Is budgeting worth it?

I, as many of you, tend to budget by feel. I know more or less how much I should spend on one dinner or how often I should buy new things or how much I should spend in a night out.

This tends to lead to me not spending a ridiculous amount of money but definitely often spending more than I’d like.

Now that I’ve begun to track much more about my life I’m turning this attention to my spending. My plan is to:

1. Set a total amount of $ I am willing to spend in a week.

2. Every Sunday, look at the next 7 days, identify activities which I will need to spend money on. Figure out how much I can spend on each activity. Then make sure to plan those activities in such a way that I meet the budget. Ie. picking appropriate restaurants and planning in advance for the evening by eating or drinking at home.

3. Go about my week

4. On Sunday, look at the past 7 days and see if I hit my targets for each activity. If not, figure out why not. Adjust planning for the future.

For those of you that do budget, how do you do it and what tools do you use?

I’m going to start with a spreadsheet as that allows me full flexibility. The budgeting apps that I’ve looked at don’t seem to allow as much granularity as I’d like.

What do you think of my proposed approach, will it be effective and sustainable?

^Day 103/90 266 words

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