In order to take control of your financial situation and avoid going into excessive debt, or in order to get yourself out of debt- a budget is necessary. You also must have a budget if you plan to save money for retirement or other large ticket purchases. If you dont want to be controlled by your money, you must take control of it and make your money work for you by using a budget.
Most people have no idea if they are living within their financial means or not, until they find themselves so far in debt that they cant get out. If you have goals or dreams for your future, most will require a certain amount of money- without a budget, you are likely to never achieve those goals and dreams. Also, and probably among one of the most important reasons to budget is that it allows you to prepare for emergencies and the unexpected. Without a budget, these unexpected expenses can be detrimental to your finances, and even change your life.
For most people, budget is a bad word. If the term makes you shiver in fear, its possible that you have attempted a budget in the past that didnt work for you. Its also likely that you think of a budget as a lock and key over your...