1. Data Collection Before making any plan you should learn yourself a bit: financial habits and regular, mandatory incomes/expenses. The regular incomes (such as salary), mandatory expenses (taxes, insurance, rent) can be planned right away. However, such things as food expenses, garments might be hard to predict. Then it makes sense to track such expenses for a few months to get an idea about monthly levels of those. 2. Select Method Most of the financial advisors suggest 3D budgeting schemas, like X:Y:Z. For instance, you can see such recommendations as 70:20:10, or 50:30:20, etc. Such methods suggest that you allocate X% of your income to expenses, Y% - to savings, and Z% to debt. Yes, it is essential to make some savings even if you pay the debt. It's life, and many things may happen, we always should have some cash quickly available. 3. Create a Plan When you have collected all the information regarding your incomes and expenses, you are ready to create a plan (or
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