For most people, budgeting is a preserve of the government or NGOs. However, that’s outdated thinking that can throw one into poverty, thanks to unplanned expenditure. To help you get into the habit of planning and budgeting for all your money, here are some few guidelines you can follow to draft and maintain a realistic spending plan. This way, you will be able to meet your saving goals and lead a decent lifestyle.

You must consider monitoring your expenditure, preferably, on a weekly basis to ensure that you spend within your budget and for only planned activities or services and supplies.

Experts say people fail to properly manage their finances because they are not keen on their expenses, leading to overspending. "Therefore, one must find ways to ensure their expenses are with the budget not trying to buy items that you really can’t afford.”

Jackie Mutoni, a customer care consultant at Bank of Kigali, says ignoring accountability for any item or money spent is a big mistake. "If you don’t make a plan for your money, you will always struggle to meet your financial goals,” she says.

Make sure you allocate some money for emergencies, which will help to cater for the unexpected, she adds.

She advises against the habit of trying to ‘fit in’ with your peers, which she says leads to unnecessary expenditure and hence getting into more debt

Doreen Gashuga, a business advisor at Business Development Fund, says it is important to record every expenditure, arguing that there are expenses that come up that "we tend to forget about because you might not remember all of the items”.

"It needs to make an effort to get out of your own negative budgeting zone. This challenge involves doing the necessary work to improve your financial situation, including involving a financial expert, to help you with budget process if you can’t do it on your own,” she counsels.

According to her, it doesn’t matter how small the expenditure you make is, it all adds up and gives you the true idea of the amount you are spending. You can, however, know this only if you are keeping recording and periodically reviewing and tracking your budget.