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08/07/2014

8 Reasons for Using a Budget

 

  • To establish specific financial goals, including amounts and time frames
  • When it is important to let everyone in the family know why spending is being limited in one area or another
  • When the family economics are complex...e.g., when income and / or expenses are widely fluctuating
  • When it is important to keep track of spending in one specific area or specific individuals
  • When the family believes it is important to establish financial incentives for its members
  • Improving control of household expenses
  • Monitoring performance of specific investments such as securities and real estate
  • Meeting savings and wealth accumulation goals such as education funding or vacation, new car, and retirement planning

 

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