There is a popular misconception that budgeting is for the rich who have lots of money at their fingertips; this school of thought is just a fallacy.
Budgeting is an important factor to note in wealth building/management, and effective budgeting can be achieved despite one's income. Here are a few simple steps to note to maintain a seamless budgeting system:

1. Understand Your Income
The first step is to know how much comes to you and how often it comes. For instance, you work with a company and get paid on a monthly basis the sum of N100,000, this amount is your monthly income; if you run a business and get a particular amount of profit (after all business expenses) on a weekly basis, this amount is your income for the week.

2. Track your Expenditures
Having understood how much you earn either monthly, weekly or daily; you have to work out how you spend your money. Rate these expenses by their importance, take away things that are not necessarily essential to your everyday living and prepare a list of your needs with a price tag; the total of these should make up your expenses. Prepare the list for a week or month's expenses; whichever seems easier for you works perfectly.
Note: Your expenses may not be constant every month
Tips: This would be easier when you keep track of your daily spending. You can achieve this by writing out every expense you make daily on paper or your smartphone.

3.Set Financial Goals
Setting financial goals gives you a sense of responsibility to yourself, for example, if you have a goal to be debt free by the end of the month, you'll take strategic steps to avoid overspending and clear any debts you may have.
Make a list of your short and long term goals. short term goals should take no longer than a year while Long term goals as the name implies could take longer such as saving for your child's education or your retirement.

4. Have a Plan and Stick to it.

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