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Whether you’re in debt or debt free, have $5 or $5 million dollars, you should know exactly where every dollar of your hard earned money is going. If you really want to thrive and not just survive, “B*tch better have a budget.”
Think of it this way, managing your personal finances is a lot like running a business. You are responsible for all aspects of “You Inc.” Paying close attention to your balance sheet (your budget), plays a critical role in running You Inc. efficiently. You must pay close attention to where every dollar is going to ensure your business is profitable (your household has a positive net worth, your family isn’t struggling to pay bills, you aren’t living paycheck to paycheck, etc). That’s why having a balance sheet (a budget) is an essential part of running your business!