When we talk of budgeting, people always associate this with financially well-off people; however experts in this area urge that this isn’t always the case, as the skill can help anyone organise their finances as well as plan accordingly.
For instance, IT specialist Alphonse Mukagatare says your career goals can also be achieved when you plan well your finances.
She says that budgeting is beneficial when it comes to achieving financial goals, as it offers one an opportunity to build up a better understanding of their personal finances.
"The good thing about budgeting is that one is able to understand how much they have and how much they can afford to spend in different areas, including upgrading your career,” she says.
Regardless of your financial circumstances, Mukagatare notes that budgeting will help in situations that normally come unexpectedly.
Innocent Twizerimana, a financial expert says that when you have good financial skills in terms of budgeting, you are likely to have a safety net to take you through any situation.
He also believes that when one is struggling financially, budgeting helps them cut unnecessary expenditures and get back on track with time.
"The pandemic showed us how unpredictable life can be. This is where the importance of budgeting comes in, thus providing us with security in terms of funds.”
In addition to this, Twizerimana says when you start budgeting; it also helps you get control over your money.
"Having this understanding helps you make informed decisions when contemplating purchases, or generally when it comes to planning on how to achieve your future goals,” he says.
On the other hand, Mazen Halawyi, a businessman mentions that whatever your financial goals are, creating a budget will be critical to their success.
Having a budget can help one prepare for emergency costs such as education, illness, and other situations that one might not be prepared for.
"When you have done your budgeting well, it also sets you free from financial stress, which at times can interfere with your mental health.”