And yet, too many Americans are quick to forgo a financial plan. Some say they don't have enough wealth or time for one.
"I always tell people that a budget is nothing more than you making the choice of how you use the money that you have to do the things that you want to or care about," said Tania Brown, a certified financial planner withBut even with a plan, Brown told Business Insider, mistakes are bound to happen.
When the future isn't valued, it can lead to impulse buying and under-saving, she said, because the consequences of a potentially poor decision are too far out of reach. "The more proximal your goal, the more bite-size you make it, the more likely you are to be able to stick to it," Milkman said, referencing"It's easier to slip a little and then a little more each day if you have some giant end-of-the-month goal and then you get out of whack," she added. "But if you have daily goals, you can hit those daily goals. Yeah, sometimes you'll miss them, but you're accountable every day, and hopefully most of the time you hit them.
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