Creating and sticking to a budget is an essential part of managing personal finances effectively. It is the one of the most basic steps of personal finance, and one that can help you find money to invest for long-term wealth-building.

Here’s are nine steps to help you create and stick to a budget:

1. Set clear and realistic financial goals: Start by defining your short-term and long-term financial goals. These could include saving for a down payment on a house, paying off debt, or building an emergency fund. Having clear goals will motivate you to stick to your budget.

2. Track your income and expenses: Gather information on your income sources and track your expenses for a few months. Categorize your expenses into fixed (rent, bills) and variable (entertainment, dining out). This will give you a clear picture of where your money is going and help you identify areas where you can make adjustments.

3. Create a realistic budget: Based on your income and expenses, create a budget that allocates your income to various categories. Ensure that your budget allows for saving and covers all necessary expenses. Be realistic about your spending habits and set aside some money for discretionary expenses.

4. Prioritize saving and debt repayment: Make saving a priority in your budget. Allocate a portion of your income to savings and set up automatic transfers to make it easier. If you have debt, allocate extra funds to pay it off faster, starting with high-interest debts.

5. Trim unnecessary expenses: Review your variable expenses and identify areas where you can cut back. Look for subscriptions or services you no longer use, reduce dining out, find cost-effective alternatives for entertainment, or negotiate better deals for bills. Small changes can add up and help you stay within your budget.

6. Use budgeting tools: Utilize budgeting apps or software to track your expenses and monitor your progress. These tools can help you visualize your spending patterns, set financial goals, and provide reminders for bill payments. Some popular budgeting apps include Mint, YNAB (You Need a Budget), and Personal Capital.

7. Review and adjust regularly: Regularly review your budget to see how well you’re sticking to it. Evaluate your progress, identify any areas of overspending or underspending, and make necessary adjustments. Flexibility is key in adapting your budget to changing circumstances.

8. Stay motivated and accountable: Remind yourself of your financial goals and the benefits of sticking to your budget. Consider finding an accountability partner, such as a friend or family member, who can provide support and help you stay on track.

9. Celebrate milestones: This one is often overlooked, but when you reach financial milestones or achieve specific goals, celebrate your progress. Rewarding yourself in a reasonable and budget-friendly way can help maintain motivation and reinforce positive financial habits.

Creating and sticking to a budget is an ongoing process that requires discipline and commitment. It may take time to adjust. But with persistence, you can gain control over your personal finances and work toward your financial goals, regardless of the ups and downs of the financial markets.

Next, I will discuss how you can leverage that budget into building long-term financial wealth.

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_{This article originally appeared on InvestingDaily.com.}