Budget. Was there ever a word less likely to inspire excitement, even among those eager to get their personal finances in order? We all know we should tally our expenses to plug the holes down which our hard-earned loot is disappearing, but planners say budgeting is a common area of financial failure.
"It's awfully painful and depressing for most people to sit down and say, ‘Oh my, look where the money's going,'" says Kathleen Gurney, a psychologist and president of a Florida financial advisory firm. Knowing the next step is deprivation—having to resist that spur-of-the-moment purchase—doesn' t motivate consumers to stick to their budget homework. To top it off, tallying expenses is boring ...