History tells stories of business owners who lost it all due to lack of planning. They became billionaires after a lot of hard work and planning; they went to the top. But then they forget to plan their expenses, they spend more than they earned. It is hard to understand, but there are no shortages of instances where a millionaire lost all the money and then ended up living on the streets.
Money is everything. People who are overly emotional may disagree; they may say love is necessary money is not. But they are wrong. Nothing on earth is free; human beings are paying for everything, in some way or other. Humans have to pay for things until the day they take their last breath. There is no way one can live a fulfilling life without learning the art of budgeting.
Budgeting is more popular among older people. After 30, most adults understand the true value of one penny. This is the age when most adults start thinking about life after retirement. The twenties is all about fun and enjoyment. Most people in twenties spend more than they save. Some save absolutely nothing and even build up huge debts thanks to out of control lifestyle. Schools teach how to be successful, build a career, earn money, but unfortunately, still, there is no school that teaches students the art of saving money.
The way one person spends money shows his/her character. A sensible person will always think about the future. No one can work for their entire life. Retirement happens just like promotions at the job. A sensible person will always think ahead, they will save money for the rainy days. Saving money does not mean depriving life of luxurious items. Budgeting is not giving up on enjoying good things of life; instead, it gives people an opportunity to get a reality check of how many good things they can actually afford without borrowing money from someone else.
The common perception is older generation was wiser when it comes to handling money. However, this is just a myth; bankruptcy is not a new thing. Older generations were offered limited tempting materialistic possessions to blow their money on. No one was coming up with a new version of iPhone, Android phones every year. There were also no social media. Most middle-class citizens were not aware of how the other half lives. Nowadays everyone knows what celebrities eat, where they go for annual vacation, which gym they use for working out thanks to their constant updates on social media. Young twenty year olds also wish to a same glamorous lifestyle. They start buying things they cannot afford. The youngsters cannot be blamed either for spending money on items they cannot possibly afford. The pressure of living a certain lifestyle is immense. Pictures from a luxurious vacation, pictures of eating at the most celebrated restaurant are symbols of social status these days. Youngsters who never go for a vacation or eat organic foods are mostly seen as outcast members of society. They spend their Saturday night alone at home. No twenty something wants that kind of isolation. So they find an easy way out, they spend to avoid loneliness. Older generation did not have so much pressure on them, they live a less complicated lifestyle.
Twenty is all about pleasing friends circle, so they invite you for the next party. For some people, this phase lasts longer. These people find happiness in spending; they are the people who say they will always have time to save money later in their lives. But they will be young only for a limited time.
These people do not understand there is nothing better than being financially independent for your entire adult life. The true purpose of learning the art of budgeting is to stay financially independent for the rest of adult life. A person who never borrows money from friends or family is a well-respected person in society. This person gets the respect he also never needs to dodge a phone call because he borrowed money from the caller. These activities cause tension, and most people develop lifestyle diseases due to unwanted stress. Unpaid loans can cause huge tension for families. Blood pressure rises, stroke, heart attack come calling all of a sudden. Out of control lifestyle brings early deaths.
This is why the art of budgeting for living should be taught as a lesson right from the start. So students can understand that earning money is not the ultimate success in life. One should also know how to manage money.
Self-control is an essential part of growing up. A grown-up person will always make a budget in mind; true grownups never run out of money.
The art of budgeting has a much deeper meaning which goes beyond monetary assets. If a married person put himself on a budget, make a list of things that he or she can do, and then there will be less marital problems.
This is why it is important for everyone to learn The Art of budgeting; this particular lesson can truly save their lives.