Making a budget is extremely important. However, many people don’t know how to make a budget, how to save money with a budget, or understand why they should have a budget in the first place.
According to my article Are You Better Than Average?:
- 68% of people live paycheck to paycheck.
- 26% have no emergency savings.
- The median amount saved for retirement is less than $60,000.
- The average household has $7,283 in credit card debt.
And, probably one of the biggest reasons for the statistics listed above is that over 60% of people do not have a budget.
There are many reasons for budgeting, yet it seems like the majority of people still do not have one. I believe that if more people started making a budget, they could stop living paycheck to paycheck, increase their savings, reduce and/or eliminate their credit card debt, and more.
Budgets are extremely important, and I believe that nearly everyone should have one. Rich, poor, middle-class, no matter where you are financially, a budget can most likely improve your financial situation. [Read more…]