Why It's Time To Ban the B-Word

With this diagnosis, you have a 90% chance of full recovery. 

With this diagnosis, you have a 10% chance of dying. 

Although these two sentences are communicating the same thing, which would you rather hear from a doctor?? 

How about if you and your significant other were planning dinner and decided that tonight you would have hamburgers for dinner. And then your partner turned to you and said, “Awesome, I love burgers! I’ll cook them for us. Would you like one that’s 85% lean or 15% fat?” 

Words have power. They matter. And they elicit very strong emotional reactions when we read, speak or hear them. 

Chances are, if you were offered burgers like that, you would perceive the 85% lean hamburger as much healthier than the 15% fat option. Why is that? It’s the words your partner used, and the way the choice was framed for you. 

When it comes to the words we use when talking about money, I find that some personal finance vocab elicits the heebie-jeebies from me (that’s a technical term describing those emotional responses I mentioned above). One word that I know causes angst for many people (including myself) is….budget. UGH. It’s so heavy, right? Even when you read the word budget - did pictures of spreadsheets, credit card statements and formulas pop into your mind? 

Double UGH.  

What if we ban the b-word?

What if we stop using a word – budget - and a framing that we know can trigger exhaustion and anxiety?

Last year, I decided to stop using the word budget when thinking about my money and chose to reframe the concept of budgeting so that it could feel lighter and more accessible in my daily life.  

Simply put, a budget is a tool to look at and assess how you are spending your moola.  After banning the b-word, I no longer have a budget. Instead, I have a values-based spending plan. By reframing the concept of budgeting into one that aligns that feels more aligned to what’s truly important in my life (my values), I’m now more inclined to pay closer attention to it. 

With a values-based spending plan, making financial decisions has become simpler. Should I go to this concert or on this trip? Should I buy a new Sonos sytem? Hmmmm…. As you make financial decisions, I invite you to ask yourself if that choice is aligned to your values. 

For example, you might see a new winter coat and a snazzy pair of shoes in the window at your favorite store. It catches your eye and you start debating if it might look even better in your closet (or walking down the street on the way to dinner tomorrow night)!!  So you ask yourself, “if I buy this, am I making a choice that supports my values and is aligned to what’s important to me?” 

When you pause and reflect before pulling out your credit card, you are already making a more mindful money choice.  And then you realize that what’s really important to you right now is getting a new patio set so that you can sit outside when the sun comes back out in a few months. So, you decide to forgo the snazzy shoes and start hunting for off-season patio furniture sales. Imagine that! In this scenario, you have made a values-based spending choice – which feels great!

Words matter. The way you talk about your financial journey and frame your financial decisions can have a significant impact on your overall money clarity and confidence. 

Consider this your invitation to ban the b-word word and reframe the idea of your budget. 

Plus…. “My 2020 Values-Based Spending Plan” just sounds a lot cooler, right?

You’ve got this!