How to identify a good budget

[Knowlopedia]

A good budget is one that will always serve you well at the expense of others. It's a budget that takes into account all monetary aspects, both current and future, while also taking into account time, lifestyle, and other important items. The general rule of thumb with budgets is to never spend more than you make in a given year by living off before-tax income. Most importantly though, a good budget should not cause stress for those around you--new parents should not be afraid to sleep at night because their finances will implode the day their baby is born.

A good budget is one that is appropriate for your financial situation. For the average person with an average income, a large portion of their income comes from interest on money saved, so it's no surprise that they are more likely to not save money. On the other hand, many people with lower wages have a much larger portion of their income go towards rent. They need to be aware of this difference in income and adjust their budget accordingly.

A good budget should take into account both future and current expenses while allowing room for growth in the future. Many people are like sheep, blindly following whatever recommendations are given to them by their parents or friends. If you follow this, you may find yourself with a budget that couldn't realistically exist.

A budget is not set in stone. It's a living, breathing thing that changes with your needs and the needs of those around you. It should never be painful to operate; if it is, then something has to change.

A good budget takes into account the time you need to work in order to meet your financial goals and desires. Everyone spends about one-third of their day on their income-producing activity; if you spend fewer hours at your job than average (say, because you work from home or have more than one source of income), then it's important that your budget reflects this decreased time spent producing income.

 

[Nightmare]

To identify a good budget you have to be enlighten and aware of the things that comprises of a good and realistic budget. These things includes,
Total expenses, Your needs, the cost of purchase of things in the household, portion of saving etc.
As a matter of fact, the above factors need to watch closely and have to be considered when identifying a good budget. This is because a good budget must comprises or have the following factors.
Thus, a good budget is merely seen as a realistically budget, this is because the term "realistic" is mostly known in budget.

 

[saoussen5765]

You have to compare other budget of people in this domain and compare to yours then make an analyze and finally decide if to keep same budget or raise it a little or much more.