To prove the point, ING commercial banking senior economist Ian Bright shares his story in a new video of how he ended up suddenly without a job -- and without a firm idea of his household’s spending.
“My experience is not unusual,” says Bright. “Not the loss of my job – but rather not having a household budget.”
"You'll thank yourself later"
With a study showing some low-earners budget and accumulate more wealth over their lives than some high-earners the message is clear: the rich need to budget as well.
“It doesn’t have to be complicated and the pay offs will be great,” says Bright. “You’ll thank yourself later. It certainly would have helped me.”
The video tutorial How much should I be saving? spells out the first steps for making a basic budget.