Why is a budget important for a family?

If a family are on a limited income then a budget may be an essential way of seeing that all financial payments are allowed for. It is one way of stayng out of any further debt apart from the essentials such as a house or car, school fees. A budget helps a family to see what they need or can do without. Staying within the budget can be difficult at times, so one needs to get out of the red and back into the black as soon as possible.