We understand that building a budget isn’t always fun, but tracking your income and spending is one of the best financial decisions you can make. And thankfully, budgeting isn’t the painstaking spreadsheet exercise it used to be with so many free finance apps at your fingertips.
Need a reason to start one? We’ll give you several!
#1 A budget helps you gain control of your finances
Think of a budget as a financial roadmap. It will guide you to your destination. It will also reduce arguments and improve relationships because you and your family will know where you are going financially, providing a smoother ride along the way.
#2 Budgeting helps you achieve goals
Whether it is putting money aside for emergencies, a vacation or a college education, a budget helps you devote resources to those things that you determine are most important. Having a plan also promotes well-being and reduces stress.
#3 A good budget keeps you honest
Documenting purchases allows you to figure out where your money is going. It allows you to stay accountable to your goals. By keeping a budget, each dollar you spend is accounted for. That’s a powerful incentive to stay true to your good intentions.
#4 Budgeting helps improve habits
If you spend more than you earn, you will drain your savings. And if it continues, you will take on debt. By measuring how you spend your money, you will know for sure whether you’re headed for trouble, and you can take the steps necessary to improve your habits.
#5 Budgeting helps you avoid debt and improve credit
By truly understanding how much it costs to be you, you can make adjustments to stop living from paycheck to paycheck. You may be able to identify ways to get out of debt and stay out of debt. By paying your bills on time and not taking on too much debt, you will take the most important step toward building good credit.
GreenPath is Here for You
Financial wellness is not beyond your reach. We can help you create a budget that works for your day-to-day life, strategize a savings plan, and move you closer to your money milestones. Our NFCC-certified financial counselors offer cost-free, judgment-free support. And there’s never any pressure…we’re ready to connect when you are.
GreenPath Financial Service
Free Debt Counseling
Take control of your finances, get tailored guidance and a hassle-free budgeting experience. GreenPath offers personalized advice on how to manage your money.
