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1. You are able to set aside savings
2. You are able to curb unnecessary spending to provide more for necessary spending and saving
3. You know what you are spending your money on
4. You have a plan in place
5. You are less likely to over-withdraw your account
6. Gives you a better communication tool to talk to your spouse about finances
I keep my budget in a spreadsheet format based on our bi-weekly paycheck. I have four columns: expense, budgeted amount, spent amount, and a column that subtracts budgeted amount from spent amount. All of my columns use spreadsheet functions to add and subtract figures so I know how much I spent, the budgeted amount, and if we went over and under. Budgeting takes constant vigilance over your online bank account, but in the long run I am better able to control my finances. I would suggest if you're not doing so, to make a plan and get started.
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