Importance of budgeting

[Lamkuthang]

If you fail to budget money that you are going to spend, believe me you will be making money in millions but you will not understand how the money comes and go, you will not even know exactly the things you are buying, that's the problem with no budgeting. If budget money to spend, you will be discipline and confine in that limit that once you hit the limit, you know very well that you are done for that day, week or month. It's important you know your limits in spending.

If you have an habit such as drinking, smoking, or womenizing you have to stop it because if even if you try to keep to budget, those I mentioned can make you go broke easily. They can make you spend outside your limits.

Yes. I might add a relevant opinion, but I think the most important thing to keep in mind, especially whether you're married or not, is reducing the potential for a leaky wallet. No matter how much money you earn, the results won't balance out. Having a family is even more complex. This means that if you strive to increase your income, your partner will hopefully manage it properly and cover expenses that aren't absolutely necessary. If you save one and spend one, how can you live a peaceful life?

[puloweh555]

For this century budget is very important for everyone, whether you are business owner or civil servant. Regardless of whatever you are into, so far you're serious about your life and also want to make it big in the future, budget should always come first, if you are happened to be someone that is earning on daily basis, you need to have plan on what to spend a day and also what to save. some key important of budget is that, it helps to reduce expenses and enhance savings. without budget there will be no idea for you to know either your business is improve or not.

Yes. Financial management is fundamental to life, whether in business, employment, or otherwise. Without a proper budget plan, you'll likely struggle to achieve financial freedom or at least financial stability. At a minimum income must exceed expenses. This seems simple but many people don't do it.

Money isn't everything, but having a safety net for any endeavor will help you focus more effectively. Happiness is a dynamic process, but having sufficient savings and financial stability is one of the keys to a peaceful life.

[Fredomago]

If you fail to budget money that you are going to spend, believe me you will be making money in millions but you will not understand how the money comes and go, you will not even know exactly the things you are buying, that's the problem with no budgeting. If budget money to spend, you will be discipline and confine in that limit that once you hit the limit, you know very well that you are done for that day, week or month. It's important you know your limits in spending.

If you have an habit such as drinking, smoking, or womenizing you have to stop it because if even if you try to keep to budget, those I mentioned can make you go broke easily. They can make you spend outside your limits.

Yes. I might add a relevant opinion, but I think the most important thing to keep in mind, especially whether you're married or not, is reducing the potential for a leaky wallet. No matter how much money you earn, the results won't balance out. Having a family is even more complex. This means that if you strive to increase your income, your partner will hopefully manage it properly and cover expenses that aren't absolutely necessary. If you save one and spend one, how can you live a peaceful life?

Indeed, a well-balance between needs and your income if you and your partner if ever that you are already married have that skills, it won't be hard to save some after addressing what's needed to be funded, there are people who knows how to deal with it but most are not, especially those who loves living in a luxurious ways they ended up loaning to finance what they want to achieved, leaving them with debts that they need to shoulder as addition to their expenses out from their salaries.

[Nuel0717]

Budgeting as I know it, means the telling of your money where to go Instead of wondering where it went. In other words it's about being in control of your money instead of letting it control you.
honestly I believe that any individual who earns money or income, should have a budget they aim to follow. Having a Budgeting helps one  prevent over spending, as it allows you to distinguish between your needs and your wants. It also helps avoid unnecessary dept, over spending, living paycheck to paycheck, etc.
Being a spend thrift in today's world isn't a good idea at all, even if you earn easily you still need a plan and a budget.The idea of budgeting have actually led to the success of many people.
In summary, budgeting isn’t just about saving, it’s about being smart, disciplined, and ready for the future.

[katanic97]

Budgeting as I know it, means the telling of your money where to go Instead of wondering where it went. In other words it's about being in control of your money instead of letting it control you.
honestly I believe that any individual who earns money or income, should have a budget they aim to follow. Having a Budgeting helps one  prevent over spending, as it allows you to distinguish between your needs and your wants. It also helps avoid unnecessary dept, over spending, living paycheck to paycheck, etc.
Being a spend thrift in today's world isn't a good idea at all, even if you earn easily you still need a plan and a budget.The idea of budgeting have actually led to the success of many people.
In summary, budgeting isn’t just about saving, it’s about being smart, disciplined, and ready for the future.

When you have a budget, it means you have money that you will use to pay bills, other expenses, and so on. Only after the bills and other obligations are paid, and there’s money left from that budget, can you actually
"budget" it. Whether you decide to set that money aside or simply spend it on your own desires doesn’t really matter. The point is not to go into unnecessary debt and, as you said, to have a plan  the goal is to stick to that plan.

[ChocolateBitcoinK]

When you have a budget, it means you have money that you will use to pay bills, other expenses, and so on. Only after the bills and other obligations are paid, and there’s money left from that budget, can you actually
"budget" it. Whether you decide to set that money aside or simply spend it on your own desires doesn’t really matter. The point is not to go into unnecessary debt and, as you said, to have a plan  the goal is to stick to that plan.

Many people think that budget planning only means listing income and expenses. Budget planning will be useful only when one can maintain a balance between his income and expenses and the remaining money. Financial management will maintain financial discipline. In addition to controlling expenses, it is necessary to keep an eye on maintaining a balance between investment, savings and remaining money. Sound financial management protects against unnecessary expenses. And as long as we follow the plan within our income limits, financial stress and debt risk are under control. And if there is a responsible mindset in proper management, it can bring success in the long run.

[katanic97]

When you have a budget, it means you have money that you will use to pay bills, other expenses, and so on. Only after the bills and other obligations are paid, and there’s money left from that budget, can you actually
"budget" it. Whether you decide to set that money aside or simply spend it on your own desires doesn’t really matter. The point is not to go into unnecessary debt and, as you said, to have a plan  the goal is to stick to that plan.

Many people think that budget planning only means listing income and expenses. Budget planning will be useful only when one can maintain a balance between his income and expenses and the remaining money. Financial management will maintain financial discipline. In addition to controlling expenses, it is necessary to keep an eye on maintaining a balance between investment, savings and remaining money. Sound financial management protects against unnecessary expenses. And as long as we follow the plan within our income limits, financial stress and debt risk are under control. And if there is a responsible mindset in proper management, it can bring success in the long run.

I agree, but realistically, can you really stick strictly to all of that? Various unexpected expenses come up and ruin your plans. Just when you think everything is going according to plan, something happens, and the part you planned to save, you have to spend and then you have to start all over again. Times are tougher than before you can’t save as much as you used to nflation is literally eating up the money.

[Chilwell]

Many people think that budget planning only means listing income and expenses. Budget planning will be useful only when one can maintain a balance between his income and expenses and the remaining money. Financial management will maintain financial discipline. In addition to controlling expenses, it is necessary to keep an eye on maintaining a balance between investment, savings and remaining money. Sound financial management protects against unnecessary expenses. And as long as we follow the plan within our income limits, financial stress and debt risk are under control. And if there is a responsible mindset in proper management, it can bring success in the long run.

I agree, but realistically, can you really stick strictly to all of that? Various unexpected expenses come up and ruin your plans. Just when you think everything is going according to plan, something happens, and the part you planned to save, you have to spend and then you have to start all over again. Times are tougher than before you can’t save as much as you used to nflation is literally eating up the money.

This is why you don't budget the exactly amount you are going to use, this is where the contingency fees comes in. I don't know for others but like me, before I budget I make sure I included contingency fees to avoid distraction, I normally solve some of the obstacles which I know they will come before I started planning anything. Destruction in budgeting is very dangerous because it can ruin all your plans and that alone will affect you deeply and it will set you back from achieving your goal. Many people forget about contingency which is why we always see a lot of abandon projects because they don't plan for unforeseen circumstances.

[Unknown Op]

Many people think that budget planning only means listing income and expenses. Budget planning will be useful only when one can maintain a balance between his income and expenses and the remaining money. Financial management will maintain financial discipline. In addition to controlling expenses, it is necessary to keep an eye on maintaining a balance between investment, savings and remaining money. Sound financial management protects against unnecessary expenses. And as long as we follow the plan within our income limits, financial stress and debt risk are under control. And if there is a responsible mindset in proper management, it can bring success in the long run.

I agree, but realistically, can you really stick strictly to all of that? Various unexpected expenses come up and ruin your plans. Just when you think everything is going according to plan, something happens, and the part you planned to save, you have to spend and then you have to start all over again. Times are tougher than before you can’t save as much as you used to nflation is literally eating up the money.

This is why you don't budget the exactly amount you are going to use, this is where the contingency fees comes in. I don't know for others but like me, before I budget I make sure I included contingency fees to avoid distraction, I normally solve some of the obstacles which I know they will come before I started planning anything. Destruction in budgeting is very dangerous because it can ruin all your plans and that alone will affect you deeply and it will set you back from achieving your goal. Many people forget about contingency which is why we always see a lot of abandon projects because they don't plan for unforeseen circumstances.

We know that many people don't try to make a budget because they only try to give installments phone, bike or car and they are totally in debt and they have no time to make a budget. People are facing hard time but they ignore that because debt is not good for poor person because he has no plan to escape from that and he have to work 16 hours a day to come out from debt but after that he will take more debt to buy a living house and he has mentality of poor people and he will live his life being a poor people and he will die being a poor person. People have to be strong if they are taking debt And have no plan to do financial well for his life .People are following the rich people but rich people make a plans and they don't waste their money on useless things.

[katanic97]

Many people think that budget planning only means listing income and expenses. Budget planning will be useful only when one can maintain a balance between his income and expenses and the remaining money. Financial management will maintain financial discipline. In addition to controlling expenses, it is necessary to keep an eye on maintaining a balance between investment, savings and remaining money. Sound financial management protects against unnecessary expenses. And as long as we follow the plan within our income limits, financial stress and debt risk are under control. And if there is a responsible mindset in proper management, it can bring success in the long run.

I agree, but realistically, can you really stick strictly to all of that? Various unexpected expenses come up and ruin your plans. Just when you think everything is going according to plan, something happens, and the part you planned to save, you have to spend and then you have to start all over again. Times are tougher than before you can’t save as much as you used to nflation is literally eating up the money.

This is why you don't budget the exactly amount you are going to use, this is where the contingency fees comes in. I don't know for others but like me, before I budget I make sure I included contingency fees to avoid distraction, I normally solve some of the obstacles which I know they will come before I started planning anything. Destruction in budgeting is very dangerous because it can ruin all your plans and that alone will affect you deeply and it will set you back from achieving your goal. Many people forget about contingency which is why we always see a lot of abandon projects because they don't plan for unforeseen circumstances.

Unexpected expenses always come up, and you can never know exactly how much they’ll be. It always ends up being more than what you planned. People generally forget that and go "tight" with their money, and then they’re surprised when they run out or don’t have enough. Let me give you an example , it’s like when you’re buying a used car. If it costs (for example) $5,000, you should automatically think of it as $6,000, because you have to consider servicing, registration, and all the unforeseen costs that come with the car. It’s the same with budgeting  you have your set amount and savings, but you always need to account for those kinds of extra expenses