Why is expense management important?

Expense management is important for several reasons:

1. Helps to track and control spending: By managing expenses, you can track where your money is going and ensure that you stay within your budget. It also helps you to identify areas where you can cut back on spending.

2. Provides visibility into financial health: Managing expenses gives you a clear picture of your financial health, allowing you to make informed decisions about saving, investing, and spending.

3. Helps to avoid debt and financial problems: By keeping track of expenses and creating a budget, you can avoid overspending and accumulating debt.

4. Enables better decisionmaking: Expense management provides you with the information you need to make informed decisions about your finances, such as whether to purchase a bigticket item or invest in a particular opportunity.

Overall, expense management is essential for maintaining financial stability, avoiding debt, and achieving longterm financial goals.