from being able to invest / save sufficiently for your long term goals, the more a budget will help you. Admittedly, not nearly as catchy.

mathgeek 4y ago
If you have income automatically set aside for investments and savings, you already have a lightweight budget in the form of "I set aside X% or $Y every month and the rest is discretionary."
- fassssst 4y ago
  That’s the best way to live, I don’t like micro-managing myself.
  - 1-more 4y ago
    I’ve dieted down to different weight classes for sports and tracking everything is pretty miserable. It works when there’s a single date up ahead. I can’t imagine micromanaging finances like that indefinitely. I’m with you: expenditures are about some number, savings for a house downpayment is about some other number, and that’s enough for me.
- ehnto 4y ago
  This is more than most people have in my experience, if this is all the budgeting prowess you can muster then you are potentially ahead of the pack already.
- wisnoskij 4y ago
  That works for you because nothing or anything would work for you. I am in the same boat, a budget would serve no purpose for me other than encouraging me to spend more. For the people who need a budget, they would just run out of money completely before their next paycheck and either get kicked out of their apartment, or dip into their savings.
- nunez 4y ago
  this is literally the financial equivalent of "if it fits your macros"
vladvasiliu 4y ago
I think it can be useful even if you're able to save / invest "easily". I'm in that situation. I'm fairly thrifty and don't spend much. But after looking back over my spending, I've realized there was enough useless crap that I could cut out. For example, I realized I was spending an enormous (to me) amount on lunches at work, though it was nothing fancy. It's just that I was working in a rather touristy / "rich" part of town, so aside from a pastry, everything was above €10. I started packing my own lunch most of the time and the cost went waay down for no discernible loss. Bonus points for eating less and losing some weight, but that's a different story.
avereveard 4y ago
You need a budget at any income level. Saving more early means early retirement because compound interests stack well over years and years. Or can save some hardness as you reach 55plus, when getting employed becomes harder but state welfare is still 10 years down the line. An habit to budgeting helps because people aren't always top dogs.
mattw2121 4y ago
You just demonstrated that a high earner has a budget to invest a certain part of their money. I don't disagree that as your earnings go up that the budget can become higher level.

mathgeek 4y ago

If you have income automatically set aside for investments and savings, you already have a lightweight budget in the form of "I set aside X% or $Y every month and the rest is discretionary."

fassssst 4y ago
That’s the best way to live, I don’t like micro-managing myself.
- 1-more 4y ago
  I’ve dieted down to different weight classes for sports and tracking everything is pretty miserable. It works when there’s a single date up ahead. I can’t imagine micromanaging finances like that indefinitely. I’m with you: expenditures are about some number, savings for a house downpayment is about some other number, and that’s enough for me.
ehnto 4y ago
This is more than most people have in my experience, if this is all the budgeting prowess you can muster then you are potentially ahead of the pack already.
wisnoskij 4y ago
That works for you because nothing or anything would work for you. I am in the same boat, a budget would serve no purpose for me other than encouraging me to spend more. For the people who need a budget, they would just run out of money completely before their next paycheck and either get kicked out of their apartment, or dip into their savings.
nunez 4y ago
this is literally the financial equivalent of "if it fits your macros"

vladvasiliu 4y ago

I think it can be useful even if you're able to save / invest "easily". I'm in that situation. I'm fairly thrifty and don't spend much. But after looking back over my spending, I've realized there was enough useless crap that I could cut out. For example, I realized I was spending an enormous (to me) amount on lunches at work, though it was nothing fancy. It's just that I was working in a rather touristy / "rich" part of town, so aside from a pastry, everything was above €10. I started packing my own lunch most of the time and the cost went waay down for no discernible loss. Bonus points for eating less and losing some weight, but that's a different story.

avereveard 4y ago

You need a budget at any income level. Saving more early means early retirement because compound interests stack well over years and years. Or can save some hardness as you reach 55plus, when getting employed becomes harder but state welfare is still 10 years down the line. An habit to budgeting helps because people aren't always top dogs.

mattw2121 4y ago

You just demonstrated that a high earner has a budget to invest a certain part of their money. I don't disagree that as your earnings go up that the budget can become higher level.