If you read any of the "Get out of Debt" books or "How to Handle Household Finances" articles, one of the first things the debt counselors and financial advisers suggest is creating a budget. There are countless articles and methods about how to create a household budget but not too many on why.

The method for creating budgets may differ (pen and paper or software programs), but the one thing credit counselors and financial advisers agree is that creating a budget is an important step in the getting out of debt process. Just as important as creating the budget is understanding why budgets are so absolutely necessary.

What is a Budget?

A budget is nothing more than a financial tool that lists your income and expenses in order to help you achieve your goals. If your goal is to become debt-free and you create the right budget and follow it, you'll become debt-free. If your goal is to curtail some of your monthly spending so that you have a little extra cash at the end of the month, you can create a budget that will help you to achieve that.

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