Thursday, March 23, 2023

Save money by budgeting and sticking to it

Budgeting; the word elicits many reactions but very rarely do they include one of joy at the prospect that one can save money with a good budget plan. And not only can one save money but a good budget plan can free up money that was always there but perhaps being misspent on frivolities undetected due to spending not being tracked carefully. And in freeing up surplus money one can divert funds to items that actually require the money.

It’s easy to see why the topic of budgeting doesn’t ring bells of happiness in anyone’s mind; many of us would be perfectly content with not knowing the state of our financial healthy or otherwise. Granted, most people pay their bills and buy all of the things that make the monotonies of life bearable, but to actually track all the money that comes in and goes out exposes in full color how close or far we are from financial ruin. And really, it is this prospect of financial ruin that leaves many well content with not knowing where they stand in the financial scheme of things. And of course, it’s much easier to live the life of one’s dreams, spending on things that one most desires, when one is not confronted with a budget.

And this is not to say that people don’t wish to save money and live comfortably within their means, because having a budget offers that as some of the benefits. However, because saving money over time through budgeting does not afford one the immediate gratification that reckless spending does, budgeting remains, for many, a wonderful idea but not something they’re itching to implement.