It’s so easy to click the “buy” button on a social media ad or say “yes” to going out to eat with friends without actually considering if you can do it. Over 25% of Americans say they don’t have a budget and it shows1. According to a recent survey from February 2023, “36% of Americans Have More Credit Card Debt than Emergency Savings, Marking a 12-Year Record High.”2 Many factors contribute to debt, but one of the most helpful and simple ways to avoid it is by creating and sticking to a budget.
The main purpose of a budget is to make sure that your income covers your expenses and allows you to achieve your financial goals. Budgets take time and effort to create but can help you become financially stable.
Here are four reasons why a budget could be good for you:
By fostering financial awareness, exerting control over expenses, reducing debt, and realizing your financial aspirations, a budget can serve as a roadmap to a more stable, secure, and fulfilling financial future. At Southside Bank, our team members are with you every step of your financial journey. Whether you want to put your money to work in an investment account or save for a financial goal, we can offer what you need. Take charge of your financial future and make the first steps toward budgeting today. Our team is cheering for you! You’ve got this!