Why You Should Start Budgeting
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A personal budget is a plan that highlights an individual's earnings and savings, as well as expenses. It allocates monetary income into expenses; needs and want;?savings and investment.
Budgeting is the process which involves?the?analysis and measurement of items on a budget in relation to the financial goals of the individual.
Many people today?have a misleading thought about budgeting. They see it as restrictive and?uninteresting. This misconception has caused?many to?evade budgeting, resulting in?undue financial pressure, insecurity and debts.
To be factual, the pros?of budgeting outweigh whatever perceived cons it may have.
Below are five reasons why you should consider budgeting today:
It?Reduces Anxiety
Constant?rising inflation while income remains fixed is a major cause of anxiety. News?reports?about economic crises?can be a major stressor. Budgeting will reveal all unnecessary expenses that need to be cut down to cover up for the most pressing needs, thereby reducing the stress that comes with living beyond one's means.
Without financial stress, you can be happier!
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It Secures Your Future
There is no better way to secure your future than to budget a portion of your income to Savings and Investment. That way, you can make your money work for you, even when you can no longer work for money.
It Makes You Accountable
Having a budget makes sure that every penny that comes in is accounted for. You are more aware of what is consuming the most amount of money, and can audit your spending habits. At the end of each month or year, you can be assured that your funds were managed appropriately.
It Makes You A Master Of Money
Budgeting will make your money serve you, not the other way round. With budgeting, you can claim absolute control of your money. No more constant pressure to work more to meet up with your expenses. Instead, you can cut down your expenses and make out time for other important things.
It Boosts Your Credit Worthiness
With a budget, you only take loans that can be repaid with your income. This helps to increase your credit limit. This way, you can always access enough funds to boost your business in the future.
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