Budgeting is very important for everybody that makes money, including companies and governments. So far you are getting money on a regular basis there is need to have a budget for how you spend the money. Even when you are gifted money that you didn't plan for, there is still need to make a budget so that you don't waste it on things that are not important to you. The simplest definition of budgeting is having a plan on how to allocate money so that you will not misuse it.
It is said in economics that human wants are insatiable so you have to know the difference between wants and needs. As human beings we want many things that we can't afford so we have to focus on our needs (essentials). Then we have to prioritize the 'needs' and the most important one is the first to be allocated funds to, then the second and down the hierarchy.
It is the same for business people and governments, they have to start from a planing stage and arrive at allocating funds according to importance of their expenses and projects.
Budgets requires discipline, what does not fall into the plan should be carried over or suspended. You can add other importance of budgeting that you know so that we can all learn from each other.
If you are a person who cant be able to determine about on whats good and whats bad then you would be that likely having that some problems later on which we do know that it would be that something significant or important that budgeting will be needing up because even if you do have that tons of money or having that funding but sooner or later those funds would be that totally wasted just because you do prioritize wants over needs on which this is what most people that been trying out to do so. There are just that those times that you do become impulsive or having not minding up that much about responsibilities but rather you are that trying out to achieve something that you've been longing for so long and instead on buying up the priorities, you do rather choose up the other side and make yourself that contented. Its not bad to buy up your wants for sometime but this would be only that after you had been able to pay up the bills and allocate funds into those something important like savings/emergency funds and other correlated things on which after that, then this is the time that you would consider on buying up something for you on which it isnt that a bad choice either. There are just that those times that you do lose up that control on which this one would be causing up that total devastation when it comes to finances. Regrets do always come at the end on where they should have that be able to stop it out when you are just that being sensible and mindful into the actions that you are taking into. Sometimes we dont think off about into those negative impacts not until the time that we've been experiencing out the unfortunate condition on which we've been that currently that experiencing on. Importance of budgeting is that you would be able to save up yourself when there's that crisis and since you do have that back up money or funds then you wouldnt be finding yourself having some hardship on surviving out on which of course it will be that situational because not all will be having that kind of actions to be made out along the way. Tere are just that those times that you've been that becoming irresponsible when it comes into your spending just that because you've been that able to encounter those factors that do affect out on the way you've been thinking.