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10 Benefits to Stay on your Budget

Posted by : Premraj | Posted on : Wednesday, July 29, 2009

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Having a budget is the first step toward financial freedom.  Creating one will enable you to track your spending, save up for big purchases, control your credit card expenses, and gain financial wealth.  While it may seem like something that everyone does, it’s amazing how many people work hard and do not have a budget.

Here are 10 Benefits of budgeting…

10.  Smart Spending: Having a budget will help make it easier to shop.  While out shopping, you will always be tempted, but a budget helps you realize that you are stronger than an advertisement.

9.  Treat Yourself: A budget that is adhered to will lead to rewards.  Whether you are budgeting to save for a vacation or for a new cell phone, if you stay on your budget, you will see the benefits.

8. Stress relief: If you stay on budget, opening the mail will not become a stress induced activity.

7. Build wealth: Developing a budget using an online budgeting software can help you save money, not just spend it.  You are able to see how each month’s budget helps make you wealthy.

6. Build Credit: A budget that is well written will have you pay more than the minimum on your credit card, which means a higher score on your credit report. You end up paying less in the long run too, and you can save up a lot of extra money.

5. Buying power: You may not want to live in a mansion or drive a convertible, but even if all you want is a very small item, to have the buying power to purchase your wants is one more reason to stay on budget.

4. Helps with future purchases: Save for bigger purchases for the future like a vacation, car, or for a house.

3. Mood Booster: With a budget, you just feel good about yourself.  You are in charge of your money and you will feel empowered when you avoid temptation and keep your budget in mind.

2. No surprises: When you look at your bank statement, you will see where your money is going and won’t need to worry about your account becoming empty.

1. It’s fun! Creating a budget and taking care of your finances can to ensure that you are spending wisely can be fun.

What are some other benefits to having a budget?

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