Beginner budgeters like to tighten down their spending too much. They end up blowing their budget and reverting back to their old ways. If you’re a beginner budgeter, don’t budget your money down to the penny. Tighten the screw slowly.
A successful budget is a flexible budget. It should be able to help you during tough times and it should also allow you to reward yourself if your financial situation becomes better than expected. A looser budget that’s easier to keep is better than a tight budget that’s impossible to maintain.
Check out the Binary Dollar 3 part series Effective Budgeting: Why Budget? Building A Budget. Tracking a Budget.
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