Just like we plan to attain some certain goals in life, so we need budget in our day to day financial spendings.
So as they say " a person who fails to plan has planned to fail" ,budget is more like planning for how all sort of income is spent so as not to run into deficit.
Even the very rich in their ways have limitations in their spending, though their give away prices might be your whole year salary,but trust me , there's always a budget for their spending, even a nation has her budget, a nation without budget will definitely run into debt, so as human being.
it has always been part of me every since I started receiving allowances, what I eat, wear, anything else that involves me spending will never be out of my budget.
I make my based on targeted savings, no matter how stranded I am, I must attain the speculated savings I had in mind.
As an average salary earner, the main things I put into consideration is food, clothing and shelter in minimal.
I make my budget based on desired material in which I need to acquire, and of course I put myself in strict spending so I'll not exceed that.
I could remember how I bought my first guitar, I saved up for good 5 months, I made budget for every month I receive salary and I made sure I didn't spent out of the budget,not matter how urgent it might be.
The key is you don't need to buy uneccesarry or flashy things that will make you spend much.Be cautious of your spending to make sure there's something to say about.
