Setting a budget can be a great way to get a handle on your finances. It helps you determine what you want to spend your money on, and helps you cut costs by identifying how much money you can afford to spend in all areas of your life. But how do you set an effective budget?

In a recent article on, an economist and a personal finance expert laid out a clear plan for anyone to follow. It starts with gathering the necessary data. Before you can plan how to spend your money effectively, it helps to know how you are spending your money now. Tracking your expenses will be the first step in determining good spend versus bad spend. For the rest of their budgeting plan, click here.

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