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REDDITHaving 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.
I think you pretty much covered it all here! Great post!
MaryB527´s last blog ..Power Woman Proclamation
@Mary Thanks, glad you found value in it.
Great list! A good budget (and sticking to it) leads to accomplishing financial goals. Without some form of budget it’s too easy to just float out there and spend without focus.
FFB´s last blog ..Is Cash For Clunkers Broke Already?
@FFB Agree, the key like you say is “sticking” to it. The initial planning is great, but unless you commit to it, you won’t be successful.
I would say an important part of a budget is to save for emergencies and long drawn out medical expenses. You never think it will happen to you; but when or if it does, you will have the mindset to stay within your budget, cutting back even, in order to pay these extra bills which could be very expensive. We have taken the approach to just continue to live a scaled back version in order to pay some each month on these unwanted bills. We are still living a happy life because our needs are not driven by outside advertisements and must-haves. We instead have each other.
@Ellen That’s a great way to look at it. Having that mental safety blanket with money in savings or emergency funds is a top priority these days.
Thanks so much for this post. It’s nice to see an article about budgeting that makes budgeting seem to have a purpose: creating happiness. By budgeting you’ll be able to fulfill your wants AND stay out of debt. Can’t go wrong there!
Joseph´s last blog ..Starting on the Road to Wealth
@Joseph I agree, budgeting has to have a purpose and if you put a positive spin and look at how it can help lead to a more relaxed and hopefully happier life, like you mention, you can’t go wrong.
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Spot on with #7, Craig. Always pay yourself first and watch the money grow. There’s something quite comforting about having a nest egg or even just a financial cushion sitting there just in case.
And yes, developing a budget is a lot of fun!
I retool mine regularly to make sure it’s keeping pace with my family’s needs.
mic43ll3´s last blog ..five cheap ways to buy good things new
I found a great way of staying within my budget by shopping at http://www.giftsjustunder.com Here you buy only the gift that you can afford and not more.
Thanks for showing the positive side of budgeting and putting a positive spin on creating a spending plan. Many may believe it’s restricting, but once you start, it’s actually quite empowering. For some additional benefits of budgeting, check out this blog at: http://www.clearpointcreditcounselingsolutions.org/budgeting-benefits.
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I really liked point 8: reduce your stress while opening those bills. I believe we all underestimate how stressful debts can be and a budget is a perfect tool to reduce this negativity. thanks for the post and for sharing!
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