Some people might say, why should I have a budget? Are there any real benefits to it? Others might say it’s too late for a budget for me in my current situation, there’s no hope. But there are many reasons for creating a budget. Can it help give me obtain resources? The truth is that a working and active hands on budget can be extremely helpful and beneficial. Some of the many reasons for budgeting are practical information, mental awareness and forethought.
The practical information from doing budgeting causes the mind to consider or take a closer look at how our money is being used. Another word, is this item necessary? Or Do I really need to get that done right now? Maybe I should wait a little longer on that one. Or you might remember, something like, I have an old one of those in the garage, it that works just fine. I think I will pull it out next week and clean it up.
Some other information may help us to see a history or a pattern of our expenses. This information may cause us to make an adjustment for the better or consider a more reasonable path. The working budget can open these doors to us. I heard a statement on TV one day that said information is power. So weekly, monthly and sometimes daily budgeting is a real benefit.
If you are married, the excuse that my wife or husband manages the money can be a detrimental. The whole family unit will suffer behind that kind of thinking. Budgets are for everyone.
As for as the mental awareness of the budgeting, it’s just that, being aware of how much money is coming into our households. There is perhaps no better way to do this than to write it down. Society, has just got away from the ideal of putting pen to paper, for some reason. There are definitely many benefits to physically writing something down. One area were I found this extremely help is in making a budget. There is something about the mental activity of doing basic math that exercises our minds. It draws in our focus on what we are doing.
This awareness ties into the many areas or categories for creating a budget. What happens with budgeting sometimes is that we are unaware of or miss some needed categories. Which can throw our budget off a little or a lot depending on how much was missed or left out. This is another reason for creating a solid, hands on budget. Your awareness of budgeting will only continue to increase if you continue to hammer at it and review it with frequent and regular intervals.
Forethought, is perhaps one of the key reasons for having a budget. The dictionary defines, forethought as a thinking beforehand, foresight. So, when we really apply ourselves to making a real, practical budget. We will develop a mindset and occasionally might say to ourselves. Do I really need that right now? Or I can’t buy that right now because my son’s tuition payment is due next month. Or, you might say, I am moving next month to extent that TV service now would not make sense.
As stated earlier, just doing a practical working budget and maintaining it will cause one to develop a keen foresight to what is really needed and what is not.
Additionally, many of the reasoning behind doing a budget relate also to commonsense. It is very practical to sit down, and write out what I have coming in? and what have going out? and what I need to live on? And what is left?
These are just a few of the reasons for having a real budget, not just in name only.
I retired from United States Navy in 2003, after serving over 21 years of enlisted active duty onboard several different ships and a few shore assignments. I am married. My wife and i have two daughters. Currently working in construction.