A budget is lot like a diet; instead of eating less food, you’re spending less money. And like a diet, you can’t let small setbacks derail your long term plan. And, you need realistic goals to be successful.
“If you cut out the foods you love the most you’re usually not going to stick to your diet. So, we try to say that a budget needs to be flexible and realistic,” says Michael Gutter, University of Wisconsin-Extension Financial Specialist.