Weatherhead's Jonathan Ernest discusses the important parts of budgeting
Key things to know about budgeting categories
WalletHub: Jonathan Ernest, assistant professor of economics at Weatherhead School of Management, said effective budgeting starts by separating necessities—such as housing and food—from discretionary spending. He also stressed including savings in a budget, such as emergency funds and retirement accounts, while warning that too many detailed categories can make a budget overly restrictive and inefficient.
