Personal Finance Myth #43

Keeping track of money is enough. You don’t need a budget | Vrid
People illustrations by Storyset

Keeping track of money is enough. You don’t need a budget.

Checking your bank account and knowing the balance isn’t the same as budgeting. While tracking your expenses is an essential first step in managing your finances, it’s not enough to ensure long-term financial stability. 

A budget is a proactive tool that helps you plan and control your spending, set financial goals, and save for the future. Without a budget, it’s difficult to prioritise your spending and make informed financial decisions. 

Therefore, while tracking your money is helpful, creating and sticking to a budget is essential for achieving financial success.  

If you don’t have a budget, start building one. Read more here.

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DISCLAIMER: This newsletter is strictly educational and is not an investment advice or a proposal to buy or sell any assets. Please be careful and do your own research.

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