Budgeting Tips: The 10 Commandments of Budgeting for Everyone

When it comes to budgeting, it can seem like an intimidating and overwhelming task. With so many different aspects of your finances to consider, how do you make sure you’re staying on top of things?

That’s why today I want to share with you my budgeting tips, which I refer to as the “10 commandments of budgeting.”


These simple tips will help keep you on track with your money and are the perfect starting point when setting up a budget that works for your individual lifestyle needs.

Whether you’re just starting out or already have some experience with managing finances, or just looking for some tips to save money every month, these guidelines should provide the guidance needed in order to reach your financial goal.

Ten Commandments of Budgeting: Tips for Success

Personal finance can be a daunting task to manage. It’s no wonder that so many people struggle with budgeting and money management.

Whether you’re just starting out or you’ve been managing your finances for years, it never hurts to have a refresher on budgeting.

Here are the 10 Commandments of Budgeting that will help set you up for success.

1. Thou Shalt Keep Track of all Income and Expenses

Keeping an accurate record of your income and expenses is essential for efficient budgeting.

This will allow you to see where your money is going and how much is left over at the end of the month. It also helps you identify areas where you can save more money or ways to increase your income if needed.

Before you can begin budgeting, it’s important that “Thou Shalt Know Thy Income” in order to understand how much money you have coming in each month.

Take into account any income from sources other than your job, such as investments or side gigs. This will give you a better idea of how much money you have available to spend each month and allow you to create a more realistic budget. 

Tracking your expenses is one of the best ways to stay on top of your spending and ensure that you are staying within your budget.

2. Thou Shalt Set Financial Goals

Having clearly defined goals gives you something to work towards and makes it easier to stay on track with your budget.

Your goals should be specific, measurable, attainable, realistic, and timely (SMART).

They can range from short-term objectives like paying off credit card debt or long-term aspirations like buying a house or retiring early.

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3. Thou Shalt Create a Budget

Once you have identified your financial goals, it’s time to create a budget that will help you achieve them.

A budget allows you to plan for future expenses and allocate funds accordingly. It also helps give structure to your spending habits so that you don’t overspend or buy unnecessary items.

There are many tools available online or in app stores that can help with this task.

4. Thou Shalt Assess Needs versus Wants

It’s important to differentiate between needs (things that are essential) versus wants (things that can be done without).

Understanding this distinction can help prevent impulse purchases or unwise decisions when it comes to money management. 

“Thou Shalt Prioritize Thy Expenses” to ensure that your essential expenses – such as rent or mortgage payments, utilities, food, and transportation costs – are taken care of first before allocating funds towards non-essential items like entertainment or luxury purchases.

5. Thou Shalt Live within Thy Means

One key element of successful budgeting is living within your means, meaning spending less than what comes in each month and avoiding taking on too much debt or other financial obligations that could put a strain on your finances in the future.

This may require some lifestyle adjustments, but it will be worth it in the end when you are able to save money rather than continuously overspending and accumulating debt! 

6. Thou Shalt Resist Temptation

Make sure not to purchase anything unless it falls within your current budget parameters – this includes avoiding impulse purchases!

With all the advertisements we see every day promising the latest gadgets at “low prices” or “special discounts,” it’s easy to get tempted into making unnecessary purchases.

However, try your best not to fall prey to these tactics in order to remain financially responsible.

“Thou Shalt Practice Delayed Gratification” – When making purchases, think carefully about whether or not the item will bring lasting value into your life before buying it; delaying gratification can help prevent impulse purchases which don’t bring any real benefit other than immediate satisfaction (which usually fades quickly).

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7. Thou Shalt Get Rid of Debt

Pay off any outstanding debt as soon as possible by creating a plan that allows for steady payments over time rather than taking out loans or using credit cards for large purchases (unless absolutely necessary).

This will help reduce stress levels and eliminate potential interest fees from accumulating in the future. 

“Thou Shalt Create a Plan for Debt Repayment” – If you are carrying debt, then creating a repayment plan should be one of your top priorities when budgeting.

Make sure to factor in interest rates when determining how much money needs to be allocated towards paying off debts each month so that they can be paid off as quickly as possible with minimal interest charges incurred over time. 

If possible, “Thou Shalt Pay Off Debt Aggressively.” Try to pay off any outstanding debts aggressively, as this will free up more funds for other uses such as investing or saving.

Try not to take on additional debt unless absolutely necessary, and make sure to pay off existing debts before taking out new loans.

8. Thou Shalt Pay Bills on Time

Paying bills late incurs extra fees, which don’t do much good for anyone involved.

Set reminders if needed so that bills are paid promptly every month without fail – this also helps build credit scores over time! 

“Thou Shalt Automate Payments Whenever Possible.” Automating payments helps ensure bills get paid on time without having to worry about forgetting about them or losing track during busy workweeks/months/etc.

Just remember to check periodically in case any changes were made since last setting up automated payments. For example, elevated interest rates.

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9. Thou Shalt Save Regularly

Saving money should be a priority when budgeting; even if it’s just $50 per month, regular contributions add up over time and will come in handy during emergencies or when making large purchases such as cars or homes in the future.

“Thou Shalt Save Money For Emergencies.” Unexpected events such as car repairs, medical bills, or job loss can arise at any time, which is why having some extra savings on hand is essential in order to reduce stress during these trying times.

Make sure to set aside some money each month specifically for emergency funds so that when they do occur, they don’t completely throw a wrench into your carefully crafted budget plans.

Charee says:

Unexpected expenses crop up from time to time, so it’s important that you have an emergency fund set aside for these occasions.

Start small by setting aside 10% of your monthly income for this fund and gradually increase the amount over time until it reaches 5-7 months’ worth of living expenses.

“Thou Shalt Not Live Paycheck-to-Paycheck.” Living paycheck-to-paycheck is one of the worst habits that someone can have when it comes to managing finances responsibly.

Instead, focus on building up an emergency fund, so there is always enough money available if something unexpected occurs, such as losing your job or having an expensive repair bill come up unexpectedly.

10. Thou Shalt Invest Wisely

Investing is key when building wealth, but it’s important that investments are made wisely and with good research beforehand so that money isn’t wasted on bad decisions or investments with high risks attached to them.

Educate yourself about different investment options before taking the plunge. If you are a newbie investor, it’s a good idea to start with a robo-advisor.

Consider investing some extra funds into stocks, mutual funds, or ETFs on a regular basis, as this can help build wealth over time while also providing some extra cushion if unexpected expenses arise later down the road.

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Charee adds:

● Thou Shalt Reward Thyself

After following the previous ten commandments faithfully, reward yourself for sticking with them by giving yourself something special once in a while, such as taking yourself out for dinner or treating yourself to a movie night; this kind gesture will remind you how important it is to stay disciplined when it comes managing your own finances responsibly.

 “Thou Shalt Enjoy Life” – It’s important to remember life isn’t just about work and saving money; there should still be room for fun activities!

Don’t forget to allocate some funds towards doing things like going to the movies, seeing friends, or throwing parties with family members – there is nothing wrong with enjoying life while still being financially responsible!  

● Thou Shalt Remain Patient & Consistent

Lastly – and perhaps most importantly – remain patient and consistent with following through with all ten commandments listed above.

Consistency takes time and dedication but will pay off in spades down the line when reaching financial goals becomes second nature rather than something dreaded every month!

“Thou Shalt Not Give Up” – Don’t get discouraged if things don’t go according to plan; instead, use it as an opportunity to reassess and adjust accordingly.

Remember, consistency is key when it comes to successful budgeting; don’t give up even when things get tough.

Are you feeling overwhelmed by your financial to-do list? Are you dreaming of the day when money is something that isn’t stressing you out and bills are paid on time without a hitch?
Then it’s time to buckle down and follow the 10 Commandments of Budgeting!

Final Thoughts: Budgeting Tips – The 10 Commandments of Budgeting

Following these 10 Commandments of Budgeting can help anyone get their finances on track and make smarter decisions about their money in the long term.

By following these budgeting tips, you will have greater control over your money which leads to increased savings opportunities, improved credit ratings, and ultimately more overall financial freedom!

Don’t let yourself get overwhelmed by the process; take it one step at a time! With patience, dedication, and consistency, anyone can build better financial habits and achieve their dreams!

So don’t wait – start today by implementing these commandments into your everyday routine. Good luck!


Charity (Charee) Oisamoje is the founder of TheFinanceKey - TFK. She leads the editorial team, which is comprised of subject-matter experts.

Her professional competencies and expertise make her qualified on this topic. She is an expert at collecting details, verifying facts, and making complex subjects easy to understand.

Backed by Solid Credentials: ✔️MBA in Finance ✔️Canadian Investment Funds (IFIC) Graduate ✔️Masters Degree in International Business ✔️Chartered Professional Accountant (CPA) Candidate ✔️Chartered Insurance Professional (CIP) ✔️BSc Accounting

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