Importance of budgeting

[Mame89]

It is always very difficult to understand the line of saving on yourself, after which health problems may arise in the future. My friend saves a lot on her food, preferring cheap products to expensive ones.
And this continues day after day, her weight is falling, but her general appearance has become unhealthy. With such savings in the future, she will have to give doctors a lot of money to restore her health, so such savings do not make sense.

It's very bad for people who think and act like that. For me, saving simply means cutting out unnecessary expenses, but we still think about the future, including our health, not just investing or saving.
Making a financial plan for the future doesn't mean we have to hold back on essential needs. That's what we need to understand first, and we also need to think long-term about the things we do that don't end up harming ourselves, as you mentioned.

This is clearly a flawed mindset. Saving and investing without maintaining good health will be futile in the future. Ideally, saving and investing should be balanced with investing in health as well. While it's true that buying unnecessary items is unnecessary, being stingy with yourself, which can lead to illness, is a flawed mindset.

It's important to understand and change your mindset before saving and investing. Healthy living is a long-term investment that cannot be replaced by anything. Having a lot of money if you're not healthy is futile, as you'll need more money for medical care later in life. So, you are what you eat, as the food you consume affects our physical health and overall well-being in the future.

[harapan]

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.

Often times we always prioritize our wants more than our needs this is why we allocate money and end up spending money on things that ain't important and later on we reckon on ourselves for doing so, why it's required to know ones needs and wants and know what we are prioritizing and setting budget for. Setting a plan on how to spend every money that comes in matters inorder to take advantage of spending on things that are essentials.

[Gost ms]

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.

Yes, you are right, it is very important for every person to set a budget. Because if a person does not set a budget and moves irregularly or spends more money than his source of income, then it will be very stressful for him to be successful. Because if he spends more money than his income, then he will have to take a loan from someone and after a few days that person will be in debt.

If a person sets a budget. For example, his monthly expenses are $ 50, his food expenses are $ 20, etc. If he keeps setting a budget in all aspects, then after a while he may be able to save a lot of money or if he is willing to invest, he can invest. So always set a budget and try to stay in a disciplined manner.

[qwertyup23]

Basic financial education and literacy are just one of those skill that every investor must have. To be able to have a successful investment for long-term retirement, understanding the fundamentals on how investments work or even simple economics is key in order to be successful in this area.

Budgeting should start once we have the curiosity of investments. Once you have started your journey towards acquiring your first investment, it is very important that you budget all of your finances because this will let you set aside the money that you will allocate in this aspect.

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.

Often times we always prioritize our wants more than our needs this is why we allocate money and end up spending money on things that ain't important and later on we reckon on ourselves for doing so, why it's required to know ones needs and wants and know what we are prioritizing and setting budget for. Setting a plan on how to spend every money that comes in matters inorder to take advantage of spending on things that are essentials.

There has to be a balance between our wants vs our needs. While needs are essentially the things that are obligatory/mandatory, wants are still considered beneficial in order to at least have a goal to pursue. Having to understand the balance between the two (2) makes an investor successful in the process.

[Unknown Op]

Basic financial education and literacy are just one of those skill that every investor must have. To be able to have a successful investment for long-term retirement, understanding the fundamentals on how investments work or even simple economics is key in order to be successful in this area.

Budgeting should start once we have the curiosity of investments. Once you have started your journey towards acquiring your first investment, it is very important that you budget all of your finances because this will let you set aside the money that you will allocate in this aspect.

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.

Often times we always prioritize our wants more than our needs this is why we allocate money and end up spending money on things that ain't important and later on we reckon on ourselves for doing so, why it's required to know ones needs and wants and know what we are prioritizing and setting budget for. Setting a plan on how to spend every money that comes in matters inorder to take advantage of spending on things that are essentials.

There has to be a balance between our wants vs our needs. While needs are essentially the things that are obligatory/mandatory, wants are still considered beneficial in order to at least have a goal to pursue. Having to understand the balance between the two (2) makes an investor successful in the process.

Budget making is good for the country if we have bad economic status because we want best companies in the countries which have best employees and that is possible by best budget making Skill which is duty of CEO of company because he will manage all departments and will try to make budget for thr things which will add value in the life of customer.  People are doing progress because handled their spendings which should he less than the income and person should make a chart which will explain all criteria of money.People have money to invest and they want to save money which is best for tge family but many families try to buy mobile phone which is not good for the family status .

[Mahanton]

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.

If you are a person who cant be able to determine about on whats good and whats bad then you would be that likely having that some problems later on which we do know that it would be that something significant or important that budgeting will be needing up because even if you do have that tons of money or having that funding but sooner or later those funds would be that totally wasted just because you do prioritize wants over needs on which this is what most people that been trying out to do so. There are just that those times that you do become impulsive or having not minding up that much about responsibilities but rather you are that trying out to achieve something that you've been longing for so long and instead on buying up the priorities, you do rather choose up the other side and make yourself that contented. Its not bad to buy up your wants for sometime but this would be only that after you had been able to pay up the bills and allocate funds into those something important like savings/emergency funds and other correlated things on which after that, then this is the time that you would consider on buying up something for you on which it isnt that a bad choice either. There are just that those times that you do lose up that control on which this one would be causing up that total devastation when it comes to finances. Regrets do always come at the end on where they should have that be able to stop it out when you are just that being sensible and mindful into the actions that you are taking into. Sometimes we dont think off about into those negative impacts not until the time that we've been experiencing out the unfortunate condition on which we've been that currently that experiencing on. Importance of budgeting is that you would be able to save up yourself when there's that crisis and since you do have that back up money or funds then you wouldnt be finding yourself having some hardship on surviving out on which of course it will be that situational because not all will be having that kind of actions to be made out along the way. Tere are just that those times that you've been that becoming irresponsible when it comes into your spending just that because you've been that able to encounter those factors that do affect out on the way you've been thinking.

[Chilwell]

Yes, you are right, it is very important for every person to set a budget. Because if a person does not set a budget and moves irregularly or spends more money than his source of income, then it will be very stressful for him to be successful. Because if he spends more money than his income, then he will have to take a loan from someone and after a few days that person will be in debt.

If a person sets a budget. For example, his monthly expenses are $ 50, his food expenses are $ 20, etc. If he keeps setting a budget in all aspects, then after a while he may be able to save a lot of money or if he is willing to invest, he can invest. So always set a budget and try to stay in a disciplined manner.

It is an act of financial recklessness that can leads an individuals to spend more then they earns, and potentially causing debt or financial difficulties. I strongly believe that our needs and wants are much greater than our income, but the best way to prevent overspending is through budgeting, just as everyone said.

Utilising what you have brings a perfect comfort and financial financial instability. The future carries a lot of uncertainty, unpredictable and unforeseen circumstances, so emergency can arise anytime and it is important to take care of any issues that arise at the moment, and there is a possibility of using money to settle whatever it is.

Some individuals don't care about the future, the only thing they care about is the present, and we are living in the 21th century where everything changes my a means of time. Budgeting helps in accurate spending/utilisation over excessive spending. And it also promotes the chance for saving, and what you are saving now can be beneficial to you in the next decade.

[Mr Reporter]

Basic financial education and literacy are just one of those skill that every investor must have. To be able to have a successful investment for long-term retirement, understanding the fundamentals on how investments work or even simple economics is key in order to be successful in this area.

Budgeting should start once we have the curiosity of investments. Once you have started your journey towards acquiring your first investment, it is very important that you budget all of your finances because this will let you set aside the money that you will allocate in this aspect.

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.

Often times we always prioritize our wants more than our needs this is why we allocate money and end up spending money on things that ain't important and later on we reckon on ourselves for doing so, why it's required to know ones needs and wants and know what we are prioritizing and setting budget for. Setting a plan on how to spend every money that comes in matters inorder to take advantage of spending on things that are essentials.

There has to be a balance between our wants vs our needs. While needs are essentially the things that are obligatory/mandatory, wants are still considered beneficial in order to at least have a goal to pursue. Having to understand the balance between the two (2) makes an investor successful in the process.

Budget making is good for the country if we have bad economic status because we want best companies in the countries which have best employees and that is possible by best budget making Skill which is duty of CEO of company because he will manage all departments and will try to make budget for thr things which will add value in the life of customer.  People are doing progress because handled their spendings which should he less than the income and person should make a chart which will explain all criteria of money.People have money to invest and they want to save money which is best for tge family but many families try to buy mobile phone which is not good for the family status .

Personally, I think your points highlight some important aspects of responsible financial management for both economic stability and personal financial well-being. Some people should really consider managing their spending, keeping expenses below incomes, and creating a chart to help them track their financial criteria. I also fully understand that the importance of budgeting in a country can occasionally be somewhat tricky, but I still think that having good budget making skills is sometimes crucial for companies and individuals to manage their efficiently.

[AmaGold70]

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.

Budgeting is knowing your priorities, it's knowing the things you need and not necessarily the things you want. Anyone that wants to be financially stable should be able to know about budgeting, budgeting is about being smart with your funds and these should be learnt at a young age. Budgeting helps you increase your savings and it also helps you achieve your goals faster, every standing company or organization has a good management plan that prioritize budgeting so as an individual or a person that wants to be financially stable in future, you should know about budgeting and that's basic financial education.

[Iroh]

It is an act of financial recklessness that can leads an individuals to spend more then they earns, and potentially causing debt or financial difficulties. I strongly believe that our needs and wants are much greater than our income, but the best way to prevent overspending is through budgeting, just as everyone said.

You can say someone is being financially reckless when spending way more than he earns and like you noted, leading to financial difficulties and certainly debts.
Budgeting in simple terms means planning whatever income you're got on how best to spend on what's important and needed at the moment. Our wants being so insatiable could be said to be greater than our income, our needs however, can be comfortably taken care of also having some left over for savings.

[gunhell16]

Budgeting is important in building a business, because if we cannot manage it properly, for sure the business we build will close quickly, that's for sure. But if we manage the budget properly and know how to manage it, for sure we will be able to run the business for a long time because we will be able to properly rotate the profit that comes into our business.

Now if we don't have a business and have a regular job, this is a difficult situation because usually the expenses are higher than the regular salary, so it is very difficult to manage
how to budget the money we have worked for.

[Swordsoffreedom]

Budgeting is important in building a business, because if we cannot manage it properly, for sure the business we build will close quickly, that's for sure. But if we manage the budget properly and know how to manage it, for sure we will be able to run the business for a long time because we will be able to properly rotate the profit that comes into our business.

Budgeting is not only important in business and investing but also very important in our lives. No matter where our income comes from, how much...budgeting should always be done. Without a budget, we risk losing control of our finances, overspending, or developing bad financial habits. In the long run, that will lead to a dead end in life.

Now if we don't have a business and have a regular job, this is a difficult situation because usually the expenses are higher than the regular salary, so it is very difficult to manage
how to budget the money we have worked for.

While budgeting can be a bit difficult if your income is low and doesn't cover your living expenses, that doesn't mean you don't need to budget. At the very least, budgeting will help you prioritize essential expenses first, spot and cut wasteful spending, and create good financial habits...

It can be said that budgeting is considered mandatory regardless of your income.

[free-bit.co.in]

Yes, you are right, it is very important for every person to set a budget. Because if a person does not set a budget and moves irregularly or spends more money than his source of income, then it will be very stressful for him to be successful. Because if he spends more money than his income, then he will have to take a loan from someone and after a few days that person will be in debt.
If a person sets a budget. For example, his monthly expenses are $ 50, his food expenses are $ 20, etc. If he keeps setting a budget in all aspects, then after a while he may be able to save a lot of money or if he is willing to invest, he can invest. So always set a budget and try to stay in a disciplined manner.

It is an act of financial recklessness that can leads an individuals to spend more then they earns, and potentially causing debt or financial difficulties. I strongly believe that our needs and wants are much greater than our income, but the best way to prevent overspending is through budgeting, just as everyone said.
Utilising what you have brings a perfect comfort and financial financial instability. The future carries a lot of uncertainty, unpredictable and unforeseen circumstances, so emergency can arise anytime and it is important to take care of any issues that arise at the moment, and there is a possibility of using money to settle whatever it is.
Some individuals don't care about the future, the only thing they care about is the present, and we are living in the 21th century where everything changes my a means of time. Budgeting helps in accurate spending/utilisation over excessive spending. And it also promotes the chance for saving, and what you are saving now can be beneficial to you in the next decade.

Budgeting does not restrict us, but it gives us freedom. It gives us control when we know where our money is going; we do not have to survive on the borderline of paycheck and spending the income unexpectedly. It is not for the sake of spending less money; it's about spending the money where it's needed. Keeping the budget in mind also builds our confidence with time. Even saving small amounts compounds over time and creates huge impacts when there is a sudden need for money in situations like medical emergencies, for investments, or for other long-term goals. Having such plans makes us stable. so, Budgeting is a very wise and practical plan.

[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.

what op figures out is our problems in normal day life, because I know very well that without budget you can't achieve anything, do you know that so many of us who is in forum earning every week, they're people who will earn what some of us earn in this forum they will become a billionaire in normal life living, but When we earn here we think is not going to make us to be rich, it's wrong planning that makes most of us not to utilise this opportunity, so I believe that we need to apply what op says in a day life, budgeting and planning works hands to hand, and if we fails to plan we'll it left for us.

[dezoel]

Personally, I think your points highlight some important aspects of responsible financial management for both economic stability and personal financial well-being. Some people should really consider managing their spending, keeping expenses below incomes, and creating a chart to help them track their financial criteria. I also fully understand that the importance of budgeting in a country can occasionally be somewhat tricky, but I still think that having good budget making skills is sometimes crucial for companies and individuals to manage their efficiently.

It's not easy. If it was so easy, we wouldn't have this many poor people around the world. I see a lot of people who blame the homeless for being homeless, like most famously Michael Jordan once said "if he can say "do you have change" then he can say "would you like fries with that sir" too", meaning there are people who blame the poor for being poor.

But there are two things, first one is the fact that yes while there might be some people who earn enough but spend more but there are also people who do not earn enough as well, secondly we have people with issues, could be healthy or psychological, and unless we help them out, then they can't go get a job, literally for medical reasons. So realize, some people can't just spend less, and be fine, some are already barely surviving.

[DubemIfedigbo001]

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.

what op figures out is our problems in normal day life, because I know very well that without budget you can't achieve anything, do you know that so many of us who is in forum earning every week, they're people who will earn what some of us earn in this forum they will become a billionaire in normal life living, but When we earn here we think is not going to make us to be rich, it's wrong planning that makes most of us not to utilise this opportunity, so I believe that we need to apply what op says in a day life, budgeting and planning works hands to hand, and if we fails to plan we'll it left for us.

Budgeting is good, when you budget well, you would utilize funds accurately. The mistake most people make is allowing funds to come before budgeting. You should have your budget ready before welcoming funds so you can spend wisely or even if funds are available, before you start spending any dime from it, budget well so you can utilize it more efficiently. When you pen down your expenses, you eliminate possibilities of oversight and attend to every need while relegating some wants on your scale of preference to future income.

[Y3shot]

Often times we always prioritize our wants more than our needs this is why we allocate money and end up spending money on things that ain't important and later on we reckon on ourselves for doing so, why it's required to know ones needs and wants and know what we are prioritizing and setting budget for. Setting a plan on how to spend every money that comes in matters inorder to take advantage of spending on things that are essentials.

When people don't have value for money, they spend it just the way they want, not even having an understanding of what they are spending money on and whether it is important. When one has a good value for money, they will always channel their money toward things that are meaningful and valuable.

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.

[TopT3ns]

Budgeting is good, when you budget well, you would utilize funds accurately. The mistake most people make is allowing funds to come before budgeting. You should have your budget ready before welcoming funds so you can spend wisely or even if funds are available, before you start spending any dime from it, budget well so you can utilize it more efficiently. When you pen down your expenses, you eliminate possibilities of oversight and attend to every need while relegating some wants on your scale of preference to future income.

We cannot live with waiting until the money comes in so we can start thinking about it to manage our money well. I also realize that there are a lot of individuals who are not sure where they spend their money though in the first place they did not come up with a plan at all. When you initiate a budget even before you have gotten funds, you will not only be managing your money but also save yourself going to waste the money in the end. It is not boring to record expenses but it is the most effective method of finding out habits that you may not even realize that you have. It is possible to have peace since we can rest in the fact that our money is spent in a way that reflects on exactly what we need not necessarily what we want. Budget is not oppressive, and instead, it is a shield that will help you not to go down the wrong path.

When people don't have value for money, they spend it just the way they want, not even having an understanding of what they are spending money on and whether it is important. When one has a good value for money, they will always channel their money toward things that are meaningful and valuable.

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.

When a person realizes what money is worth, he will not spend it baselessly. I believe that most of the people lose their way not because they do not have sufficient amounts of money, but because they are not accustomed to putting boundaries and targets on their purchases. It is even possible to start in a small way: to mark, to make lists and then to make decisions on what is important. You can never have enough money no matter how much of a time you spend it unplannedly. Every one of us requires control and conscious use of money is the control. The satisfaction gained when a person uses his or her money in order to achieve something significant is overwhelming as far as gratification is concerned.

[Scarlett_23]

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.

[ancafe]

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.

That is more to the concept of development so that it can be more appropriate and the planned budget to be planned can be far more leverage based on the scale of needs. But often we see when the implementation does not go well because of several factors that occur and generally apply in government. To measure the scale of needs requires planning so that these needs can be absorbed in aspects that are really needed and make the budget can be far more targeted.

In everyday life humans also need to make policy steps for the problem of budgeting because it contains priority scale. Especially if it relates to the government or in managing a business because if you do not have good financial management, it can be said that both will not get the desired output.