Students

• Students need a budget to live cheaply while they have the burden of tuition, books and possibly housing expenses. They will know exactly how much they can afford for each category of the budget, such as food or transportation. A budget is especially important for students who are self-supporting, as they may not have financial resources other than their job.
  
  

Working People

• The easiest time to save money and increase wealth is during your working years. A budget helps working people to achieve their goals, such as planning a wedding or buying a house. Use a budget to control expenses and pay off debt. Additionally, the personal budget monitors investments to make you aware of those that are profitable and ones that are losing value. Freelancers and others with irregular income would know how much money to allocate for each expense so they can maintain their lifestyle between paychecks.
  
  

Retirees

• Retirees and those on fixed incomes need to watch every dollar spent, especially if inflation outpaces their Social Security increases. Unlike a college student, a retiree may be too frail to get a job, so a budget is very helpful for monitoring spending. Additionally, you may need to produce a budget if applying to a charity for elderly assistance.
  
  

Homeowners

• Homeowners planning to remodel or redecorate can estimate the cost of the project and then use a budget to control expenses. They will know early in the project if there will be cost overruns and take corrective measures. Homeowners planning a major remodel that would involve a second mortgage can use a budget to show the bank that the additional payment is within their means.
  
  

Business Owners

• Entrepreneurs need a budget to provide for start-up costs for a new business, such as licenses and fees, rent, utilities, manufacturing equipment, inventory and office supplies. An entrepreneur who plans to apply for a small business loan needs a budget to show projected income and expenses. An entrepreneur who is already in business needs a budget if he accepts federal grant money. The federal government requires that every penny of grant money be accountable. Additionally, all businesses need a budget in place if they intend to earn a profit. The business budget helps management to track trends in addition to monitoring spending.