Budgeting requires a certain amount of common sense and self-discipline. I feel that any adult, young or old, may accomplish this skill simply by recognizing mistakes made in handling personal finances. I discovered that I have seven weaknesses that blow a hole in my personal budget:
(1) I withdraw cash amounts from the bank whenever I need money, if I realize I have a balance in the bank.
(2) I do not check my balance frequently.
(3) I eat out frequently.
(4) I delay bills that are due, to make purchases that can often wait until later.
(5) I buy groceries without making a list.
(6) I buy what I think I need when it is just something I like.
(7) I dont keep a current daily record of my expenses
These seven weaknesses can be resolved by adhering to the following strategies:
(1) I leave all my money in the bank and rarely carry cash. I use my debit card or bank card to make purchases.
(2) I check my balance every day at the end of the day.
(3) I have stopped the fast food eating and concentrated on buying healthier food at the grocery store.
(4) I prioritize my bills. Whatever payments need to be made must be made first. Other non-essential purchases may have to wait.
(5) When I buy groceries I make a list and avoid buying anything that is not on that list.
(6) I avoid impulsive buying.
(7) I keep a printed record of my weekly, monthly, and yearly expenses. I record them on a spreadsheet in my computer.
This may or may not be what you are looking for in a budget plan, but I have found success in my personal finances by following these seven simple steps. I have a balance at the end of the month, which keeps money in my pocket or bank, and it reduces my use of credit cards or debt. Try it. You may find it changes your life.