Budgeting is very important because most of us are prone to overspending, and spending on things that we don’t really need. If you really want to envision yourself as a millionaire when you are fifty, you must start to budget like a pro. This will help you control your expenses, so that you will spend less than you make. Make sure you go back to your budget once in a while to track any differences that arise so that you can begin to fix them in time.
Learn the 50/30/20 Rule of Thumb introduced by Harvard bankruptcy expert, Elizabeth Warren. The rule asks you to set aside 50% of your money for your needs, 30% for your wants, and at least 20% for your savings and debt repayments.