Budgeting is the foundation of financial success. Start by tracking your income and expenses to understand where your money goes. Categorize spending into needs, wants, and savings — then prioritize saving and investing before spending on luxuries.
Adopt the 50/30/20 rule: spend 50% on essentials, 30% on lifestyle choices, and save or invest 20%. Use mobile apps or spreadsheets to stay accountable. Most importantly, review your budget monthly to adjust for unexpected costs. A smart budget not only prevents debt but also sets the stage for wealth-building.
