Create a Budget
and Ways To Benefit From It
A budget is the key to enabling you to take charge of your
finances. With a budget, you have the tools to decide exactly what
is going to happen to your hard-earned money-and when. You can be
in control of your money, instead of having your money limit what
you do. This bears repeating: you can be in control of your money,
instead of letting it control you!
Even in its simplest form, a budget systemizes, or divides, funds
into categories of expenditures and savings. Beyond that, however,
budgets can provide further organization by automatically
providing records of all your monetary transactions. They can also
provide the foundation for a simple filing system to organize
bills, receipts, and financial statements.
If you are married, have a family, or share money with anyone,
having a budget that you both (or all) create together is a key to
resolving personal differences about money handling. The budget is
a communication tool to discuss the priorities for where your
money should be spent, as well as enabling all involved parties to
"run" the system.
5) Take advantage of opportunities:
Knowing the exact state of your personal monetary affairs, and
being in control of them, allows you to take advantage of
opportunities that you might otherwise miss. Have you ever
wondered if you could afford something? With a budget, you will
never have to wonder again-you will know.
6) Extra time:
All your financial transactions are automatically organized for
tax time, for creditor questions, in fact, for any query which may
come up regarding how and when you spent money. Being armed with
such information sure saves time digging through old records.
7) Extra money:
This might well be everyone’s favorite benefit. A budget will
almost certainly produce extra money for you to do with as you
wish. Hidden fees and lost interest paid to outsiders can be
eliminated forever. Unnecessary expenditures, once identified, can
be stripped out. Savings, even small ones, can be accumulated and
made to work for you.