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5 Reasons Why You Need To Start A Budget [Reasons to have a Budget] Advantage of Budgeting - YouTube
Channel: Money and Life TV
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what's going on YouTube today we're
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going to be talking about the five main
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reasons budgeting is the most powerful
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financial tool you can ever use to
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improve your finances
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that's coming up so stick around
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I am MK the CPA and along with my
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psychic chipper on this channel our goal
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is to help you improve your personal
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finances your career and your life there
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are literally hundreds if not thousands
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of books written on the subject of
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personal finance investing etc but I
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have found that there is no financial
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tool or strategy for your personal
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finances that will help you more than
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having a detailed budget today I'm going
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to be talking about the five primary
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reasons why using a budget is an
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absolute must if you want to build
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wealth and financial security throughout
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the course of your life okay guys it was
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super hard to narrow this down just a
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five main reason there are plenty more
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that we could even consider our talked
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about but I think you're going to like
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the reasons I chose and I saved the most
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important one for last so please watch
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this until the very end of the video
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number one an accurate budget will allow
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you to see how much your spins and can
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save each month plus it will help you
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prioritize your expenses accordingly if
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you were ever put in a bad financial
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situation your budget is your battle
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plan that is going to help you lay out
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how you would like to conquer your
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financial goal number two a budget is
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more than just numbers it is actually
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describing who you are
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it is telling of the kind of lifestyle
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you live and your spending habits it
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will show you the strengths and
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weaknesses of your finances based upon
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the income you receive each month
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compared to your monthly expenses and
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what types of monthly expenses you have
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your budget is like looking into a
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financial mirror in the similar sense it
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is like weighing yourself or tracking
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how many calories you eat each day and
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the numbers don't lie
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alright number three this kind of sounds
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crazy guys but an accurate budget it's
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kind of like having a crystal ball that
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is going to allow you to see into the
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future and help you predict how soon
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you're going to retire or how sooner to
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be able to pay off your debt
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isn't it good to know now not later how
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much money you need to be putting away
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every single month in order to be able
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to retire you're going to want to know
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this number as soon as humanly possible
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so that you can realign your spending
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habits and even your career if necessary
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in order for you to be able to make
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enough and put away enough for you to be
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able to retire someday number four a
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budget is actually going to help you
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stay out of debt by finding your money
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on paper first you're going to be so
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much less likely to fall in the trap of
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debt what many people do is they don't
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take the time to put the spin their
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money on paper what do they do well I
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got two fans out of myself but we go to
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the store we see something we like we go
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to the mall and we pull out that credit
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card and we start swiping and it's not
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until later when we get home that's when
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we realize once we put our finances
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together at that point we're like ah
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shoot I don't have enough to pay this
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office in a month and that's how you end
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up with credit card debt so no no no
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don't don't do that that's going to piss
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off the piggy bank instead what I would
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like you guys to do is before you go on
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some big shopping trip make sure you
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check your budget or know what your
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budget is that way you have complete
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clarity about what you're going to be
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spending or not spending when you're out
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shopping since you won't be guessing
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what you're spending you're going to be
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like a money managing professional and
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you're not going to be later at the
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mercy of MasterCard or Visa number five
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I've saved the best for last and believe
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it or not having a budget can actually
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bring you in your spouse closer together
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so one of the two main causes of divorce
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in America well the two main causes are
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communication and fights about money or
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money issues this area finances is
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greatly under analyzable I hope you guys
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realize no matter how hard or how smart
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you are you will never hit your
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financial goals without you and your
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spouse working together a budget will
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help get you in your spouse on the same
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page and working towards the same goal
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it may create conflict at first but it
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opens the lines of furyk communication
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between you and your spouse and will
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ultimately bring you closer together and
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working more together because budging
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can actually bring you and your spouse
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closer together and working more in
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harmony that is one of the primary if
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not the primary reason why budging is
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the most powerful financial tool on the
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planet I want you guys know I'm going to
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be creating an entire course on the
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subject of budgeting because it is
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essentially one of the first starting
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points of having financial success
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throughout your entire life so stay
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tuned for more videos that are going to
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be popping up on this channel that are
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going to help you become a better budget
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sure and becomes better with money
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management overall it's somebody were to
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just see your financial just see what
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you spin on a monthly basis what would
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they think of you what kind of person
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would your budget describe let me know
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in the comment section down below
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hey guys if you liked the video make
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sure you hit that like button down below
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and also if you haven't subscribed well
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make sure you do that right now there's
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a button down below that you can press
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or you can press this button right here
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that's going to pop up on your screen so
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make sure you to do that if you have not
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already and if you found this
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information helpful please consider
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sharing this with a friend as you guys
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know make sure to leave your comments
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and questions down below and I will make
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sure to respond alright ladies and
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gentlemen I love you all I will see you
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in next week's video but until next time
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I hope you have a wonderful week and I
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hope that you take this information that
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you learned here today and use it to
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live your life uncaged! see you next week
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