Budgeting your money is the cornerstone of a sound financial plan, and seeing all the numbers in black and white can offer valuable perspective on where your money is going and where you could put it to better use.
No matter how little or how much money you earn, creating a monthly budget is one of the most important aspects of managing your finances. What gets measured gets managed.
Having a budget doesn't stop you from spending money the way you want it to, but works like a partner to track your spending and allocating resources to help you reach your financial goals.
With the 50/20/30 budgeting method:
As a personal financial planning tool, a written, monthly budget allows you to plan for how you'll spend and/or save your money each month and also keep track of your spending patterns.
With a budget, you can begin to prioritize your spending and better manage your money and financial future.
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