For example, most people have no real idea of how much money they actually spend on food but when you create and maintain a budget, not only will your awareness rise, but much of the time your bank account will flourish as well. That's because most people find various ways of cutting corners once they realize how much they are truly spending. Instead of thinking a budget will end an era of eating out and renting videos, think of the incredible vacation you can have by limiting the activities you engage in now. In addition, many people on a budget find that they can engage in the same amount of activities they did before the budget only now they look for sales and eat out at places that are more budget friendly.
Mistake _ Not Tracking Your Spending and Expenses _ It is impossible to keep to your monthly budget if you fail to track your spending. It is recommended that you fill out both a weekly expenses report and a monthly expense record worksheet to track your spending and monthly expenses. It you don't track you spending you will not know what areas of your budget you need to adjust for next month.