Suze Orman says a budget is a dumb idea to try and save money - and to do this first instead

Suze Orman emphasizes that before creating a budget, it's crucial to understand your actual income, essential expenses, and spending habits for clarity and effective management.

According to Orman, budgeting without understanding your spending is ineffective, comparing it to dieting: 'lose 5 lbs, wind up gaining 30.' It's essential to control spending habits first.

Orman argues that many people tend to cut back on minor expenses while overspending on luxury items like designer jeans, indicating a fundamental misunderstanding of their financial priorities.

Student loan debt, in Orman's view, holds the title of 'the most debt you can have' due to its compounding nature, surpassing other common debt types in burdensome characteristics.

Read at 24/7 Wall St.