HOW BUDGETING AFFECTS YOUR DAILY LIFE What is budgeting

HOW BUDGETING AFFECTS YOUR DAILY LIFE
What is budgeting? First, let us take a look what is a Budget? To put it simply, Budget is a spending plan for our money. Budgeting is the process of creating a plan on how we are going to spend our money. Budgeting allows us to determine in advance about our money situation whether we will have enough money to do or to buy something that we need. If we do not have a plan on how to spend our money, we might spend our money more than the money we make and we might have a problem in the later future. Sometimes people does not realize that they have spent more money than what they earn and slowly fall into the debt trap.