-Budgeting acts as a guide to wise purchasing by prioritizing spending.
-It enables one to live within their means by spending only on items they can afford.
-It also enables one to avoid impulse buying by buying only the budgeted items.
-One is able to set priorities and plan for present and future needs.
-It enables one to accumulate family savings.
-It provides a basis for analyzing the needs of the family.
-It also gives psychological satisfaction to the family members because all the needs of family members are met.
-Budgeting enables a family to estimate all their financial needs and plan for other sources and methods of supplementing their income.
marto answered the question on September 12, 2019 at 07:33
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