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Maureen and Doug discuss outdated budgeting norms, explore innovative approaches, and provide expert-backed tips for rethinking your money strategies.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
244 – Should Pensions Be Protected in a Corporate Bankruptcy? [not-audio_url] [/not-audio_url]

Duration: 23:03
When Sears went bankrupt and the employees discovered they wouldn't get their full pensions, there was an understandable outcry, and many people has said that the solution is to make pensions the first creditor to be pai…
243 – 6 Skills to Succeed in Business and Avoid Debt Problems [not-audio_url] [/not-audio_url]

Duration: 26:55
Debts arising from the failure of a business is a common reason that someone may have to file a personal bankruptcy. That's not surprising; you borrow money personally to invest in a business, it doesn't work out, you're…
242 – Spotting Bad Credit Advice on the Internet [not-audio_url] [/not-audio_url]

Duration: 30:38
There is a lot of bad credit and debt advice out there. We see it on YouTube, and Twitter, and Reddit, and in personal finance blogs. And it seems that one of the most popular areas to give bad advice is on how to improv…
241 – Why I Don't Like Free Credit Scores [not-audio_url] [/not-audio_url]

Duration: 26:31
Getting a copy of your credit report and credit score for free, from one of those "credit monitoring" services, can be very expensive. On today's show I rant about why I don't like those services, and I give practical ad…
240 – Can a Collection Agency Take Me to Court? [not-audio_url] [/not-audio_url]

Duration: 16:55
Today's episode is a quick "Technical Tidbits" edition where we answer one question from our listeners. The short answer is yes, it is possible for a collection agency to take you to court, but it's not a common occurren…
239 - Federal Budget 2019: Will It Help Millennials in Debt? [not-audio_url] [/not-audio_url]

Duration: 29:30
On today's show we discuss the proposed changes in the federal budget, including help for new home buyers, and explore whether or not these changes will actually help millennials and others.
238 – Millennials & Debt - No Room to Maneuver [not-audio_url] [/not-audio_url]

Duration: 30:26
Every year, we analyze information we collect about our clients to develop an updated profile of the average person filing insolvency. We call this person Joe Debtor. As the economy changes, so too does Joe Debtor. In 20…
237 – Managing Money on a Variable Income [not-audio_url] [/not-audio_url]

Duration: 34:27
Budgeting for bill payments and saving can be a straightforward process when you have a regular, consistent paycheque. But how do you stay on top of your finances when your income differs from one month to the next? What…
236 – Take The Blame And Shame Out Of Debt Repayment [not-audio_url] [/not-audio_url]

Duration: 33:56
In over 20 years helping Canadians eliminate their debt, I've yet to hear a single client say they chose to have debt problems. Debt accumulates over time and then it becomes an even bigger problem when you lose your job…
235 – What to Know About Credit Cards So You Use Credit Wisely [not-audio_url] [/not-audio_url]

Duration: 27:47
When used correctly, a credit card is a helpful tool to build your credit history, and it's a safer than carrying cash. However, when mismanaged, a credit card can quickly become one of the most expensive borrowing optio…