Budgeting Basics
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  1. Budgeting Basics - Introduction
  2. Budgeting Basics - What Is Budgeting?
  3. Budgeting Basics - Setting Up A Budget
  4. Budgeting Basics - Budget Bootcamp
  5. Budgeting Basics - Budgeting Tips
  6. Budgeting Basics - Goal Setting
  7. Budgeting Basics - Mistakes To Avoid
  8. Budgeting Basics - Maintaining Your Budget
  9. Budgeting Basics - Conclusion

Budgeting Basics - Introduction

By Amy Fontinelle

What is budgeting? Basically, it's making sure that you're spending less than you're bringing in and planning for both the short- and long-term.

Unfortunately, many people think of budgeting as depriving themselves and they avoid it like they do a diet. However, just like a diet is really just a program for eating, budgeting is just a program for spending. If you are hitting a mental roadblock when you hear the word "budget", just call it by a different name, such as "personal financial planning." That's what budgeting is, after all. It's a proactive approach, rather than a reactive approach, to managing your money.

Budgeting is an important component of financial success. It's not difficult to implement, and it's not just for people with limited funds. Budgeting makes it easier for people with incomes and expenses of all sizes to make conscious decisions about how they'd prefer to allocate their money. It can also help people save for retirement, emergencies, a new car or just about anything. For many people, having a solid budget in place, knowing how much money they have and knowing exactly where that money is going makes it easier for them to sleep at night. (For more on saving for retirement, see our Retirement Planning tutorial; Canadians, see the Registered Retirement Savings Plan (RRSP) tutorial.)

This budgeting tutorial will teach you everything from setting up a budget to updating it as your circumstances change, as well as getting back on track if you go off your budget. Whether you're a college undergrad, retiree or somewhere in between, if you're looking for a way to manage your money better and improve your financial situation, then this tutorial is for you.

Budgeting Basics - What Is Budgeting?

  1. Budgeting Basics - Introduction
  2. Budgeting Basics - What Is Budgeting?
  3. Budgeting Basics - Setting Up A Budget
  4. Budgeting Basics - Budget Bootcamp
  5. Budgeting Basics - Budgeting Tips
  6. Budgeting Basics - Goal Setting
  7. Budgeting Basics - Mistakes To Avoid
  8. Budgeting Basics - Maintaining Your Budget
  9. Budgeting Basics - Conclusion
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RELATED FAQS
  1. What is the most effective way to write a successful budget?

    Before you begin writing a budget, gather all of your bank statements, bills and credit card statements for a given month. ... Read Full Answer >>
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    Discretionary income is the money left over from your gross income each month after taking out taxes and paying for necessities. ... Read Full Answer >>
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    A wide range of possible deductibles are available with health insurance plans, starting as low as a few hundred dollars ... Read Full Answer >>
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  5. What proportion of my income should I put into my demand deposit account?

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