The budget process entails making estimates of expenditure as well as the source of money. The word budget can be interpreted as a “guess.” When guessing the future results of my experience, budgeting will be of value. We all have personal goals as well as resolutions, and budgeting is an effective tool in managing these expectations as well as planning for future success. Guessing the future results of my experience would be impossible if I do not understand what I have. It would be tough to prepare for the future as well as look ahead without having information on what is at my disposal. Budgeting will help me examine my revenue’s pipeline and enable me to understand both my on-time as well as reoccurring expenses.
According to Wallace, 2014), budgeting plays a critical role in determining the position one will be in the future, such as the growth of experience as well as the reduction of expenses. By setting goals, I believe that I will gain motivation to develop as well as maintain a budget with a clear plan. According to Farrel (2019), budgeting is a representation of values possessed because the valued things are identified based on what people agree to pay as well as how they agree to pay it. Whenever I write down my valuable things in my personal as well as financial life and then compare them to what I am spending on, I am usually motivated to make some positive changes in my life. I know this process calls for some discipline because I have to think about what I value of which some are specific activities, things, or lifestyle issues.
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References
Farrel, C. (2019). Your Budget Reflects Your Values. Retrieved 8 September 2019, from https://www.cbsnews.com/news/your-budget-reflects-your-values/
Wallace, S. (2014). Value of Budgeting. Retrieved 8 September 2019, from https://www.bswllc.com/resources-articles-value-of-budgeting
