Budgeting

Reasons for a Budget

Poll

Do you have a budget

• No

• Yes

• I don't need one

• Never thought about it.

Budget definition

A budget is a financial plan for organized spending and saving. It is a system for using income available to meet as many goals as possible.

Reasons for preparing a budget

• A budget enables an individual or a family to live within its budget.

• Budgeting allows you to make choices that benefit you and your family.

• A budget allows you to plan short-term and long-term goals.

• Budgeting provides useful financial record.

• Budgeting helps keep expenditure under control; it helps to avoid wasteful spending patterns reduces impulse buying

• Budgeting provides a vision of your financial status.