For people who either have credit card debt or do not have an emergency fund (which is pretty much every 20 something), I think it is NECESSARY to live on a budget. Now, what you are probably thinking is that when you hear the word budget you probably cringe, but it does not have to be that way.
I think it is important to keep your budget simple and fun. For the next month, write down EVERY expense you have (including any savings or automatic savings plans). I would recommend putting your fixed expenses down in the beginning of the month, then simply write down anytime you buy food, eat, or
miscellaneous expenses. On my cell phone whenever I buy anything, I simply write down the cost rounded to the nearest dollar than F for food, G for gas, and M for misc. I then add all of these expenses each week.
You can also use your credit card for all of your expenses. Whats good about this is you will get a statement for everything you buy, but what could be troubling is if you cannot pay for everything you bought at the end of the month.
I have made an excel spreadsheet when has categories for fixed and living expenses, and automatically updates so you know exactly how much you spend each month. Leave a comment or email me at lancekaminsky@gmail.com and Ill send you a blank budget for free.
Once you see where you are spending your money you can set realistic goals for how much you can spend on variable expenses like food.
