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Explain six points on the importance of budgeting.

Explain six points on the importance of budgeting.

Answers


Martin
-Budgeting acts as a guide to wise purchasing by prioritizing spending.

-It enables one to live within their means by spending only on items they can afford.

-It also enables one to avoid impulse buying by buying only the budgeted items.

-One is able to set priorities and plan for present and future needs.

-It enables one to accumulate family savings.

-It provides a basis for analyzing the needs of the family.

-It also gives psychological satisfaction to the family members because all the needs of family members are met.

-Budgeting enables a family to estimate all their financial needs and plan for other sources and methods of supplementing their income.

marto answered the question on September 12, 2019 at 07:33

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