Budgeting Basics - What, Why, and How? (1/3)
Hi, everyone! This is Lara Hammock from the Marble Jar channel and in today's video I'll go through the basics of budgeting -- what is a budget, why do you need one, and how does it work? This is the first of a three part series on budgeting. I have been keeping a budget since I was in my early 20s. I grew up in a frugal family and I like numbers, so it was a natural fit for me. A couple of years ago, I started volunteering as a financial mentor. What I realized is that not everyone has a good sense of what a budget is, why it is important, and how it works. This video is my attempt to break it all down. What is a budget? People absolutely hate the notion of a budget -- it make them feel very constrained. But a budget is really just a plan. It is a plan detailing how you want to use your income. It can certainly feel constraining, but it is really just an agreement that you are making with your future self about your finan...