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A lot of people make excuses about budgeting. They say it is too time-consuming to create. It is also something that they have to monitor constantly. Both of these are true but it does not reduce the fact that people need it in their life. Regardless of your financial situation, you will always benefit from using a budget plan. It will give your financial decisions direction and will help you avoid a lot of mistakes. If there is a time to use a budget plan, it is now. According to a study done by PewTrusts.org, our expenses are rising faster than our income. Between 2004 to 2014, the median income fell by 13% while expenses increased by 14%. The inflation rate is rising faster than the income that consumers are receiving. How can we meet all our financial obligations if the prices of basic commodities continue to rise while our salaries remain the same or grow at a very slow rate? This is where budgeting can prove to be very useful. A budget plan can help you look at both your income and expenses so you know where your money is going. If it turns out that your current expenses are higher than your income, you can make the necessary changes that will help keep your expenses low. You can identify the priority expenses and let go of the unnecessary ones. That way, you can make sure that you will always live below your means.