Question

What are the characteristics of successful budgets? What can you do to cultivate these successful characteristics in your own money management?

Answer 1

Successful characteristics of budgets include: well planned, realistic, spending habits, methods to keep track of spending and how to manage for variable expenses. To Make sure that the budget is successful and will work for you and your family, it is important to write everything out and see what is realistic and what is not. If you set a grocery budget of $400 a month and you know you can not stay under that, there needs to be wiggle room for changes to be made to the budget. Realistic and well planned budgets are the only way to make it work and to stay true to the budget.