7 Main Reasons Why Your Budget Sucks ...

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Everyone needs a budget. This way, you know where your money goes each month. A budget keeps your personal finances on track, and it ensures you always have cash flow to pay bills. If you don't have a budget, you might overspend on entertainment and recreation, and have little cash for important bills, such as rent or the mortgage. But just because you have a budget doesn't mean it's a good budget. Your budget might suck -- to the point where it's not working for you.

Here are seven main reasons why your budget sucks.

1. You're Allocating Too Much for Entertainment

It's okay to set money aside for recreation and entertainment, but if you allocate too much, you might end up living paycheck to paycheck, or you may not have cash for more important bills. Recreation and entertainment are useful, but in moderation. If you're struggle to live within budget, decrease how much you spend in these two areas to see if you're able to free up cash.

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