{"id":13797,"date":"2022-08-01T13:33:02","date_gmt":"2022-08-01T18:33:02","guid":{"rendered":"https:\/\/www.fitbux.com\/articles\/?p=13797"},"modified":"2022-08-13T13:16:25","modified_gmt":"2022-08-13T18:16:25","slug":"why-is-budgeting-important","status":"publish","type":"post","link":"https:\/\/www.fitbux.com\/articles\/why-is-budgeting-important\/","title":{"rendered":"Why Is Budgeting Important Or Is It?"},"content":{"rendered":"<p>Beginners to money ask those with experience about where to begin.\u00a0 Many recommend starting a budget.\u00a0 However, most people that budget can\u2019t correctly answer the question &#8216;Why is budgeting important?&#8217;<\/p>\n<p>These people blindly follow a budget because someone told them it was good to do.\u00a0 This is one of the many reasons so many people start a budget then stop.\u00a0 They don\u2019t know why they are doing it to begin with!<\/p>\n<p>Another major budgeting mistake people make is building their budget incorrectly.\u00a0<\/p>\n<p>Not knowing why budgeting is important as well as building your budget incorrectly go hand in hand.\u00a0 Sadly, people don&#8217;t know why its important and do it incorrectly. Therefore, <a href=\"https:\/\/www.fitbux.com\/articles\/advantages-disadvantages-budgeting\/\">budgeting becomes a disadvantage instead of an advantage.<\/a><\/p>\n<p>In this article I\u2019m going to detail why budgeting is important as well as why its not!\u00a0 After reading this article, I recommend reading this article on <a href=\"https:\/\/www.fitbux.com\/articles\/how-to-budget-money\/\">how to budget money correctly<\/a>.<\/p>\n<h2 id=\"t-1659217901960\">Why Is Budgeting Important Reason #1<\/h2>\n<p><a href=\"https:\/\/www.fitbux.com\/articles\/financial-planning-steps\/\">When building a financial plan<\/a>, budgeting is the first step.&nbsp; Its extremely important because the budget organizes your finances.&nbsp; Therefore, you can see exactly where you are spending your money each month.<\/p>\n<p>If you are building your budget and thinking about your <a href=\"https:\/\/www.fitbux.com\/articles\/how-to-budget-money\/\">budget correctly<\/a> it will:<\/p>\n<ul>\n<li>Allow you to build a financial plan,<\/li>\n<li>See if you are going to hit your short-term and long-term goals; and<\/li>\n<li>Make adjustments very easily.<\/li>\n<\/ul>\n<h2 id=\"t-1659217901961\">Why Is Budgeting Important Reason #2<\/h2>\n<p>Many think budgeting is important because they need to track every dollar every month.&nbsp; In my opinion its not!<\/p>\n<p>The only thing that is <a href=\"https:\/\/www.fitbux.com\/articles\/holistic-financial-planning\/\">important is if you are following your overall financial<\/a> plan.&nbsp; That is, are you putting enough into your savings\/investments and paying off your debts according to your financial plan?<\/p>\n<p>I\u2019ll provide an example to illustrate.<\/p>\n<h3 id=\"t-1659217901962\">Example<\/h3>\n<p>About four months ago I spoke with an individual that was using <a href=\"https:\/\/www.fitbux.com\">FitBUX\u2019s technology<\/a>.&nbsp; He had built a plan but wanted to speak to his <a href=\"https:\/\/www.fitbux.com\/fitbux-coach\/\">FitBUX Coach<\/a> because he was worried.<\/p>\n<p>His financial plan consisted of the following:<\/p>\n<ul>\n<li>Put $1,000 a month towards savings for a house;<\/li>\n<li>$300 a month in his 401k to get his employer match;<\/li>\n<li>$100 a month in his Roth IRA; and<\/li>\n<li>$1,000 a month towards student loans so he could have them paid off in 5 years.<\/li>\n<\/ul>\n<p>His worry was that he had over spent on restaurants each month by about $100.&nbsp; I asked why he thought that was a problem and he couldn\u2019t answer.<\/p>\n<p>In reality, it wasn\u2019t a problem. He had been putting the money he said he was going to towards savings and paying off debt.&nbsp; That is the ultimate point of financial planning, i.e. hitting your goals.<\/p>\n<p>If spending an extra $100 at a restaurant doesn\u2019t prevent you from hitting your goals, then in my opinion it doesn\u2019t matter. Live your life!&nbsp; In short, he was hitting his goals so his day-to-day expenses were not important.<\/p>\n<p>Now why is budgeting important?<\/p>\n<p>If the aforementioned person had called and he wasn&#8217;t saving $1,000 a month for a house or paying $1,000 a month towards his student loans, then we need to figure out why.<\/p>\n<p>That is when you turn to the budget and see if you are overspending somewhere.&nbsp; For example, if he wasn\u2019t saving $1,000 a month towards his house and overspending on restaurants by $100.&nbsp; Now that is an important problem that the budget would point out.<\/p>\n<p><a href=\"https:\/\/www.fitbux.com\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.fitbux.com\/articles\/wp-content\/uploads\/2022\/06\/Manage-Your-Money-Now-Narrow.webp\" alt=\"\" width=\"728\" height=\"90\"><\/a><\/p>\n<h2 id=\"t-1659217901963\">Why Is Budgeting Not Important?<\/h2>\n<p>One popular reason people tell others to budget is to build discipline.&nbsp; In my opinion, budgeting to be disciplined is a false myth.&nbsp; Doing so actually leads people to poor money habits.&nbsp; I\u2019ll explain\u2026<\/p>\n<p>When you use a budget and you over spend on an expense, you are arbitrarily punishing yourself.&nbsp; This has two effects.<\/p>\n<p>The first effect is that you may be punishing yourself for no reason.&nbsp; In the section above, why is budgeting important reason #2, I told the story about the FitBUX member panicking because he had overspent on one day-to-day expense.<\/p>\n<p>In the grand scheme of things, it didn\u2019t matter.&nbsp; He was still following the important part of his financial plan.<\/p>\n<p>The second effect is that you are focusing on the negative and punishments.&nbsp; Human nature is to avoid pain.&nbsp; When you focus on negatives and punishments, there is only two ways to stop the pain.<\/p>\n<p>Either reduce your spending (most likely the overspending was on something that gave you pleasure) or stop budgeting\/following your financial plan completely.&nbsp; As you can guess, most people stop following their financial plan completely.<\/p>\n<p>To summarize, the first and second effect lead to bad money habits because people stop actively managing their money completely!<\/p>\n<p>A much better motivator is to think about why you want to accomplish your <a href=\"https:\/\/www.fitbux.com\/articles\/how-to-set-financial-goals\/\">goals<\/a>.&nbsp; Then focus on what happens when you achieve those goals.&nbsp; Check out this awesome <a href=\"https:\/\/www.fitbux.com\/financial-planning-example\/\">financial planning example<\/a> to see how to accomplish your goals.<\/p>\n<h2 id=\"t-1659217901964\">Nickel &amp; Diming Or Penny Pinching<\/h2>\n<p>When people hear or read my opinion on budgeting, they believe that I\u2019m against <a href=\"https:\/\/www.merriam-webster.com\/dictionary\/penny-pinch\" target=\"_blank\">penny pinching<\/a> or <a href=\"https:\/\/www.merriam-webster.com\/dictionary\/nickel-and-dime\" target=\"_blank\">nickel and diming<\/a>.&nbsp; My personal opinion is penny pinching and tracking your budget that aggressively is a waste of time and not important.&nbsp; However, I\u2019m not against it at all.&nbsp; In fact, I encourage it for some people but for most I don\u2019t.<\/p>\n<p>The reason why I don\u2019t encourage it for most is that about 75% of penny pinchers that I meet are absolutely miserable.&nbsp; The reason why is they haven\u2019t given themselves a good enough reason to be penny pinching.&nbsp; They are saving just to save.&nbsp; If you ask them what they are going to do when they have money they have no good answer.<\/p>\n<p>As I previously mentioned, in order to continue with a financial plan you have to have a good reason.&nbsp; If your goal is to pay off your debt ASAP and penny pinching is going to allow you to do that, I encourage it.<\/p>\n<p>Ashley is a perfect example of this. You can <a href=\"https:\/\/www.fitbux.com\/podcast\/episode1\/\">hear her story on our podcast<\/a> but I\u2019ll summarize here. Ashley graduated as a physical therapist with $220k in debt.&nbsp; Her family had always been in debt and she saw how much stress it caused in their lives.&nbsp; She had one goal and that was to be debt free in four years because she didn\u2019t want to live life like that.&nbsp; Sure enough she did it but she had a deep meaning which motivated her. She didn\u2019t do it just to do it.<\/p>\n<p>Therefore, if you are going to penny pinch, you must have a really good meaning because you\u2019re going to be sacrificing a lot of pleasure and a lot of time.<\/p>\n<p><em>By Joseph Reinke, <a href=\"https:\/\/www.cfainstitute.org\" target=\"_blank\">CFA<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Beginners to money ask those with experience about where to begin.\u00a0 Many recommend starting a budget.\u00a0 However, most people that budget can\u2019t correctly answer the question &#8216;Why is budgeting important?&#8217; These people blindly follow a budget because someone told them it was good to do.\u00a0 This is one of the many reasons so many people [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1898],"tags":[197,1897],"class_list":["post-13797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-planning-archive","tag-budgeting","tag-financial-planning","post-wrapper","thrv_wrapper"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why Is Budgeting Important Or Is It? - FitBUX<\/title>\n<meta name=\"description\" content=\"Why is budgeting important is a question everyone should ask themselves. 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