What are the pros and cons of not having a personal budget?

Answer 1

if you don't have a budget, the obvious con is that you might over use the amount of $$$ you have. The pro is that you don't have to keep track of your expenses.

Answer 2

The only pro is the time you'll save having NOT prepared it.

The cons are numerous and include often not having enough money to do what you need to (like pay bills) because you spent it on an impulsive choice and now its gone.

You will never be able to pay for a major purchase with cash, or have a decent downpayment so you can get the lowest interest on whatever loan you are trying to get.

You're also most certainly going to run up huge debt to manage the fact you never have enough cash. This in turn impedes your ability to ever acquire any true wealth or security.

Next question?

Answer 3

Are you serious? A personal budget does not have to be to the penny, unless your money is really tight. Then you better have one. have a word document that lists each bill that is paid by each check we have (4 total a month between my wife and myself) That way we know exactly how much money is leftover for us, and what bill is paid when. We have no problem keeping bills up to date, and we pay everything on line, including the savings. Its really easy.

Answer 4

the pro is you actually figure out how much you spend.
the con is you realize how much you spend on nonsense, and the new american nightmare (too much house, cars, student loans, too much credit card debt)

live on less than you make. save the rest. if you can't pay cash, you cant afford it.

Answer 5

Easy
Pros: you don't spend more than you make
Cons: you don't spend more than you make

Answer 6

bankruptcy