If anyone don't understand this basic thing such as budgeting then they should not be in business or have anything to do with finance. OP you did a good job but have honestly post like this are basic, this type of post will have a good fitting for beginners and help. This is a vast forum and the economy board of the forum talking about very basic thing like this that is obvious as day light is a bit cringe.
This topic is also enough in the economy board as economic issues are discussed here. What op mentioned is certainly true and I will say one thing here that everyone needs to learn money management first so that he will learn to spend the right amount in every place and will never misuse or misappropriate money. Therefore, to do something good financially, first of all, it is necessary to have good knowledge about money management. When someone has good knowledge about money management, then the issue of budgeting will automatically be seen in him.
One can't be talking about budgeting without talking about financial management and discipline which are two words that are linked together as the both complete each other anyone who spends money carelessly will find it difficult to budget his finances because spending extravagantly will only lead to destroying the plans and budget made by anyone.
Financial education is key and should be learnt by everyone who is to make progress in life as it concerns any thing to do with money so the importance of budgeting in the life of an individual cannot be overemphasized any day