Importance of budgeting

[Issa56]

Budgets requires discipline, what does not fall into the plan should be carried over or suspended. You can add other importance of budgeting that you know so that we can all learn from each other.

A budget is all about putting your wants in first place as your first priority and putting your wants out of it so that you will be able to achieve a lot of things in the future because with a budget you will be able to achieve a lot of investment, and that will go a long way to help you, as you will be able to track your expenses and take note of unnecessary spending that won’t give a better advantage in the future, as with a budget you will be able to get set for emergencies, which always come unexpectedly. But with a budget, all this will be solved, and financial freedom will be assured. Because without unnecessary spending, then investment is secured, and if investment is assured, then financial freedom is certain.

[Asiska02]

Having a budget which I refer more to as having a scale of preference is important for everyone. Without such budget in place, you’ll spend aimlessly and can’t account for the many riches you may have accumulated over the time. Some things are not important for you as a person which you can easily discard because putting your mind into the most unimportant thing and wanting to satisfy all your wants will only make you poor which you won’t feel know until the source is no more there or has reduced drastically that you can’t live such a life you’ve been living before that time. If you have a plan to have a sustainable means of living, focus more on investing because that is what will give you more of financial freedom than what you expect and if it is a means of securing your long time investment without spending them.

[Republikcoin.com]

Financial mistakes are different from getting hacked due to stupidity, financial goals are to be done using budget strategy because you can't tell which investment will survive in the long run and this is different from you exposing your seed to your wallet online.

Of course it's a financial mistake not to budget and money allocation shouldn't go to investment alone, other aspects of life like housing, cars, debt repayment, entertainment, savings etc all make up for the purpose of budgeting.

All that you mentioned are important things in the lives of most people even though some of them are not purchased repeatedly but are purchased once in a larger budget such as in the example of housing and cars. As for entertainment, maybe some people still make a budget once a year or twice a year so that the focus on investment and daily needs for life will not be really disturbed by these things.

[Onyeeze]

Actually to make a budget is very good, do not allow people to deceive you by making a wrong plans, they are people who doesn't calm down and think how the future may be, secondly, I want people to know that the highest advice is the one you give yourself, if we do give ourselves advice I think that we will put our money into function, what makes some people to be poor today is base on lack of planing, because if you plan well for the money you earn you will genuinely have a good budget that will uplift you, but the thing is that many people doesn't bother or care to put the money they received weekly or monthly into practice, what I mean by a practice is investment, at least have a budget in everything they're doing for future reasons

[Z_MBFM]

If anyone don't understand this basic thing such as budgeting then they should not be in business or have anything to do with finance. OP you did a good job but have honestly post like this are basic, this type of post will have a good fitting for  beginners and help. This is a vast forum and the economy board of the forum talking about very basic thing like this that is obvious as day light is a bit cringe.

This topic is also enough in the economy board as economic issues are discussed here. What op mentioned is certainly true and I will say one thing here that everyone needs to learn money management first so that he will learn to spend the right amount in every place and will never misuse or misappropriate money. Therefore, to do something good financially, first of all, it is necessary to have good knowledge about money management. When someone has good knowledge about money management, then the issue of budgeting will automatically be seen in him.

[Mate2237]

If anyone don't understand this basic thing such as budgeting then they should not be in business or have anything to do with finance. OP you did a good job but have honestly post like this are basic, this type of post will have a good fitting for  beginners and help. This is a vast forum and the economy board of the forum talking about very basic thing like this that is obvious as day light is a bit cringe.

This topic is also enough in the economy board as economic issues are discussed here. What op mentioned is certainly true and I will say one thing here that everyone needs to learn money management first so that he will learn to spend the right amount in every place and will never misuse or misappropriate money. Therefore, to do something good financially, first of all, it is necessary to have good knowledge about money management. When someone has good knowledge about money management, then the issue of budgeting will automatically be seen in him.

One can't be talking about budgeting without talking about financial management and discipline which are two words that are linked together as the both complete each other anyone who spends money carelessly will find it difficult to budget his finances because spending extravagantly will only lead to destroying the plans and budget made by anyone.



Financial education is key and should be learnt by everyone who is to make progress in life as it concerns any thing to do with money so the importance of budgeting in the life of an individual cannot be overemphasized any day

[harapan]

If anyone don't understand this basic thing such as budgeting then they should not be in business or have anything to do with finance. OP you did a good job but have honestly post like this are basic, this type of post will have a good fitting for  beginners and help. This is a vast forum and the economy board of the forum talking about very basic thing like this that is obvious as day light is a bit cringe.

Most business owners should prioritize budgeting cause it minimizes loses as a result of money mismanagement and encourage proficient spendings.Budgetting is a vital criteria in  the financial sector that everyone should embrace inorder to take their business to a better height. There's so much to budgeting that's why it's advisable to plan and make hay while the sun shines.

[dezoel]

One can't be talking about budgeting without talking about financial management and discipline which are two words that are linked together as the both complete each other anyone who spends money carelessly will find it difficult to budget his finances because spending extravagantly will only lead to destroying the plans and budget made by anyone.

Financial education is key and should be learnt by everyone who is to make progress in life as it concerns any thing to do with money so the importance of budgeting in the life of an individual cannot be overemphasized any day

Yes, budgeting only works if you can manage your finances if you are careless and have no control at all, then it should not be ok at all. If you end up with a lot more profit if you could just manage it well, that is how you budget.

Think about it, lets say you earn X amount, you need to make sure that this is your budget, you say I make 100 bucks, and need to spend 90 and save 10. That's called budget, but then you need to manage to live on that 90, and that would be the one which makes sense and would be called financial management. If you budget, and then follow it, then you are good at both of them and should be getting a greater return. If we can live with something like this, that should be the way to move forward.

[Pi-network314159]

Budgets requires discipline, what does not fall into the plan should be carried over or suspended. You can add other importance of budgeting that you know so that we can all learn from each other.

budgeting is very important. to achieve this we need a scale of preference to place things in orderly manner base on first and second priority or even third. when setting budgeting we need to have to put the important things first before  any other thing.  for instant a person who works and get paid may have a plan to achieve something at the end of the day, this could be investing into bitcoin every week or month or could be investing into a project. for this to be achieved you must try as much as possible to first of make provision for feeding or house hold expensed then he can mark out some amount for investment no matter how small it might be, budgeting is more of  dedication, discipline, focus and determination, and not just by words.

[Cityhunter34]

Budgeting is good because it saves you from spending money on things that are of less importance to you. Budgeting makes you to identify the things that you needed and not things you wanted. Without budgeting, funds will be mismanaged due to wrong financial decisions. To show how important budgeting is, every country has their own budget annually and everything they need to do is being followed from the budget. Budgeting requires a proper planning and even if you must go above your budgets but you won't lavish money extravagantly.

Normally have a good budget planning for yourself is always necessary. Because this have been a very big problem for most of us, due to not having a sating budget for their spending. Though, some expenses we are experiencing today is lack of budgeting, because once you set up a good budget it will going to help you manage your money without spending much. Because most people normally got carried away whenever they have a enough money.

[tabas]

Because most people normally got carried away whenever they have a enough money.

Real thing. They are quick to spend it when the money's in hand, and that's why even without a budget at all. They will spend it no matter what happens because there is no budget at all. But if it's budgeted, it won't be gone too quickly. I am guilty of being carried away when cash is in my hand. So, I better keep it in crypto and won't spend them because I feel that it's going up than using it for something else. Well, the others knew this idea that it's better for them to keep their money on an asset because they have bad spending habits.

[Webetcoins]

Not everyone can do this, not because it's impossible, but it is very difficult. If you own a business for example, like if you have a store, what goes in and what goes out, could be a bit different. Not because big ones are not doable, or even any of them, you can take notes of ALL of the spending and income, but it is usually difficult.

Because we are talking about daily dozens of sales and spending, so keeping track of that is very difficult, and if you are lazy, then you are going to not really do that. Remember, not all of them at some report you can just download pdf, some of them are what you have to write down yourself, and smaller stuff, like a meal at work, has to be all noted down and most people doing something else at that time instead of note it down.

[Raflesia]

Not everyone can do this, not because it's impossible, but it is very difficult. If you own a business for example, like if you have a store, what goes in and what goes out, could be a bit different. Not because big ones are not doable, or even any of them, you can take notes of ALL of the spending and income, but it is usually difficult.

That's because we don't force it because of several things including laziness which is always one of the factors that cannot be avoided.
But if we try to be more selective especially when we want to improve in everything including our finances, of course this important thing should not be missed because it will be considered something trivial but will actually have a significant impact in the end.

Discipline in budgeting and good financial management will clearly be a very positive thing because at least from that we can have several aspects including evaluation if there are indeed many shortcomings that we do in managing our finances.
Indeed, this will feel difficult, especially when we are not used to doing it, but something like this can still be done so that we have something good even though it might start from ourselves who are forced to do it to get used to it.

[MarjorieZimmermanGinger]

It is the same for business people and governments, they have to start from a planing stage and arrive at allocating funds according to importance of their expenses and projects.

Budgets requires discipline, what does not fall into the plan should be carried over or suspended. You can add other importance of budgeting that you know so that we can all learn from each other.

Not only business people or governments because even a gambler needs to make a plan in allocating the money they spend on gambling. Everything related to money does need to make a plan for balanced expenses and income so that people individually, groups or countries can be more accurate in making targeted expenses. Talking about personal life may be much more complex because someone must have a plan in the budgeting process so that there is a balance between the income and expenditure processes.

To train in discipline, a strategy is needed and someone must know the expenses that are productive as a support for life and vice versa with unexpected expenses. In this way we can spend something in a disciplined way and not make the use of money in the wrong way.

[Stella Mese]

It is the same for business people and governments, they have to start from a planing stage and arrive at allocating funds according to importance of their expenses and projects.

Budgets requires discipline, what does not fall into the plan should be carried over or suspended. You can add other importance of budgeting that you know so that we can all learn from each other.

In fact, adjustments in the beginning of course the budget is the most important thing to think about in order to be able to manage what is planned well and carefully, by managing the budget to achieve the planned goals, the most important thing is to be in accordance with considerations and pay attention to needs that include according to the available funds, I am sure everyone must have a plan in allocating existing funds and a sufficient budget in order to create the desired progress.

[Lanatsa]

Not everyone can do this, not because it's impossible, but it is very difficult. If you own a business for example, like if you have a store, what goes in and what goes out, could be a bit different. Not because big ones are not doable, or even any of them, you can take notes of ALL of the spending and income, but it is usually difficult.

That's because we don't force it because of several things including laziness which is always one of the factors that cannot be avoided.
But if we try to be more selective especially when we want to improve in everything including our finances, of course this important thing should not be missed because it will be considered something trivial but will actually have a significant impact in the end.

Discipline in budgeting and good financial management will clearly be a very positive thing because at least from that we can have several aspects including evaluation if there are indeed many shortcomings that we do in managing our finances.
Indeed, this will feel difficult, especially when we are not used to doing it, but something like this can still be done so that we have something good even though it might start from ourselves who are forced to do it to get used to it.

Being lazy or not taking any actions on which it would be detrimental on your success then its a common stuff for most of people and thats why they do remain up on where they are now on which they can actually be able to make out those changes if they were just that mindful into their current condition. If you've seen yourself having that kind of shortage on the current earnings that you do have then you will definitely having some issues even if you would be having that kind of budgeting. We do know that we are living in a world on which economic conditions becomes worst overtime and if you arent that wise when it comes to spending or budgeting then it will be causing up that kind of huge problem about finances later on on which you will be able to realize on how important it is on the first place. People do usually made out some adjustments when they are experiencing unfortunate conditions on which they have might that able to avoid it earlier if they are just that thinking up well.

In speaking about importance then it should be something in default. Come to think that even with those wealthy or rich people do made out some budgeting about their expenses then how much more for us low earners or those who do make money less? Of course you would be needing up to be mindful when it comes into this aspect if you dont like to experience up some problems. As much as possible when the time comes that you do have that sufficient money saved out of those proper budget then this is the moment that you do consider out on trying to make some step up like on having that business or investment on which it could be giving out that additional income source on which it will be that a huge help on this case.

[Raflesia]

That's because we don't force it because of several things including laziness which is always one of the factors that cannot be avoided.
But if we try to be more selective especially when we want to improve in everything including our finances, of course this important thing should not be missed because it will be considered something trivial but will actually have a significant impact in the end.

Discipline in budgeting and good financial management will clearly be a very positive thing because at least from that we can have several aspects including evaluation if there are indeed many shortcomings that we do in managing our finances.
Indeed, this will feel difficult, especially when we are not used to doing it, but something like this can still be done so that we have something good even though it might start from ourselves who are forced to do it to get used to it.

Being lazy or not taking any actions on which it would be detrimental on your success then its a common stuff for most of people and thats why they do remain up on where they are now on which they can actually be able to make out those changes if they were just that mindful into their current condition. If you've seen yourself having that kind of shortage on the current earnings that you do have then you will definitely having some issues even if you would be having that kind of budgeting. We do know that we are living in a world on which economic conditions becomes worst overtime and if you arent that wise when it comes to spending or budgeting then it will be causing up that kind of huge problem about finances later on on which you will be able to realize on how important it is on the first place. People do usually made out some adjustments when they are experiencing unfortunate conditions on which they have might that able to avoid it earlier if they are just that thinking up well.

True, this is detrimental but many people think that this is something trivial and not taken into account too much but in the end this actually has a considerable impact on our sustainability and progress in the future.
Because regardless of how much or little income we have, when there is no good control where recording or management is not good, the situation will remain the same where we will always feel lacking because the income we have is actually drained by expenses that are sometimes not even too important.

I felt that way a few years ago and now I'm trying not to be ignorant of things like this because even though this is a basic step or a simple step, the impact is indeed very good for our future because at least with records like this we become more aware and more able to be more observant where the expenses we have to do and which ones we have to reduce.

[bhadz]

Budgeting mostly not going to work to a normal and minimum wage earner in my country. With all of the rising cost of everything, it seems that we're just working for a few kilos of meat and some rice to eat. And having known with the bills and rent if it's not owned, they won't cover mostly. What people needs for those that are suffering with budgeting is to increase more the incomes that they have. Even with good cash flow but if the salary or income isn't enough to cover the cost of everything, it won't help at all and there is nothing to budget when most of the money are going to primary needs.

[bangjoe]

Actually to make a budget is very good, do not allow people to deceive you by making a wrong plans, they are people who doesn't calm down and think how the future may be, secondly, I want people to know that the highest advice is the one you give yourself, if we do give ourselves advice I think that we will put our money into function, what makes some people to be poor today is base on lack of planing, because if you plan well for the money you earn you will genuinely have a good budget that will uplift you, but the thing is that many people doesn't bother or care to put the money they received weekly or monthly into practice, what I mean by a practice is investment, at least have a budget in everything they're doing for future reasons

Budgeting or financial planning is very important, because in addition to helping us meet our needs, it can also make us wiser in spending money. However, there is something more important than that, namely how we can be grateful for all the decisions we have made including the financial planning that we have budgeted. Therefore, not a few people at the end of the month, when waiting a few more days to get their monthly salary from their workplace, usually consciously they make plans related to their finances, so that the salary they get can be used as well as possible, can meet their needs in the following month, increase savings and investments and also set aside some more for pocket money and to buy what they want. That's their thinking when before getting their salary, but in reality when the person has received his salary, all those plans disappear who knows where, and in the end the salary he gets is not really able to meet his needs for the next month.

[Sticky Bomb]

Budgeting is very important for everybody that makes money, including companies and governments. So far you are getting money on a regular basis there is need to have a budget for how you spend the money. Even when you are gifted money that you didn't plan for, there is still need to make a budget so that you don't waste it on things that are not important to you. The simplest definition of budgeting is having a plan on how to allocate money so that you will not misuse it.

Good points, in addition to your points, budgeting makes us have a clearer picture of our expenses. Simply writing out expected excited and planning for it can save an individual or firm from oversight and be able to attend to all needs timely and efficiently.

It also helps us structure our activities in a more efficient manner and reduces waste, finally helps us maintain a good cashflow management practice and have better savings.