Why a Budget is Worth It
Why a Budget is Worth It
In times of economic uncertainty, where your money goes matters more than ever
The wild financial ride of the past few months has made one thing clear: The way you manage your money is incredibly important. Where you live, the kind of home you live in, the person or people you live with, the way you get around, the food you eat, the way you entertain yourself, your physical health, and your kind of job are just some of the things affected by the decisions you make with your money.
For most, managing money is a stressful exercise in surviving between paychecks. However, it doesn’t need to be that way. The benefits of budgeting are well worth the effort. Here are three reasons why:
1) Less Waste
Let’s face it, spending decisions made last minute, in haste, on a whim, on an empty stomach, or in response to peer pressure are those most likely to result in buyer’s remorse and wasteful overspending. On the other hand, when budgeting, your money gets spent deliberately, affording you the opportunity to strategically shop sale prices and discounts, saving you a lot of money.
2) Quality of Life
Deciding between wants and needs is a big part of budgeting. Taking the time to consider all the ways your money could be spent, or needs to be spent, ensures you don’t overspend, reducing stress. It also allows you the opportunity to be deliberate about spending money on the things you care most about, improving your quality of life.
3) Risk Readiness
Another big part of budgeting is preparing for the unknown. Loss of income, sudden illness, and unforeseen expenses are bound to happen, we just don’t know when. Saving a portion of every paycheck will prepare you to be able to ride out these events without breaking a sweat.
Budgeting is the best way to get your money to work for you. So don’t wait! Now that you’re feeling up to the challenge, download our budgeting worksheet or consider one of the many free budgeting apps available.
Francis Investment Counsel does not provide legal or tax advice. While the information presented is from sources believed reliable, we cannot guarantee its accuracy or completeness.