Question
I need a substantive comment on this post: This is a very interesting question because budgeting has always seemed to have a positive connotation. After
I need a substantive comment on this post:
This is a very interesting question because budgeting has always seemed to have a positive connotation. After delving into this, some pitfalls appear to be associated with budgeting. To start, not reviewing and adjusting a budget can be a pitfall as budgets are meant to be dynamic and need to be changed to coincide with varying circumstances. Furthermore, people dont usually account for emergencies in their budgets. If people fail to account for these unforeseen expenses their budgets can fail. Lastly, people need to be realistic when setting their budgets. When people arent realistic with their budgets this can be demotivating and lead to a failed budget. However, all these issues can be avoided. If your budget is reevaluated as aspects within the budget change you can account for this and keep the dynamic budget up to date. Secondly, having an emergency fund ready to account for unexpected costs will allow you to accommodate for these variable costs. Lastly, if people set achievable and realistic goals within their budget, they can avoid any frustration or failure in their budgeting. There are many more pitfalls; However, by being mindful of them and taking proactive steps to avoid them people can have much more effective and achievable budgets.
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