Tick-Tactics

EVIDENCE SOURCES

Click these links to explore
the PROs, CONs, and UNSURE evidence for each topic

042. You’re too frivolous with your spending ‘ we need a stricter budget

  1. 1. Pro: Implementing a stricter budget can help achieve financial goals and reduce unnecessary expenses.
    CNBC: [Budgeting Tips]
    https://www.capitalone.com/learn-grow/money-management/budgeting-tips/
  2. 2. Con: Overly restrictive budgets can lead to stress and limit opportunities for enjoyable activities and experiences.
    Forbes: [Downsides of Strict Budgeting]
    https://www.insightsforprofessionals.com/finance/accounting/ways-strict-budgeting-is-strangling-your-company
  3. 3. Unsure: Balancing financial discipline with occasional discretionary spending is crucial for long-term financial health and happiness.
    NerdWallet: [Balanced Budgeting]
    https://www.nerdwallet.com/ca/personal-finance/how-to-budget
  4. 4. Pro: A stricter budget can help build savings and prepare for emergencies or future investments.
    Investopedia: [Importance of Savings]
    https://www.investopedia.com/financial-edge/0310/savings-are-a-blessing-in-a-slow-recovery.aspx
  5. 5. Con: Focusing too much on saving can detract from enjoying the present and reduce quality of life
    The Balance: [Enjoying Life on a Budget]
    https://theeverygirl.com/how-to-balance-saving-and-spending/
  6. 6. Unsure: Regularly reviewing and adjusting the budget can ensure it remains realistic and achievable while meeting both partners’ needs.
    Kiplinger: [Budget Review]
    https://www.kiplinger.com/retirement/601281/the-5-times-when-you-should-review-your-financial-plan
  7. 7. Pro: Financial discipline can lead to debt reduction and financial freedom, enhancing long-term security.
    Bankrate: [Debt Reduction Strategies]
    https://www.nerdwallet.com/article/finance/pay-off-debt
  8. 8. Con: If one partner feels controlled by the budget, it can lead to conflict and resentment in the relationship.
    Psychology Today: [Financial Control in Relationships]
    https://www.psychologytoday.com/us/blog/how-make-better-choices/202212/the-psychological-impact-money-relationships
  9. 9. Unsure: Effective communication and mutual agreement on financial priorities are key to successfully managing a household budget.
    Financial Times: [Communication in Financial Planning]
    https://ey.ft.com/article/challenge-long-term-goals