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Unexpected financial advice suggests a different approach: Skip the budget, don’t pay all your bills, and pay less attention to your investment account. Personal finance author Dana Miranda challenges the common notion of meticulously tracking every dollar in her book “You Don’t Need a Budget.” Miranda’s unconventional advice aims to prompt readers to live a more ethical, stress-free financial life by questioning traditional financial practices.
Miranda believes that the typical one-size-fits-all personal finance advice, which often imposes restrictions and instills shame and greed, may not be suitable for everyone. She highlights that many people, including those with higher incomes, struggle to make ends meet, indicating that the conventional budgeting approach may not address everyone’s financial needs.
Rather than adhering to strict budgets, Miranda promotes conscious spending, self-trust, and generosity as alternative financial principles. She encourages individuals to consider their values, financial goals, and broader economic circumstances when making money decisions. By shifting the focus from restriction, shame, and greed to mindful spending, self-assurance, and philanthropy, Miranda aims to help individuals cultivate a healthier relationship with money.
Miranda’s insights challenge the prevailing narrative around personal finance, advocating for a more nuanced and personalized approach to managing money. By emphasizing individual values and systemic factors that influence financial well-being, Miranda aims to empower readers to make informed financial decisions that align with their unique circumstances and goals.
Over the past decade, Miranda has worked as a freelance personal finance writer, but her annual income has often hovered around a meager $12,000—just a quarter of the current average pay for all workers in the United States, as reported by the U.S. Bureau of Labor Statistics. Through her experiences, she has come to realize that much of the financial advice available tends to echo the same sentiments: budget diligently, save consistently, and invest wisely.
In her recent book, Miranda takes a critical stance towards popular personal finance figures such as Dave Ramsey and YNAB’s Jesse Mecham, particularly calling out their optimistic views that imply making a few financial adjustments can swiftly lead one to wealth. She argues that the prevalent culture around budgeting promotes a narrow perspective on what constitutes a fulfilling life, primarily revolving around monetary success.
According to Miranda, “In my experience—and in conversations with individuals struggling to make ends meet—a budget alone does not magically increase your income. Simply managing your money differently does not automatically translate to earning more.”
Miranda’s book, titled “You Don’t Need a Budget,” was released towards the end of last year and has garnered a range of responses on Goodreads. While some readers resonate with Miranda’s critique of money’s ties to capitalism, citing that it articulates sentiments they have long felt but struggled to articulate, others express their commitment to continuing with traditional budgeting practices.
In sharing her perspective, Miranda emphasizes that her goal is not to revolutionize readers’ financial situations overnight but rather to encourage reflection on diverse viewpoints. She underscores the importance of questioning the pervasive messages surrounding money, given its substantial impact, and advocates for a collective effort to ensure financial systems are inclusive and equitable for all.
Speaking on her intentions with the book, Miranda states, “I believe it is crucial for individuals to challenge the narratives they encounter, particularly concerning a subject as influential as money. By doing so, we can actively work towards dismantling systems that perpetuate inequality and strive to create financial structures that benefit everyone.”
This narrative was originally featured on Fortune.com.
