Your savings is more than just an account into which you put a few dollars. It encompasses everything from your emergency fund to your retirement. These gauges will provide you with a quick snapshot of your financial situation.
The debate about whether a budget is a necessity or a waste of time often centers on a fundamentally flawed definition of budgeting. The exercise of budgeting shouldn’t be designed to limit you, but to give you the freedom to spend money in the manner you wish to spend it.