To be sure, some people will struggle to stick to their budget, especially at first. There are many ways to do this, from using a simple spreadsheet to using an app such as Mint, Personal Capital or You Need a Budget (YNAB.) What's important is finding the money-tracking method that works best for you so that you'll continue to use it.
Once you've determined a budget, the next part is automating parts that you can, such as paying bills and saving, and tracking your spending. "Making a conscious decision on how much to spend, how much to save and what to reduce or let go provides tremendous direction," said Jerel Butler, a CFP and founder of Millennial Financial Solutions in New Orleans. "The less money you have than the more critical it is you prioritize where that money goes." "A budget tells your money where to go and what to do so that you can have the life you want," she said. It's important for everyone to have a budget, regardless of how much money they make, according to Tania Brown, a CFP and coach at SaverLife, a nonprofit focused on helping low-income Americans save.
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More from Invest in You: How to prevent fear and anxiety from ruining your financial life Op-ed: Why your financial problems make perfect sense to a psychologist Equifax will now offer credit reports in Spanish "It's going to inform some critical decisions." "I look at budgeting as being the principal thing in order to help you get from financial point A to financial point B," said Frederick Standfield, a certified financial planner and founder of Lifewater Wealth Management in Atlanta.
Having a budget or spending plan is one of the first steps towards financial wellness because it acts as a guide for your money.
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