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There is a saying that says
If you fail to plan, then you are planning to fail.
Setting financial priorities is already making a head way towards success.
Budgeting is a surest way to making sure your finances are spent for the right reasons which you ought to discipline yourself to achieve that.
There was a time in my life I don't budget for anything and I spend as it comes with zero worries but as maturity crawls in with little responsibilities coupled with some seminars I was privileged to attend, I had to sit up to start making budgets on my finances
I design my budgets base on my income hence I am not a salary earner but a business owner who is capable of seeing money anytime there is a patronage on my business and I try my possible best to stick to my budget list.
First of all, my tithe is something I don't forget therefore it's a permanent budget that cannot be changed rather, it can only be calculated and deducted in percentage according to the income.
That aside, here are my considered factors.
Needs: in the life of an individual, there must always be needs to attend to no matter how much one earns. Don't get it wrong, needs are different from wants.
Needs are necessities while wants are pleasurable.
Savings/investments: no matter how little I earn, there is a certain amount in my budget going into my savings. Just as the name implies, it is saved up for some particular projects and cannot be tempered with unless it has to do with life and death.
Miscellaneous: sometimes one can be craving for something that has not been planned yet you can't go into your savings. So a certain amount is kept for such purpose.
Health/emergency: days are hard now so I keep this in mind that anything can happen not that I'm praying for it but I'm just being prepared ahead because to see someone who is willing to lend out emergency money these days is very rare and hard.
In order not to get embarrassed, you make a proper budget for such.
