A budget is a guide that helps you increase your awareness of where your money is going and how much you are saving. It’s important to develop a budget early on as part of a strong financial foundation. It’s a common misconception that budgeting gets easier when you have more money. As the rapper Notorious B.I.G. famously said, “Mo’ money, mo’ problems.” Why is it important to develop a budget while you’re in training?
A budget will help you develop habits of saving, even if just $20 a month at the beginning. It is important to know your cash flow. No matter where you are in your career your cash flow is key. Though your finances can be time-consuming and stressful to think about, ignoring them won’t make your financial situation any better. Developing a habit of reviewing and updating your finances on a yearly basis can allow you to keep your cash flow in check.
A budget will also help you answer these three questions: Where is your money going? Is it going where you want it to go? What changes need to be made?
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