Sticking to a budget is the biggest money challenge Americans said they face, according to GOBankingRates’ 2015 Life + Money Survey. Perhaps the reason so many people find budgeting so difficult is because they’re approaching it the wrong way.

“People usually cringe when you talk about budgets” because they’re considered to be constrictive, said Jim Blankenship, a certified financial planner with Blankenship Financial Planning. The alternative, he said, is a spending plan, which is about choice.

Here’s what you need to know about creating a spending plan that will lead you to a more secure financial future.

How a Spending Plan and Budget Differ

A budget feels like a diet to many people because it creates a sense of deprivation, said Brad Klontz, PsyD, a financial psychologist and author of “Mind Over Money: Overcoming the Money Disorders That Threaten Our Financial Health.” You have to track your spending and figure out what to cut. It can be painful, he said, so few people do it.

continue reading »