Yes, you are right, it is very important for every person to set a budget. Because if a person does not set a budget and moves irregularly or spends more money than his source of income, then it will be very stressful for him to be successful. Because if he spends more money than his income, then he will have to take a loan from someone and after a few days that person will be in debt.
If a person sets a budget. For example, his monthly expenses are $ 50, his food expenses are $ 20, etc. If he keeps setting a budget in all aspects, then after a while he may be able to save a lot of money or if he is willing to invest, he can invest. So always set a budget and try to stay in a disciplined manner.
It is an act of financial recklessness that can leads an individuals to spend more then they earns, and potentially causing debt or financial difficulties. I strongly believe that our needs and wants are much greater than our income, but the best way to prevent overspending is through budgeting, just as everyone said.
Utilising what you have brings a perfect comfort and financial financial instability. The future carries a lot of uncertainty, unpredictable and unforeseen circumstances, so emergency can arise anytime and it is important to take care of any issues that arise at the moment, and there is a possibility of using money to settle whatever it is.
Some individuals don't care about the future, the only thing they care about is the present, and we are living in the 21th century where everything changes my a means of time. Budgeting helps in accurate spending/utilisation over excessive spending. And it also promotes the chance for saving, and what you are saving now can be beneficial to you in the next decade.