We’ve all likely dealt with budgeting in one form or another, but is there any well-tested advice on how best to budget? And how does it fit into making progress toward longer-term goals like saving for retirement? In this episode of The Behavioral Divide, we get two perspectives.

First, we interview wealth advisor Lowell Parker, CFP of Merriman Wealth Management, to discuss the role of budgeting within the financial plans he establishes with his clients. What we uncover on the importance of the details of those budgets may surprise you.

In our second discussion, we speak with Abby Sussman, Ph.D.—a professor at the University of Chicago Booth School of Business—who has done a great deal of research into how individuals budget and why. Abby speaks to her findings on where people often go wrong with budgeting and what they can do about it.

If you enjoy the show, please let us know by giving our series a five-star rating. We’d also love to hear from you on this topic of budgeting. To join in on the discussion, send us a note at [email protected].

Important Disclosures

The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.

Hal Hershfield is not affiliated with American Century Investments.