 TITLE: What Is a Budget? CONTENT: What Are the Benefits of Having a Budget?\n-----------------------------------------\nOften, people are surprised when they start tracking their expenses because they didn't realize how much (or how little) they spend throughout the month. But getting this insight and creating an intentional plan for your money can give you a greater sense of control.\nOnce you know exactly how much money you have coming in and how much you need for your fixed expenses, you can better plan your discretionary expenses. You might then look for ways to earn more money to meet your goals, or save money and free up room in your budget.\nOver time, budgeting could help you:\n*   **Get out of debt**: With your budget in mind, you'll know exactly how much money you can put toward your debt payments and how long it'll take you to get out of debt. You can make it a priority to get out of debt and move money from one of your \"fun\" categories to debt payments. If you keep track of your spending and stick to the plan, you may be able to get out of debt sooner and pay less interest.\n*   **Build an emergency fund**: An emergency fund can keep you from having to take on high interest debt to cover expenses from an unexpected setback. Create an emergency fund category in your budget and build up your fund every month. It can be helpful to open a separate savings account for your emergency fund, so you're not tempted to dip into it.\n*   **Stop living paycheck to paycheck**: Once you build up your savings, you can stop worrying about when you get paid and focus your attention on sticking to your budget. As long as your income continues to be equal to or more than your expenses each month, you'll be on track to pay all your bills each month. END