Why You Need a Budget
Let’s face it, things are tough for a lot of people right now. Even if you are doing okay and consider yourself financially stable, it is just as important for you to have a budget as the person who is having money problems. Keep reading to find out why you need a budget.
You can print off your very own Monthly Budget Printable!!!
Get the Big Picture
It seems like we think we are only spending a certain amount on food, vending machine snacks or coffee, but when you track that, you discover that it is a lot more than what you thought. With a budget, you don’t have to worry about overspending on the little things because you will have a slot and dollar amount specifically for that item.
A budget can also reveal if you are on track financially.
Helps You Save
You know that you need some sort of savings, but did you know that having a budget will help you do that? Most people deposit a certain amount into their savings accounts each month, but if you are saving for a vacation, a new car or a down payment on a house, a budget can reveal where you can cut back so you can achieve your goal quicker.
It Teaches Your Children
Kids often mimic their parents, even if it doesn’t happen until they are older. Our children learn our money habits and carry them through adulthood. When they see you using a budget, they learn that keeping track of income and expenses is important, which will help them once they are out on their own. All of a sudden having rent, utilities and other bills can be overwhelming, but with a budget, they will know exactly where they stand at all times.
Using a budget has helped my family stay on track and reach our financial goals. When I decided to stay home with my children, we had to learn how to live on a single income, which meant that we needed to really pay attention to our expenses.
We have also been able to eliminate $32,000 of debt in only 14 months! We were able to do that by planning and keeping an eye on our expenses. Having a budget was only one of the things that helped us do that. It is something we are very proud of and I hope it can be an inspiration to you.
Our next financial goal is to pay off our mortgage in 15 years and that plan has been set in motion, but what I want to really do is see if we can pay it off in 10 years. A budget can help you achieve all of your financial goals, help save you money and give you the bigger picture about your money situation.
Do you have a budget? How does it help you and your family?