The long awaited trip to Barbados was cancelled due to flooding in the basement. The money that had taken so long to save now had to be used to fix faulty plumbing pipes. This is a prime example of what happens when a budget is not part of one’s financial plan. Planning the way money is spent is essential in having a lifestyle that is full of fun and low on the stress radar. Budgets keep one aware of the money coming in and going out and also help to keep debt under control. Having a concrete financial plan also helps when planning for retirement and emergencies. Budgets are one of the most important tools for keeping track of personal finances and it should be a part of everyone’s financial plan.
Budgets provide awareness and much needed debt control. Credit cards have become a way of life for many Americans. “According to NerdWallet 's Annual American Household Credit Card Debt Study, the total amount of debt owed by U.S. consumers has reached $11.91 trillion, with the average indebted household owing $15,355 in credit card debt alone. As one of the most expensive types of debt, credit card debt costs consumers an average of $2,630 per year in interest, assuming an average APR of 18 percent” (PR Newswire, 2015). Imagine what could be done with that extra money. Many just aren’t aware of how much cost is associated with a credit card. Credit cards are legal robbery of a person’s hard earned money because many people do not understand how they work. Having a budget can keep one aware of how much money he actually has and reduce the chance of even having to use or apply for a credit card (studentaid, n.d). Debt is reduced if one can see how his money is managed. Household debt has been c...
... middle of paper ...
...d keeps stress down and helps to ensure that when the stresses of life happen, the money is there and available to handle the problem.
Although budgets can be incredibly time consuming, they are necessary if one wants to be successful financially. In addition to being aware of the money coming in and going out, saving for retirement and emergencies is also beneficial in helping to reduce the likelihood of a serious debt problem. All these things are great to have in place in a financial plan, but it is important to understand that one can only manage money as well a he can be accountable for himself. Accountability is a learned process and is important because it helps one remain on track when it comes to budgeting. Having a concrete financial plan is one of the most important tools for keeping track of personal finances and should be a part of everyone’s life.
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