We Approach Budgeting Like Dieting. That’s Why It Doesn’t Work

Nearly every piece of financial advice—whether the goal is to pay off debt, save for a big purchase, or start investing—starts with making a budget.

I’ve been writing about personal finance for nearly 10 years. Hearing this advice repeatedly has reminded me of what we’ve seen for decades in the health care field, where people are frequently met with advice to go on a diet, regardless of the issue they bring to a health care provider. 

Yet,...