Now is a challenging time to manage a budget due to increasing prices and income that is not increasing or is doing so at a slower pace than prices. From the look of things, there are more challenging times ahead.

The fact that it may be challenging to balance a budget now does not necessarily mean that it is a bad budget. If it is a good budget, it is easier to make adjustments.

Here are some features of a good budget.

A good budget is written and is structured to fit your personal situation and spending habits, is based on accurate income projections, and includes income from all sources. It takes full account of all expenditures, makes accurate projections and includes savings as a primary expense.