Six Ways a Budget Can Help Boost Savings
Students and young adults have all heard about the importance of developing a budget. But, do they know why a budget is so important? Perhaps they simply spend what they must and save whatever’s left over. Or, perhaps they spend all they have and borrow or charge anything else that is needed. In either case, given the limits of their income, they may wonder , “What good would it do to have a budget?”
Whether one has substantial resources or lives close to their means, a budget can serve as an effective foundation for a savings program. It may be one of the best tools to help control personal and household expenses, thereby freeing up income that can be redirected toward savings.