Dear Dave: You talk a lot about budgeting, and how important it is in getting control of your money. But don’t most people already have a good idea of what they’re spending, and how much they have in the bank, without going through all the time and trouble of developing an actual budget? — Carter

Dear Carter: Well, if that were true, why are people paying billions in overdraft fees every year? Why are so many people deep in debt and living paycheck to paycheck, even without taking the effects of a pandemic into account? It’s because most people don’t really know where their money’s going each month.

Dave Ramsey is CEO of Ramsey Solutions. He has authored seven best-selling books, including The Total Money Makeover. The Dave Ramsey Show is heard by more than 14 million listeners each week on 585 radio stations and multiple digital platforms. Follow Dave on the web at daveramsey.com and on Twitter at @DaveRamsey.

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