Updated: May 20, 2020
There are many reasons why you should create and follow a personal budget:
It helps you achieving your financial goals, both in the longer and shorter time-range
It can help you to avoid overspending, as you are exploring your spending habits
You can discover your hidden money dumps (i.e. all little and often regular add-on spending).
It can help you generate savings, also by only minor adjustments
But despite all those advantages about 60% of the American adults do not create or follow a budget. US News has explored some of the reasons why the budgets are failing. In addition to those, many people are just afraid that budgeting is a very complicate process and often they lack the required discipline to do the routine work of following-up and maintaining an initial budget.
In such cases, a Daily Money Manager could be a very helpful partner in making YOUR budget a successful step for reaching YOUR financial goals.