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"How to Start a Personal Budgeting Plan!"

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The popular belief is that when you earn more, then you can start saving more, and we can't be more wrong. Recent studies show that even those with more than average earning can struggle to make any saving.

It is, after all, not how much we earn, but how we manage our spending. Spending less is one of, if not the most important financial goal for anyone. You can get out of debt, build an emergency fund, and built your retirement fund by doing so. One can say it's one of the necessary habits to achieve financial freedom.

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How then can we start spending less? For most of us, it's as simple as start planning your spending by a process called budgeting. Here are a few tips to help you begin:

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1. Just Do It

By starting a budgeting plan, you are already halfway there. Set a goal, the goal is not to track every spending you make, but to control your spending so you can spend less in the process.

2. Track Your Spending For A Week

While as mentioned, tracking your spending is not your goal, it will certainly be one of the most important steps to achieve that goal. The goal of this process is to reveal an otherwise unnoticed spending, and providing information about your spending pattern.

3. The 50/20/30 Plan

The popular budgeting plan, popularized by the book "All Your Worth" put 50% of your income to your necessary expenses, 20% to long-term saving, and 30% to your lifestyle choices (or free budget). This might be the easiest way to divide your earnings in a stress-free way.

4. Save First, Spend Later

Change your mentality from spending first and save the rest to save first before you spend. Set a saving goal and do it the first time you got your paycheck.

This strategy is also an exercise for your financial mindset so that you put saving as your first priority instead of spending. Transforming from a spender to a saver is against human nature, and will take a bit of practice.

5. Controlling Your Spending

Most people only overspend in certain areas, for example, having too many fancy dinners, buying too many clothes or gadgets, and too many entertainment spending in a month.

Using the data you got from tracking your spending, pick three of them to bring under control, set a limited budget for each of them. This might be hard in the beginning, so you might set some kind of small reward for yourself if you can limit these 3 budgets successfully after a month.

6. Commitment

Commitment is maybe the hardest part of the journey. To help, you can set a goal that might motivate you. Besides of your long-term saving budget, set a short-term saving plan that might act as a motivation. For example, a short-term saving plan to buy a new gadget, or to go on a holiday, etc.

Sometimes, our minds must be tricked to make a commitment. After all, as mentioned, saving is not natural for most of us.