Do you still keep financial records even though you have created a budget?

[Suba]

Most of us have made a personal financial budget which will be useful as a benchmark, allocating income to expenses, savings and investments, as well as to assess ourselves for discipline and adherence to the financial commitments we have made. Many people think that if we already have a budget, we don't need to keep personal financial records of both income and expenses. So do you still keep financial records even though you already have a budget that you adhere to?

 

[SHAHID987]

Yes, I keep my fifinancial record even if I made a budget and strictly following it. Apparently it doesn't make any sense, but I keep these record which becomes supportive for me for making future balanced budget.

 

[eLdavis]

Its best to still keep financial records even when on a budget. This would help you monitor how you spend as well.

 

[Fidelia]

You would need to still maintain a financial record to track if you are sticking to your budget or you have deviated from it.

 

[Nomad]

Budget is you estimated income and expenses, keeping financial records means you are taking note of each expenses. These are tow things

 

[King Belieal]

When you keep financial records of your spending, you would understand if your budget was feasible and realistic at the end. You would still have to record your financial activities even with a budget in force.

 

[kerryjoy]

It's advisable to maintain financial records even when budgeting. This practice enables you to monitor your spending habits effectively.

 

[Stardom22]

Most of the time many people don't stick on the budgets. With that being said, the financial records are very ideally for sure.

 

[Springtime]

I do not really have a budget, but I have an idea of how much I need to spend every month. I do keep financial records though. I check my bank statements, credit card statements and keep receipts of my purchases so that I know how much I spent.

 

[Augusta]

Yes, I keep my fifinancial record even if I made a budget and strictly following it. Apparently it doesn't make any sense, but I keep these record which becomes supportive for me for making future balanced budget.

Yes, nothing wrong with still keeping a financial budget even when you have your budget in place.

 

[Stardom22]

I think it's a very great thing to do so as they can help in the tracking on your expenditure for further alterations and changes when the needs arise.

 

[Starmix]

It's better to keep a financial record to keep tract on the flow of your finances, know the strengths and weaknesses or the progress.

 

[Augusta]

Yes even with a budget you need to have your financial records to accommodate other things mot just your budget.

 

[Starmix]

In my case, I do not keep a record. I only see the flow of my business through my savings every day. But I keep a record of the problems encountered daily.