Budgeting is a fundamental financial skill that helps individuals control their income and expenses. A budget provides a clear picture of where money is being spent and ensures that necessary expenses are covered before discretionary spending. The 50/30/20 rule is a popular budgeting method, where 50% of income goes to needs, 30% to wants, and 20% to savings and investments. Sticking to a budget prevents overspending, reduces financial stress, and helps achieve financial goals like buying a house, traveling, or retiring comfortably. Budgeting tools and apps can simplify tracking expenses and maintaining financial discipline.
Budgeting: The Key to Financial Stability
