Benefits of Budgeting

Posted By: Dr. Frugal in Budget on 06/05/2007 at 22:02:29

Put simply, budgeting tracks your expenses and shows you where your money goes. Seemingly small and inconsequential daily or weekly expenditures can add up over time. By tracking all of these expenditures, you can make conscious decisions on how to spend or invest your time and money instead of let it sneak away a dollar or two at a time. This can be the difference between not having enough money and being able to afford the things that are really important you: the down payment on a home, the purchase of a new car, paying down debt, retirement, or socking money away for a vacation in Jamaica.

Having a working budget will reduce the stress in your life that comes with money issues. At a glance you will know immediately what you can and cannot afford. You'll have the confidence to pay bills on time and ample warning when there's going to be a problem, giving you sufficient time to come up with another solution.

One of the less well-known perks to come from budgeting is an improved relationship with your spouse. Money issues are the single largest cause of martial problems and divorce, so being able to agree on your financial goals and working together towards them will assuredly have a positive effect on your marriage or relationship.

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