Budgeting is the most important aspect of financial wellness. Here we take a look at the most important reasons why people don’t budget and the excuses that they give.
Why should you budget?
All of us talk about taking good care of personal finances and attaining financial wellness. But what you don’t realize is that the process starts with the simplest component known as budgeting. It’s simple. You set aside an amount for something and you only spend within that set amount. It tells you about your affordability, purchase parity and what’s needed of you to stay financially healthy. That’s exactly why you should budget.
If you do not want to pile up your credit, start budgeting and you will find out the benefits of it soon.
Why you don't budget?
Despite knowing how budgeting is very important, we do not understand why some people don’t budget. The infographic below sheds light on some important reasons as to why people don’t budget. Bet it any reason or excuse, we have generally seen that the lack of budgeting habit often leads to financial downfall.
Bored of budgeting? Feeling lazy to budget?
It’s strange how so many people don’t budget is because they are bored of doing the number crunching activity and they feel it is something for nerds to do. Also, most of the people are just lazy to budget. That’s it, no other reason.
If you don’t budget, you are never going to keep a track of the inflow and the outflow, leading into a massive disparity in the numbers.
What's in this infographic?
The infographic consists of 10 top reasons why people don’t budget and also reflects on certain allied issues that are created because of the lack of budgeting and the resultant financial stability. Go through the infographic and if you haven’t started budgeting yet, start with it right away.