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
Yes, budgeting only works if you can manage your finances if you are careless and have no control at all, then it should not be ok at all. If you end up with a lot more profit if you could just manage it well, that is how you budget.
Think about it, lets say you earn X amount, you need to make sure that this is your budget, you say I make 100 bucks, and need to spend 90 and save 10. That's called budget, but then you need to manage to live on that 90, and that would be the one which makes sense and would be called financial management. If you budget, and then follow it, then you are good at both of them and should be getting a greater return. If we can live with something like this, that should be the way to move forward.