The first rule of money is SPEND LESS THAN YOU EARN
1. Track your expenses
When it comes to budgeting, it is very important to know how much you normally spent and on what for example rent,food, transport, giving, clothing etc therefore it is very important to begin by tracking your expenses. Be very intentional on every money you spent on a daily basis that way you will be able to do an allocation in your budget. That is why I will not restrict you to any rate or percentage.
2. Avoid impulse spending
In line with expenses, do not buy things without thinking. By that I mean, avoid impulse buying, therefore from today plan for everything you intend to do. Be it giving, eating out in a restaurant, etc you should always ask yourself if what you want to spend on is necessary or important, if it is not don’t spend on it. That way you will become disciplined and have an extra coin to save.
3. Love your life
Do not be bothered by what people think of you. Some people will not understand you for the action you will take when it comes to financial discipline because you will have to say no to some things that seem to bring satisfaction now but will endanger your financial future.
If you have an idea of what you normally spend on, we can go to the actual budgeting and the one I like and use is called Zero budgeting where by you allocate all your expected income to your normal expenses even before the money hits your account. Of course with flexibility. E.g if you earn 20,000
That way in case of anything you can take from food if transport is not enough