Dana Miranda, a certified personal finance educator, expresses concern over strict budgets, describing them as 'toxic' and rooted in 'restriction, shame, and greed'. She advocates for 'intuitive spending', emphasizing that budgeting often leads to 'budget burnout'. Instead, she suggests that individuals should think about their spending 'moment by moment' and reward themselves for savings, rather than punishing themselves for overspending.
Doug Carey, a chartered financial analyst, shared that whether to maintain a strict budget often comes up with his clients. He believes it is not essential to adhere to a set budget as long as individuals can maximize their 401(k) contributions and save for emergencies. For those who understand when they're overspending—because they'll notice a dip in their savings—using intuition for spending can be beneficial.
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