531 – Why Popular Budgeting Techniques Don't Work

531 – Why Popular Budgeting Techniques Don't Work

Author: Doug Hoyes November 2, 2024 Duration: 33:09

Ready to break all the budgeting rules?

This episode is a lively debate that flips the script on traditional money management. Doug Hoyes isn't holding back on his opinions about the Government of Canada's "Financial Literacy Month," challenging its effectiveness and taking a skeptical eye to the budgeting advice we've all heard before.

Maureen and Doug discuss outdated budgeting norms, explore innovative approaches, and provide expert-backed tips for rethinking your money strategies.

Join the conversation! Comment and let us know whose approach you more strongly align with—or maybe you have your own budgeting philosophy to share?

 

Timestamps:

(1:00) – Why "Financial Literacy Month" might be missing the mark

(2:30) – The truth about budgeting: why it often doesn't work

(5:35) – A breakdown of popular budgeting styles… and why Doug thinks they fail

(10:50) – Pre-budget essentials: what you need to do before creating a budget

(16:00) – The pitfalls of old-school budgeting and how to revamp it

(19:00) – Zero-Based Budgeting vs. its polar opposite: which works best?

(23:30) – When budgets spiral out of control and what you can do about it

(27:00) – Real-world money management advice from top experts

(30:20) – Are you on Team Doug or Team Maureen? Share your budgeting philosophy!

Episode Links:

Why Budgeting is A Bad Idea


7 Reasons Budgets Fail

Straight Talk on Your Money by Doug Hoyes

Hoyes Michalos Free Money Management Resources

Find a Hoyes Michalos Office in Your Area Here

We release new content every weekday! Follow our socials for funny podcast clips, money management tips, Q+A, and more!

Hoyes Michalos Instagram
Hoyes Michalos Facebook
Hoyes Michalos TikTok
Hoyes Michalos Twitter (X)
Hoyes Michalos LinkedIn


Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 500

Debt Free in 30
Podcast Episodes
433 –  Credit Card Spending is Back Up – Avoid Debt Trouble [not-audio_url] [/not-audio_url]

Duration: 31:05
For the last 30 years, credit card debt has been going up. In November 1990, Canadian households owed $9.8 billion on their credit cards. Today, they owe nearly $90 billion. Why has credit card spending surged in the las…
432 –  Pension Protection Law in the Works? [not-audio_url] [/not-audio_url]

Duration: 31:20
If a company goes bankrupt, should the employees lose their pension or have their benefits reduced? No, of course not. But it has happened. There is new legislation before Parliament to protect pensions, but will it have…
431 –  Loan Affordability: What To Know Before You Borrow [not-audio_url] [/not-audio_url]

Duration: 28:59
At some point in life, you're going to need a loan. But before you sign on the dotted line for a loan, figure out if you can afford it. How? That's the focus on today's podcast. Ted Michalos is back to share practical ad…
430 –  Are Credit Cards Right For Credit Repair? [not-audio_url] [/not-audio_url]

Duration: 30:59
We need good credit to get things like an apartment or a cell phone or to qualify for an affordable loan. But what if you've struggled with managing credit and now have bad credit? Is a credit card the solution to fixing…
429 –  Credit Card Installment Plans – What's The Risk? [not-audio_url] [/not-audio_url]

Duration: 29:11
Some credit card issuers like CIBC and Canadian Tire now offer installment plans for specific credit card purchases. This means that if you buy something expensive, you may be able to spread the payments on it and pay le…
428 –  Banks Can Take Your Money Without Warning (Right of Offset) [not-audio_url] [/not-audio_url]

Duration: 32:21
Some of our clients get the unhappy surprise of seeing a zero-dollar balance in their bank accounts because the bank took their money. Yes, this is legal. It's called the right of offset. If you owe the bank money and yo…
427 –  How to Have an Affordable Christmas This Year [not-audio_url] [/not-audio_url]

Duration: 31:55
The price of everything has shot up. Christmas is going to be much more expensive this year because of record inflation… but does it really have to be? How can you avoid overspending this holiday season? The key is to st…
SPECIAL: What's The Point of Financial Literacy Today? [not-audio_url] [/not-audio_url]

Duration: 5:15
It's that time of the year again – Financial Literacy Month (2022). Is there any point to it? Is Financial Literacy Month just an excuse for the Big Banks and credit card companies to market more debt to you? Doug Hoyes…
426 –  What If You Can't Renew Your Mortgage? [not-audio_url] [/not-audio_url]

Duration: 31:25
Mortgage rates are up, and real estate prices are down. What does this mean for you if you're renewing your mortgage? Can your bank decline your renewal and what are your options if they do? On today's podcast, Ted Micha…
425 –  Is Having Bad Credit the End of the World? [not-audio_url] [/not-audio_url]

Duration: 31:03
Bad credit can mean a lot of things. But when is bad credit good and when is it actually bad? Is it worse to have bad credit because you owe too much or because you have no debt? Is there a difference between a credit sc…