Budgeting is the process of creating a plan to track and manage your income, expenses, savings, and debt. It helps you make sure you’re living within your means while working towards your financial goals.

Budgeting is important because it helps you control your finances, avoid overspending, save money, and achieve your financial goals, such as paying off debt, building an emergency fund, or saving for retirement.

Yes, budgeting can help you allocate more money towards debt repayment. By setting priorities in your budget and cutting unnecessary expenses, you can increase your debt repayment amount and pay off debt faster.