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The Importance of Budgeting for a Family

The term "Budget" has different connotations for different people. For a Nation, a budget generally refers to a list of all planned expenditure. It is the blueprint that defines how prices of essential commodities will increase or decrease, what kind of taxes will be levied and how the overall funds of the Government will be spent within the budget period.

However, if we talk about the budget from a family's point of view, it is something that is meant to streamline the expenses of every family member in relation to the overall funds collected by the earning members of the family. Though the entire process of budgeting can be a little time consuming and complicated at times, its benefits are long lasting and many fold. To put it simply, budgeting is an important planning activity that must be undertaken by all members of the family, together to make life simpler and spend intelligently.

 

Who Needs Budgeting?

Every family that spends on products and services & earns an income needs to budget from time to time. Since all members of the family have their own needs and requirements, it is imperative for the whole family to be a part of the budgeting exercise.

Why Budget?

Budgeting can help you to know exactly what you have and how much of it you can spend without compromising on your savings. By budgeting your finances, you can make sure that you have enough for a rainy day. With a budget in place, you can control the way you spend money, thereby making it more purposeful and long lasting.

A number of people have learnt to budget and realized the importance of it only after falling into serious money problems. Don't make the same mistake! It is very easy to spend endlessly without keeping a track of how much it is that you can actually afford to spend at a particular point in time. Many of us fall under the misconception that by budgeting we will have nothing left to spend on our interests and leisure. This is far from the truth! A realistic budget can show you if you have just enough to keep your self well protected in a crisis situation and still manage to spend on leisure, holiday etc. 

If you believe in "Ignorance is Bliss", alter this thought where your finances are concerned, as this is one situation in which ignorance can lead to serious problems in the long run.

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