Setting up a good budget is not a difficult task at all;

This is a very good and probably the best way to start if you want to effectively manage your money and get on top of your finances. You can use a diary or even an online budget planner to keep track of all your income and expenses.

Your expenses usually include things like living costs, household bills, leisure expenses etc. If in the end your expenses are higher than your monthly income, you might have a big problem. You then need to cut back on some expenses for example in the leisure category (things you want but don’t necessarily need right now).

Setting up a budget is something you need to do for every month, and not just once. You might even say that budgeting is something that requires good discipline.

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