Living below your means is the key to financial independence. Whether you are trying to get out of debt or you are in the accumulation phase, you always need to earn more than what you spend. If you earn less than you spend, you will fall into an ever-increasing amount of debt. With a good budget and proper planning, anyone can succeed.
For most people, starting a budget can be hard and even harder to follow through. I think that a simple personal budget is always better than no planning at all and can drastically help your savings in the long term. Finding your own way is the first step to a clear and sound financial path.
Keep it simple
Most budgets include too many things to follow or are simply too tedious to maintain.
To clarify before we start, dollar-cost averaging (or DCA) refers to periodic investments regardless of the share price, whereas lump sum investing refers to investing in one single purchase. In other terms, DCA is when you have a sum to invest but wait a certain time frame to invest in multiple smaller purchases rather than investing as soon as you can.