How to Manage a Bigger Budget in 2022
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here's your money briefing for tuesday december 28th i'm jr whalen for the wall street journal last year the pandemic forced a lot of people to live on a tight budget but this year jobs have been easier to find pay is going up and that's going to mean a lot of people next year with enough money coming in to be able to spend a little more or a lot more but how can you do that without breaking the bank
Typically, the way we budget is we look backwards. We think, OK, last month was this. So next month will be this. We don't think in terms of what is happening in the next year. How can I build that into my budget?
On today's show, we'll talk with our personal finance reporter, Julia Carpenter, about something we haven't talked about in a while, expanding your budget, but doing it responsibly. That's after the break.
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After nearly two years of uncertainty and cutting back on expenses, a lot of people are entering 2022 on much better financial footing than a year ago. That could mean treating yourself to a vacation or a day at the spa.
How is the episode introduced and why does managing a bigger budget matter in 2022?
But how do you expand your household budget while still keeping your finances on track? WSJ personal finance reporter Julia Carpenter has been talking with financial experts about that, and she's here with us to talk about it. Julia, thanks so much for being with us.
Thank you for having me.
So, you know, Julia, a lot of people have probably developed frugal habits since the start of the pandemic because of the effect it had on their finances. Should having a larger household budget change that?
No, it's thinking of frugality in a way that makes it different than cheapness, if that makes sense. So the frugal habits that you've developed in the pandemic, for example, are meeting up with friends in the park as opposed to going out for drinks or making your lunch at home as we've all been doing because we've been working from home instead of buying it. Those things don't have to change. The expanding the budget idea really came out of me talking to people and they kept telling me, Now that the world is changing, now that we're in person again, now that I'm traveling again, now that I'm seeing people again, I just can't stick to my budget. Why can't I stick to my budget? And they felt like it was a moral failing in some way or that they had lost something.
And talking to them about the things that had changed over the last two years, maybe they're making more income now, maybe they were able to save considerably during the pandemic. Spending more money on certain areas of your life isn't a bad thing. You're not hurting yourself. So keeping up those frugal habits but also expanding your budget in other ways, those can coexist. And I think that's hard for people to sort of wrap their minds around.
That sounds like a bit of a balancing act, you know, looking back but also looking forward.
It's difficult for people to plan when we don't know what's going to happen. I spoke with one expert from the University of Chicago, and she said that typically the way we budget is we look backwards.
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