Quote:
Originally Posted by redpoint5
I don't have a budget or really track spending. When you spend as frugally as you can, there's no need.
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True - when you live well below you means there isn't much of a need for a budget. But that isn't most people. Remember that 60% of US households don't have the savings to cover a $500 expense. They are living paycheck to paycheck and that is where a budget comes in very handy - to get out of that situation.
When my wife and I were getting out of debt we had a budget down to the last dollar. It was necessary to stay on track - and REALLY necessary when she went back to school and I was paying college tuition out of pocket. Back then we had $20 spending money a month each and the rest was allocated to necessities. Now that the debt is paid off and we live on less than 1 income we do quarterly reviews on finances.