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There are many different reasons why people create budgets, and even more ways to go about doing so

Posted by RajeevKumar

There are many different reasons why people create budgets, and even more ways to go about doing so

What is a Budget?

A budget is an estimate and planning of income and expenditure, and commonly refers to a methodical plan to spend money a certain way.

Generally, budgets are created to reach certain financial goals, such as paying off several credit cards, reaching a certain savings goal, or getting income and expenses back on track. While some people may prefer our budget calculator or our free budget template, others may prefer different methods. Modern technology has paved the way for many different budgeting software and apps. They all have their pros and cons, but the one that works best is the one that budgeteers will bother sticking with as best as they can.

How to Budget

Budgeting can generally be summed up by two things: living within your means and planning for the future. Successful budgeting usually involves having a detailed personal budget and adhering to it.

Millennia-old religious teachings, countless online resources, and thousands of financial advisors over time have echoed the principle of living within your means. As simple as it may seem, many struggle to implement it successfully in their lives, as the statistic that eight out of ten Americans are in debt, shows. (more…)