Oh absolutely! And its even better if you stick to it. The simple of act of making the budget can get you thinking in a much different way about your finances! It can also make you more conscious of your spending in reality!
Maybe for some people, but not for others. For example, I have never used a "budget" because I am in control of my spending. The key is to lower your reoccuring expeneses to where you are getting what you need at the best value for your dollar and usually the average person will have money left over, in varying amounts.
One of the things I don't like about budgets is that instead of focusing on how you can maximize the value of your dollars, you end up forcing each dollar into a "category" whether you actually need that category or not.
The reason most people have a "debt category" on their budget is because all the material crap they've accumulated on credit cards and fincancing payments! If more people would greatly reduce the amount money they spend on material items, they would find themselves much more free, both fincancially and mentally.
I don't think that anybody can spend without some plan. You may not be putting it in writing, but you should be having some picture of what and how much you should spend. You keep a mental budget here, not textual. It itself can act as budget.
Actually, I don't use a budget, mental or written.
You have a valid point here but I have full control of my money and that why I like to write things down and tell my money where it needs to go each month. Whether it be either in saving or spending, I like to see it written down on paper to remind me what's coming in and what's going out. It just takes me a few minutes to get it done but I do understand what you're saying about the debt category on must people's budget sheets.
Do you keep the habit of maintaining a diary and recording all your spendings day-to-day in it? It will be of much help to you in tracking where your money goes. You can find out where you are spending excess and where you can divert spendings wisely
Only if you'll actually stay within the financial limits you set for yourself
If that's a challenge, then do the "pay yourself first" method of putting 10% to a 401K pre-tax, a chunk to an HSA or savings account, and then living off what is left in the bank account.
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