*The Merits Of Financial Planning And Budgeting*
Financial planning is an approach whereby we properly manage our existing financial resources to achieve our financial goals and objectives.
Budgeting is the process of creating a plan to spend our money. Budgeting allows you to determine in advance whether you will have enough money to do the things you want to do or would like to do.
Financial planning and budgeting indicate how we utilize the resources at our disposal and the rate at which we utilize them.
The way we utilize our resources is very essential, especially during this season when many want to go the extra mile just to impress others.
It is important to know that even when we possess these resources, we need to know how to utilize them.
Luke 14:28-30 – Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you, saying, “This person began to build and wasn’t able to finish.”
Luke 13:28-30 is talking about budgeting and planning.
*Merits Of Financial Planning and Budgeting*
Budgeting does not always mean spending less but also helps us to spend smart
Financial planning is a great source of motivation and commitment; When you have a clear call to action through a financial plan it makes you committed to it.
Financial plans help individuals create and set goals to work towards them, thereby reaching the goals.
Financial planning and budgeting provide for action and decision-making.
When we have a good financial plan and budget, it helps us to spend wisely.
Stay blessed.
© CYMI Blog, Written by Mr. Akinboade Tosin Gabriel; Photo: Isaac Smith and Austin Distel; Stay connected with CYMI family of youths and mentors @ https://web.facebook.com/groups/cymiofficial
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