Why is it important to budget efficiently?

Answer 1

One may ask that it is important to budget and to that end this is true however most fail because they lack insight into the other elements involved. In lay mans terms, to budget is to control spending to budget efficiently is to understand human behavior and thus conceptually grasping a budget while implementing it so it becomes a part of ones life is the trick. A well written, well planned budget to be consistently affective, should be quick (no more than an hour to 45min), easy to understand for all parties involved (paper or electronic) and easily scalable to ones life changes. At the end of the analysis make a budget that takes stock of all your income and the money you spend, make that work within your time schedule and do it monthly because efficiency only comes with commitment and practice.