Yes, having a budget is crucial for any remodeling project, as it provides financial control, prevents overspending, and guides decisions on scope, materials, and labor, with common strategies including setting limits (like 30% of home value), researching local costs, and adding a contingency for unexpected expenses. 

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In respect of time, yes, having a set budget for a remodeling project is crucial to avoid wasting time, as it enables better planning, allows for accurate contractor bids, and helps prevent "scope creep". It is recommended to have a firm, realistic number in mind—including a 10% to 20% contingency fund for unexpected issues.

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Discussing your home remodeling budget early and openly with a professional contractor is crucial because it shapes the entire project, ensuring realistic expectations, prioritizing features, preventing misunderstandings, and building trust for a successful renovation that aligns with your financial limits and goals, rather than leading to disappointment or hidden costs.