Pamplin Professor Dr. Brian Adams
Dr. Adams was tapped by WalletHub to offer expert insights ~
Source: WalletHub (Featuring Dr. Adams)
What are some benefits to having a budget?
Financial planning starts with setting our short-, medium-, and long-term financial goals. The second step is budgeting, or more accurately tracking income and spending patterns. We look at a business’ income (P/L) statement to determine its profitability and financial health. The same thing can be said about an individual’s financial health. It starts with answering the question “Do I spend more money than I make on a monthly basis?” The goal of the budget is to help individuals to become profitable; understanding how we spend money, reducing spending where we can, and possibly increasing revenue opportunities. It is our planning document and how we track our progress towards reaching our financial goals…