Budgeting is a necessary aspect of personal finance management. When done correctly, it helps create a path to financial freedom.

It assists you to better understand how you spend your money and shows you ways to manage your money, pay off debts and save for your future goals.

Whether you're new to budgeting or you've tried it before, it's necessary to be aware of the typical budgeting errors most people make so you can retake control of your spending and get on the road to financial planning and budgeting.