Budgeting won’t make you rich, but its one of those healthy personal finance practices which can have a long run impact on your bottom line. To illustrate we’re running a video from Kiplinger’s Personal Finance (which is an under rated, but really solid provider of unbiased personal finance information). At 3:17 the video is a quick watch so free to check it out if you have a few spare moments.
In case you’re not able to view the vid, here are the main points:
1. Try keeping track of how you spend your money for a month or two
2. Budgeting lets you know where your money is going.
3. Once your awareness about how you are spending your cash improves, you are better able to meet your goals and pay off your highest interest debt
4. Use any budgeting tool that works for you