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Budgeting and Personal Finance. Budgeting is the primary way that you can take control of your finances. Simply put, a budget is a written plan for how you will spend your money. You can create a monthly or an annual budget. The budget allows you to make financial decisions ahead of time, which makes it easier to cover all your expenses throughout the year. Budgeting consistently can help you turn your finances around and begin to build wealth.
Step Two: Limit Your Needs to 50 Percent of Your After_Tax Income. Now go back to your budget. How much do you spend on "needs" each month, things like groceries, housing, utilities, health insurance, car payment, and car insurance? According to Warren and Tyagi and their 50ቺተ rule, the amount that you spend on these things should total no more than 50 percent of your after_tax pay.