Delete your budgeting app | Joseph Okaly | TEDxEustis

The speaker learned about money at age 11 due to their parents' divorce, a situation that divides income while multiplying expenses. This experience, along with witnessing their mother's struggles with budgeting, shaped their perspective on financial management. They note that budgeting is often seen as a miserable task, and despite widespread efforts, few achieve financial security. A 2024 study found that only one in five workers nearing retirement were financially on track, with median savings of just $50,000. This isn't due to incorrect budgeting apps or methods, but rather insufficient savings. The speaker, a certified financial planner, author, and wealth management firm owner, aims to help people create sustainable approaches to money. They recall a pivotal moment when, as an intern, they convinced their hesitant mother to seek financial advice. Their mother, a single parent of three, had returned to work after 15 years at home without a college degree, and the family had lost their home. She felt overwhelmed by bills and prepared for a budgeting discussion. However, Bob, the firm's founder, took a different approach. Instead of focusing on budgeting, he asked about her future aspirations and what she needed to feel secure enough to enjoy life. Her mother emphasized that it wasn't just about earning more money, as she had worried about finances even when her father had a larger income. She needed to know how to create something for herself. Bob assured her he could help, leading to a successful outcome where both danced in celebration. This experience led to the core message: stop budgeting and start saving. The speaker proposes flipping the traditional financial equation from "income minus spending equals saving" to "income minus saving equals spending." This means saving first and then spending the remainder guilt-free. Budgeting focuses on restriction, while saving focuses on growth and creating something for oneself. Saving, particularly automating savings, is presented as the key to building wealth. If 10% of income is saved monthly, regardless of the amount earned, individuals will be ahead of the majority. A Bankrate 2025 report revealed that less than half of people had savings to cover three months of expenses. An example illustrates that a 25-year-old earning $50,000, saving 10% monthly with 3% annual raises and an 8% growth rate, could accumulate $2 million by age 65 without budgeting apps. Many, including high-income earners, struggle to find that 10% to save. A doctor, for instance, couldn't save even with a $700,000 income, highlighting that the issue isn't just income level but the order of saving and spending. The speaker's mother, despite never earning a high income, flipped her equation and moved from a negative net worth to being financially secure. The speaker encourages listeners to calculate their 10% saving goal, even if it seems unattainable initially, and consider what steps would be necessary to achieve it. Furthermore, they advise deleting budgeting apps, or at least reframing them as tools for saving rather than budgeting. The ultimate goal is to find that 10%, ditch the app, and enjoy spending the rest guilt-free, thereby flipping one's financial future.