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- Having a budget is like a safety net to be able to pay for bills and balance between wants and needs of where the money is going. It’s a fence of a playground so you don’t wander out in the streets and get hit by a financial car, foreclosure or even bankruptcy. Budgets help people get in control of their money and should be seen as friends.
- A budget is a plan or roadmap to better prepare for what money have and don’t have. If you fail to plan, you are planning to fail.
- Budgets list what bills have and helps plan what you will need to spend your money on in the future. Budgets lists what is coming in and what is going out. If the money coming in to spend is less than the money going out must figure out where you went wrong. Cut back somewhere. The two biggest expenses are roof over head and transportation. Eating out is another big expense to look for when cutting back. If finally have more money coming in than going out then would have money to save, spend or invest. Emergency funds are nice to have and should strive for that if you can. Retirement should also be accounted. Budgets let you know if you should find ways to spend less money and spend within or even below your means.