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Budgeting: 10 reasons it's good for you
If you’ve never been on a budget in your life, it’s time to start. Everyone can benefit from more structured finances, especially if you find yourself without much money after you’ve paid your bills. Here are 10 great reasons why budgeting is good for you.
- It helps you reach your financial goals and provides direction. Budgeting is a good measure of how well you keep going the right direction.
- Budging gives you control over your money, instead of letting the money control you.
- It lets you know if you’re living within your means, instead of finding out too late when you’re overwhelmed by debt.
- You can meet your savings goals. It provides a mechanism for setting aside money for savings or investments on a regular basis.
- You will distinguish between wants and needs when making a purchase and become much more selective. An unexpected benefit of this is that you won’t have so much clutter in your home for things you don’t need anyway.
- A budget helps your family. Children learn by observation and will more likely grow up to be financially responsible.
- You will be prepared for emergencies or other large expenses that unexpectedly come up, such as medical bills or large car repairs.
- Budgets reveal trouble spots and allow you to see where money is being wasted. This will give you the opportunity to correct a problem before it’s too late.
- Budgeting will help you sleep at night. You won’t lie awake worrying about how to make ends meet. Take some stress out of your life!
- A Budget will help you communicate in your marriage. If you’re both on the same page regarding your spending, you can work together towards your financial goals.
Budgeting has become a bad word for a lot of people, but it doesn’t have to be that way. If you begin to think of it as a way to achieve financial success, as well as being able to do the things you enjoy the most, you’ll have the motivation to stick with it.
