Expert Insights: Jason Rubin on the Power of Budgeting for Financial Success

Jason Rubin, Senior Assistant Dean of Finance, Facilities, and Administration for the College for Education and Engaged Learning and adjunct professor in the Feliciano School of Business Department of Finance, recently contributed expert insights on the importance of budgeting in a WalletHub article, What is a Budget?. Rubin emphasizes that a well-structured budget serves as a financial roadmap, helping individuals track expenses, reduce stress, and make informed spending decisions. He explains that effective budgeting involves distinguishing between essential needs including rent and groceries, and discretionary spending on entertainment or dining out. Through proper financial planning, individuals can enhance their savings, pay down debt, and develop responsible spending habits.

Professor Rubin also offers practical advice on creating and sticking to a budget, recommending the widely used 50/30/20 rule: allocating 50% of income to necessities, 30% to personal wants, and 20% to savings or debt repayment. He highlights the benefits of modern budgeting tools that can automate tracking and reveal spending patterns, making financial management more accessible. Rubin emphasizes that budgeting is not a one-time task but an ongoing process that requires regular adjustments. By embracing these strategies, individuals can gain financial control, achieve long-term goals, and develop smart money habits.