The Importance of Budgeting
The Importance of Budgeting
Budget-ing your finances is a very important task that should not be taken lightly. A budget helps you to understand exactly where you money is going and so should be implemented as soon as possible in your life. When dealing with your finances, it can be an extremely overwhelming experience if you do not know where your money is going. We have all Read.
All of us had been tempted by the introductory interest free credit card when opening our new credit card card account. We were attracted by the various rewards that are connected to all the different reward credit cards. These credit cards that let you save on your purchases and travel were the best one but just as the introductory period was about to expire the credit card companies realised that credit card applicants would not be wanting to use this particular card for reasons other than the rewards program. When this happened, and I am glad that it did not, a lot of people were not happy with the card that they had signed up so early. The introductory period for most credit card companies is only six months and the card holders really were not aware of what they were spending money on when they believed they were only using their own money.
Now I want to be honest if you are one of the privileged consumers who have been able to start accumulating wealth through the financial institutions, I would like to acknowledge that there was some sort of responsibility that we have been given by our elders and elders without them knowing about it. I have seen many young adults under the age of 23 working full time just to pay the annual fee charges of their financial institutions every year because they did not know that they did not have to pay the fee themselves. The banks are just expanding into every department in our society and it is about time that we did something about it when it comes to our financial situation and the situation out there for the little people just like us.
However, I do not want to demolify the importance of budgeting. You have to have a detailed list of where your money is going every month and that includes your bills, spending money, savings, taking out any investment, retirement plans and whatever else you have in your mind. Realise that it is your responsibilities and just make sure that you are able to afford it. It is not really the money system that is corrupt, it is just the way we look at money and what we think is relevant and factual. It is not really just the banks that are wrong but we can be very tempting and we think that we can there road to riches with no effort and for the few that really do go ahead and really make effort, they have a high probability of not living in debt for the rest of their lives. For the overwhelming majority of the population, the chances are that they will be working for a living and will be there for the next thirty years and then retire and not have a clue as to what has been happening to there money at all. I am not saying that all of us that are in that situation will go through that, but it is a reality and something that we all encourage our children to make a point of. If you do not take care of your own financial outlook for yourself, for your family and for your country, who else will?
