Let’s Talk About the B Word
We’re kicking off a series on budgeting, inspired by You Don’t Need a Budget by Dana Miranda. Dana, a personal finance journalist who interviewed me for a CNET article on inflation earlier this year, offers a fresh and insightful critique of mainstream personal finance advice.
Here’s how she defines budget culture:
“Budget culture is what we call the damaging set of beliefs around money that — like so-called diet culture does for food and bodies — rewards restriction and deprivation, and promotes an unhealthy and fantastical ideal of financial wellness.”
Budgeting is often framed as the simplest solution: Struggling? Spend less than you make. Plenty of privileged voices will tell you to max out your IRA and call it a day. But this cavalier attitude ignores the systemic barriers—racial, class, and beyond—that make financial security far from a level playing field.
Consider the individual working paycheck to paycheck, unable to afford childcare. For them, this advice is detached from reality at best, and a blatant disregard for structural barriers at worst.
Throughout her book, Miranda critiques the widely popular YNAB method. I’m all for using a system that works for you—if YNAB feels intuitive and helpful, keep going! But for many, rigid budgeting structures can feel suffocating, overwhelming, and all too easy to mess up. Over-engineered systems leave more room for unnecessary self-criticism. Miranda argues:
“[Budgeting culture] relies on your endless pursuit of its empty promises. It convinces you there’s a ‘right’ way to do money; therefore, if your finances don’t match the ideal, it’s because you’re not doing the right things.”
This is something I emphasize with my clients: Your financial situation isn’t a reflection of your worth. Acknowledging systemic barriers and challenging internalized budget culture can be transformative.
Consider asking yourself:
How does budget culture show up in your life?
Do you feel the need to justify every expense?
Do you judge yourself—or others—for how money is spent?
Next time, we’ll flip the script and explore a more abundant, mindful approach to spending.
