Just like it is been said he that fails to plan has already planned to fail.
 
Hence the need for budgeting cannot be over emphasised as it plays a very vital role In any aspect of life. When dealing with money if we don't plan we are a failure already. When you have a budget, you discipline yourself, so, in bugdeting dicipline is also a watch word as decipline will help you to follow your budget.

Let's take a good illustration of a woman going to the market to buy things , if she has a budget she will buy and achieve the aim of her going to the market by buying the budgeted items, but if she does not have any budget, she will end up buying any thing that catches her sight.

Hence, budgeting is very important in a society and even individually.