The importance of budgeting
After you have come to terms with the amounts you owe and how you will be paying them back it is important to stick to a budget; this enables you to take control of your finances and to ensure you have the money for your repayments. Alternatively you may not have any major debts but find it difficult to regulate your income every month. Sticking to a budget can help you manage your money and prevent arrears and extra charges.
The benefits of budgeting include:
- Improved confidence and self esteem
- Feeling empowered because you are taking control
- Sets a clear way forward – you’ll know exactly where you stand with your money
- Bills will be paid on time – no more harassing phone calls
- Holidays, birthdays and special occasions can be planned for and managed