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Ugh, the dreaded budget.

I know that the idea of living on a budget can be daunting and that putting a budget together sounds like a bore. But the truth is creating a budget will help you pay off your debts and reach your financial goals.

It's crucial that you know the difference between fact and fiction when it comes to budgeting. If you Google "how to create a budget," not only will you end up with an overwhelming amount of information, but you also will find that a lot of it isn't remotely true.

Here are 12 common budgeting myths that you and I and everyone else need to stop believing — right now.

12. You can absolutely not go over budget — ever

Woman at the supermarket checkout, she is paying using a credit card
OK, let's clear this myth up right away.

OK, let's clear this myth up right away. Yes, you should aim to stay on or under budget, but the reality is that life happens and no one is perfect.

When you do end up going over budget — and everyone does at one point or another — the best you can do is make adjustments so you are still staying within your means, and go from there.

Unfortunately for many people, when they go over budget they tend to get defeated and give up on the entire concept of budgeting.

Really, the situation doesn’t have to be that dramatic. Just make sure that you are covering your fixed expenses — mortgage, debt repayment, savings, child care, car payment, etc. — and adjust your variable spending to stay within your means.

Continue reading on the next page.