Personally, I feel it's kind of different and personal with everyone. There was a time I actually spent my money as it came in, to me I wasn't earning much, so what's there to budget or save. I just buy things, get stuff, help those I could, forget to help myself and transfer money out as if......
One particular day, it was towards the end of December, a period like this. I had gotten some money and I had done what I usually do again. I had transferred money out, paid some people's bills, bought some few things for school kids against their resumption in January and all. At the end of everything, believe me I had nothing left in my account. I didn't have anything to get myself what I will be needing in January and we all know how long January alone is, January alone is like 220 days out of the 365days of the year. I just sat down and think. Why am I being like this, why can't I budget how much to spend on outsiders, and when I have spent it, then that's all. What vent I budget a certain amount to save, a certain amount for myself and all.
That was when I took budgeting seriously, cause at that time, I almost borrowed money to travel back after doing all those things that nobody sent me.
Mind you, I still do those things till now, I even have some planned out for this Christmas, but it's one that I have budgeted, I will be in control of it. Personal budgeting helps you control money not the other way round, you are in charge, you make decisions and you remain intentional about it. Also, I realized that it has nothing to do with how I you earn, but it has everything to do with how intentional I am. Personal budgeting helps you see and know how your money flows, it helps you plan, it helps you save even when you earn little.
I now write things out, I plan myself real good. I list out things I need to do for myself, things I need to get, what I can be able to spare for family, what I can give out for support, how much I can save and all. So, when the money come in, it already has it's directions, it already has different amount that has been well laid out going into each. First thing I try to do now out of anything is to save. The amount being save may vary, but then it's what I do first, cause I know the kind of heart I have, I will always want to do for others first, then remember myself when there's nothing left. So, I save, get myself some foodstuffs, remove miscellaneous, then go about fulfilling the remaining listed plans.
Also, personal budgeting helps you stay rooted no matter what. It teaches you discipline and responsibility and no matter how long or short the month may be, it would help you not get stranded. But like I said, it's different to everyone. Everybody has their own way of planning and budgeting. But one thing is, it will definitely help you reduce stress, it makes you well prepared when emergency sets in, helps you know your limit and respect it. You won't go overboard or go out of your way to spend on what you've not budgeted for, and even if it happens, it will be on very rare occasions.
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