What is a budget?
A budget is a plan that helps you manage your money. It helps you figure out how much money you get, spend and save. Making a budget can help you balance your income with your savings and expenses. It guides your spending to help you reach your financial goals.
A budget is especially important if you:
- don’t know where your money is going
- don’t save regularly
- have problems paying off your debts
- feel overwhelmed by your finances
- feel like you’re not in control of your finances
- want to make the most of your money
- are planning for a major purchase or a life event
Making a budget can help you:
- set spending limits
- find ways to pay down your debts
- reduce costs and save more
- live within your means
- reduce stress
- have more money for things that are important to you
- feel in control of your money
In this video, Tayo Elnathan explains budgeting with her lively partner Dotun Ayodele. Find out more about budgets here
