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Maureen and Doug discuss outdated budgeting norms, explore innovative approaches, and provide expert-backed tips for rethinking your money strategies.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
274 – Understanding the Retail Apocalypse with Stephanie Hughes [not-audio_url] [/not-audio_url]

Duration: 30:01
Over 600 big name store locations have closed in Canada in the last three years, resulting in over 17,000 lost jobs, and that doesn't include hundreds more small stores that have shut down. Is this just the impact of Ama…
273 – Debt and The Sunk Cost Fallacy [not-audio_url] [/not-audio_url]

Duration: 20:00
The Sunk Cost Fallacy is easy to understand: you've spent the money, it's gone, but you keep on doing what you're doing, whether or not it makes sense, because you've spent the money. You go to a restaurant and eat every…
272 – Managing the Cost of Kids' Sports [not-audio_url] [/not-audio_url]

Duration: 16:07
On today's podcast we've got two hockey parents: Kristen Kral, a credit counsellor in our Brantford office, and Rebecca Martyn, our Windsor trustee, who give their thoughts on how to save money on kid's sports (particula…
271 - TFSA, RRSP and Debt [not-audio_url] [/not-audio_url]

Duration: 37:16
It's amazing how many of my client are confused about the difference between a TFSA and an RRSP, so today Ian Martin and I go through the basics. But isn't this a podcast about debt? Yes it is, so we also discuss what ha…
270 - The Fable of the 20 Dollar Bill [not-audio_url] [/not-audio_url]

Duration: 17:41
It's the start of Financial Literacy Month in Canada, so instead of following the crowd and telling you to make a budget (which is the most common suggestion you will hear this month), I will go a different route and tel…
269 – Which Bank Should You Use? [not-audio_url] [/not-audio_url]

Duration: 30:46
We advise our clients to open a new bank account at a new bank where they don't owe any money, before filing a consumer proposal or bankruptcy, to ensure that their money is not "accidentally" seized by a creditor. It's…
268 – No Good Deed Goes Unpunished [not-audio_url] [/not-audio_url]

Duration: 20:57
Ted Michalos often says "no good deed goes unpunished". What does he mean by that? Does he have a negative view of humanity? On today's show he gives examples to illustrate his point, and we give practical advice on how…
265 – How To Talk to Your Aging Parents About Money [not-audio_url] [/not-audio_url]

Duration: 30:50
My guest today is Cameron Huddleston, who wrote a new book called Mom and Dad, We Need to Talk: How to have essential conversations with your parents about their finances. How do you have the "money talk" with your paren…