Everyone should have a budget, but this is especially important if you’ve been living paycheck to paycheck. Getting a budget in place is a good start. However, if you’re not careful, you could end up busting your budget soon after you set it. Here are 10 things you should not do when developing a budget.
1. Not keeping track of spending
Before you set up your budget, you should track how much you spend for at least 30 days. That means everything from your monthly credit card bill to your morning cup of coffee. No purchase is too small to include in your budget. There are plenty of apps and online tools that can make the process easier. Two tools to consider are Mint and Buxfer.
Next: Don’t be so hard on yourself.