The Personal Budget: The Importance Of Budgeting

We all like to spend money and not care about the after effects. Some people over spend, while others under spend their money. It is all about what that money really means to you. Do you care enough to save up for a better future, or do you want temporary happiness now? Can you earn the money you spend very quickly, or does it take time for you to accumulate what you spent in a jiffy? These are all the questions we can ask ourselves when we talk about how our spending is consistent with our personal values. I believe everyone should have spending goals, or at least a budgeted amount of how much they should spend in a period of time. By this way, you know how much money you are wasting and what you can do in order to improve your spending and save more money. When it comes to personal values vs money, personal values always wins for me. A lot of this has to do with how have you been raised. Some parents had the need to teach their children the importance of money, while others learned to live from pay check to pay check. It all …show more content…
Whenever you are trying to buy something very expensive or trying to get the most out of your money, budgeting is very important. Budgeting teaches you how to be cost effective and make the most out of your money. Before I started the month of November, I had a November budget planned on how much I wanted to spend in each category. The planned budget for each category gave me a rough estimate of how much money I should be spending. Mostly all of the categories like food, transportation, and entertainment I met my budget either at it or under the budget. From my results, I learned that it isn’t very hard for me to meet my budget goals. I keep them realistic, and if I wanted to decrease spending more, each month I would just decrease my budget little by little in order to have a long-term effect. When it comes to managing money, budgeting is very crucial in any business or