Importance of budgeting

[Hanadawa]

People who understand the value of money will always spend on things that will generate more money for them or on things they really need, and they do not spend money without budgeting to avoid spending more money that is not planned for.

I think this is what separates successful people from those living in poverty. I'm not belittling the poor. However, those who don't understand the value of money tend to only think of it as a means of exchange they use for shopping. The more money they earn, the more they spend. This is different from people with good financial management. They view money as a seed that, if planted properly, will yield returns. Such people tend to limit their spending and allocate their money to investment instruments or businesses. I have a friend who could be described as very stingy and lives a very simple life. He doesn't like fancy restaurants or branded goods. However, he owns many assets in stocks, crypto, and gold. Interestingly, when I asked him why he lives so simply, he said he initially wanted to live a luxurious life, but found that frugality is much more comfortable and enjoyable, and he doesn't want to change his habits.

[Ricardo11]

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.

It is said in economics that human wants are insatiable so you have to know the difference between wants and needs. As human beings we want many things that we can't afford so we have to focus on our needs (essentials). Then we have to prioritize the 'needs' and the most important one is the first to be allocated funds to, then the second and down the hierarchy.

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.

Budget is a plan. A plan is made to spend your hard-earned money properly. A budget is very important for a well-ordered and controlled life. Creating a budget and working according to it reduces unnecessary expenses. You have a clear idea of where your money is spent throughout the month.

Again, you can get an accurate idea of how much money you have at the end of the year. However, in the current situation, it is difficult to create a budget and live according to that budget.

Still, living without a budget is like sailing a boat without a sailor.

Those who live without financial management, they have no future assurance, it is important to spend money in a planned manner for a disciplined life, although in the current inflationary market, not everything goes as planned, but a little ups and downs are acceptable, but if you spend all your income uncontrollably, then your future will not be financially assured, and even in an unexpected situation you will have to face a lot of problems. So everything has to be planned, create a specific budget, save or invest for the future according to your income capacity and create a separate fund for the situation in advance, lead a comfortable life.

[Cookdata]

I think this is what separates successful people from those living in poverty. I'm not belittling the poor. However, those who don't understand the value of money tend to only think of it as a means of exchange they use for shopping. The more money they earn, the more they spend. This is different from people with good financial management. They view money as a seed that, if planted properly, will yield returns. Such people tend to limit their spending and allocate their money to investment instruments or businesses. I have a friend who could be described as very stingy and lives a very simple life. He doesn't like fancy restaurants or branded goods. However, he owns many assets in stocks, crypto, and gold. Interestingly, when I asked him why he lives so simply, he said he initially wanted to live a luxurious life, but found that frugality is much more comfortable and enjoyable, and he doesn't want to change his habits.

There is a difference between successful people and by that I think you mean wealthy people, the middle peaole and poor people. Successful people are not close to poor people and they are not even bound by what you are saying. Been born in the right side of history gives you a edge, this is what man poor people don't have. If you are born in a poor family, the chance of you getting out of there is very slim and if you are not having a formal education may make it worse.

It's people that are in between middle class and wealthy people you should be comparing. Someone that has basic things and leave a comfortable life can take risk to becomes a wealthy person if they have the right plan and has a successful plan, a poor man don't have any money to invest in Crypto or Bitcoin but a middle class person can make that sacrifice with the little they have to buy the things you say and becomes a successful person, a poor person that barely feed don't have resources to buy the things you said.

[dunfida]

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.

It is said in economics that human wants are insatiable so you have to know the difference between wants and needs. As human beings we want many things that we can't afford so we have to focus on our needs (essentials). Then we have to prioritize the 'needs' and the most important one is the first to be allocated funds to, then the second and down the hierarchy.

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.

Budget is a plan. A plan is made to spend your hard-earned money properly. A budget is very important for a well-ordered and controlled life. Creating a budget and working according to it reduces unnecessary expenses. You have a clear idea of where your money is spent throughout the month.

Again, you can get an accurate idea of how much money you have at the end of the year. However, in the current situation, it is difficult to create a budget and live according to that budget.

Still, living without a budget is like sailing a boat without a sailor.

Those who live without financial management, they have no future assurance, it is important to spend money in a planned manner for a disciplined life, although in the current inflationary market, not everything goes as planned, but a little ups and downs are acceptable, but if you spend all your income uncontrollably, then your future will not be financially assured, and even in an unexpected situation you will have to face a lot of problems. So everything has to be planned, create a specific budget, save or invest for the future according to your income capacity and create a separate fund for the situation in advance, lead a comfortable life.

They would be only mindful at the time that they've been able to experience the worst case scenario, but before that they wouldnt be minding up that much when it comes to financial management. We do know that on the time that you've been that still into a condition on which you dont have any financial problems then you wouldnt be thinking about budgeting specially that you do have that a good or decent job that could support your daily needs and with also having that some side income from your investment or businesses, then you would be having that kind of confidence that you can make it through forever and having no problem that you would be able to encounter along the way on which this is very wrong. There's no such thing about guarantee that we do have in life on which problems will always exist no matter what. It might not happen now but it might happen later on and thats why self preparedness would be needed up.

Budgeting is crucial because you cant just that live yourself like a king or queen when it comes to spending, because at the time or moment that you do become that spending up that much
and havent been able to prepare for emergency funds or similar, then you would be seeing yourself being fucked up on the situation.

[summonerrk]

I think this is what separates successful people from those living in poverty. I'm not belittling the poor. However, those who don't understand the value of money tend to only think of it as a means of exchange they use for shopping. The more money they earn, the more they spend. This is different from people with good financial management. They view money as a seed that, if planted properly, will yield returns. Such people tend to limit their spending and allocate their money to investment instruments or businesses. I have a friend who could be described as very stingy and lives a very simple life. He doesn't like fancy restaurants or branded goods. However, he owns many assets in stocks, crypto, and gold. Interestingly, when I asked him why he lives so simply, he said he initially wanted to live a luxurious life, but found that frugality is much more comfortable and enjoyable, and he doesn't want to change his habits.

There is a difference between successful people and by that I think you mean wealthy people, the middle peaole and poor people. Successful people are not close to poor people and they are not even bound by what you are saying. Been born in the right side of history gives you a edge, this is what man poor people don't have. If you are born in a poor family, the chance of you getting out of there is very slim and if you are not having a formal education may make it worse.

It's people that are in between middle class and wealthy people you should be comparing. Someone that has basic things and leave a comfortable life can take risk to becomes a wealthy person if they have the right plan and has a successful plan, a poor man don't have any money to invest in Crypto or Bitcoin but a middle class person can make that sacrifice with the little they have to buy the things you say and becomes a successful person, a poor person that barely feed don't have resources to buy the things you said.

And that is why I always feel sorry for both the poor and the middle class. The middle class is in the same poverty trap, and any attempt to invest or start a business can be fatal. Now are very difficult times of crisis and the middle class has a very high chance of poverty if the head of the family does not constantly look for part-time work.
And at the same time, you cannot limit yourself to one part-time job, you need several. This is scary and bad. It should not be like this. Those who work a lot should have the opportunity, at least for full treatment of themselves and their relatives.
But medicine is expensive.

[AVE5]

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.

Budgets is the foundation that cements the welfare of a business. It's the core engineering structure that guides business persons or funds holder to utilize/spend them effectively and responsibly.
It's required to be disciplined before one can actually respond to their actions of budgets because, some people may have theoretical future budgets analysing how they're going to use their funds but when the funds gets to them, they deviates from the plans and jump into other sectors without proper plans.
They also fail to make earlier financial budgets for it causing them to face challenges where there's no reserve of savings for short term needs. After using their entire savings for the investment and the profits isn't coming so quick, they begin panic resulting to fail of investment goals.
This act is practicable to some newbie investors in the crypto markets who sells their bitcoins at lost price due to need of funds to solve their immediate needs.

[Cgrexp]

Budget is important in our life for living a well-ordered and prosperous life. By planning and arranging a proper budget, we will be able to fulfill every need in our life as per the requirement. When I plan a proper budget based on the amount of money I earn every month, I will not spend more than I need. And I will be able to continue my savings well. If the budget is correct, it protects me from additional debt. A proper budget helps in achieving financial freedom and it saves me from worries. Then a budget planner can easily achieve his goal

[Republikcoin.com]

Budget is important in our life for living a well-ordered and prosperous life. By planning and arranging a proper budget, we will be able to fulfill every need in our life as per the requirement. When I plan a proper budget based on the amount of money I earn every month, I will not spend more than I need. And I will be able to continue my savings well. If the budget is correct, it protects me from additional debt. A proper budget helps in achieving financial freedom and it saves me from worries. Then a budget planner can easily achieve his goal

Some people only create a plan when their income stream is clear. If someone has a good plan, but the income stream is inconsistent in one or two areas, the plan will be useless. Planning becomes useful when someone is clear about where their income comes from and where they will spend their living expenses. Although most people certainly won't spend more than they can afford each month, the remaining money can be used as capital, either for investment or other businesses.

[eightdots]

Budget is important in our life for living a well-ordered and prosperous life. By planning and arranging a proper budget, we will be able to fulfill every need in our life as per the requirement. When I plan a proper budget based on the amount of money I earn every month, I will not spend more than I need. And I will be able to continue my savings well. If the budget is correct, it protects me from additional debt. A proper budget helps in achieving financial freedom and it saves me from worries. Then a budget planner can easily achieve his goal

Some people only create a plan when their income stream is clear. If someone has a good plan, but the income stream is inconsistent in one or two areas, the plan will be useless. Planning becomes useful when someone is clear about where their income comes from and where they will spend their living expenses. Although most people certainly won't spend more than they can afford each month, the remaining money can be used as capital, either for investment or other businesses.

One of the key points to consider when budgeting is avoiding spending more than you need. Budgeting requires a planned approach, and overspending disrupts this plan. Avoiding more than you need also allows you to save. Saving is one of the benefits of good budgeting.

Budgeting is easier when income and expenses are clear. When expenses are uncertain, budgeting becomes difficult, and saving can be challenging. Another advantage of planning is that it provides savings for possible additional expenses.

[red4slash]

Budget is important in our life for living a well-ordered and prosperous life. By planning and arranging a proper budget, we will be able to fulfill every need in our life as per the requirement. When I plan a proper budget based on the amount of money I earn every month, I will not spend more than I need. And I will be able to continue my savings well. If the budget is correct, it protects me from additional debt. A proper budget helps in achieving financial freedom and it saves me from worries. Then a budget planner can easily achieve his goal

Some people only create a plan when their income stream is clear. If someone has a good plan, but the income stream is inconsistent in one or two areas, the plan will be useless. Planning becomes useful when someone is clear about where their income comes from and where they will spend their living expenses. Although most people certainly won't spend more than they can afford each month, the remaining money can be used as capital, either for investment or other businesses.

Planning for finances, or more precisely for our expenses, ultimately depends on our income, so your claim may be incorrect because it would be ridiculous for someone to try to plan their expenses or what they should spend but still be confused about how much to spend because they have no income.

The spending plans we need to make must be based on the income we have, and it’s not possible for someone to try to budget for something that still seems fictional because they’re confused about their income.
It’s not that such things are forbidden, but I think we should be a bit more rational about this because if we only budget for expenses without any income or money, it’s the same as daydreaming and creating a fictional scheme.

[Ivystar5]

Budgeting is easier when income and expenses are clear. When expenses are uncertain, budgeting becomes difficult, and saving can be challenging. Another advantage of planning is that it provides savings for possible additional expenses.

There is no way one can budget what they do not have, so if budgeting should be, then income should be certain already, even though it might not come consistent then having at least hope if getting one or receiving is very important, once you have an income or get paid once then you can budget and live your life strictly on the page of your budget. Budgeting is like the manual to how you life you life, if your going to live a extravagant or strictly on budget, infact budgeting is as having a plan it works hand in hand.

[Onyeeze]

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.

Budgeting will make you to utilise your money very well, some people doesn't like make a budget in anything they're doing and that has being the challenges they are having and that makes them to be spending unnecessarily, so therefore we need to understand that, I'm using gambling as a reference, in gambling you need to budget yourself very well before you gamble and likewise any other thing you do, without having a budget you will spend your money beyond your budget and that is why any average person have to know that they need to make plans that will help them to achieve their targets, many people is poor today they did not have a foresight from the beginning and today they are regretting seriously

[Unknown Op]

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.

Budgeting will make you to utilise your money very well, some people doesn't like make a budget in anything they're doing and that has being the challenges they are having and that makes them to be spending unnecessarily, so therefore we need to understand that, I'm using gambling as a reference, in gambling you need to budget yourself very well before you gamble and likewise any other thing you do, without having a budget you will spend your money beyond your budget and that is why any average person have to know that they need to make plans that will help them to achieve their targets, many people is poor today they did not have a foresight from the beginning and today they are regretting seriously

People should try to make budget of  their business because it is required to be successful in life and business idea also matters a lot in life to make impression in life . People try to make budget for the grocery which is not such as important as business but they are not making any statement for that . People are making effort for the money and they are in the search of job and that is reason they are facing trouble in life. People have to make things which will give them profit in life and they have to place money on side for the future investment but most of people don't know about that .Gambling is not good for the finance of anybody because it can destroy you because you could lose your all money in a moment and that is risky thing.