Back in 2014, I went on a 1 month-long trip to Guatemala with my family. This trip really changed my views on life and on the meaning of happiness in general. To relate to my financial path, seeing and learning this culture helped me realize how it is possible to live on a lower budget while living a fulfilling, happy, life.
A key part of your financial success is automation. By having your finances on auto-pilot, it will take out the emotional, irrational, decisions one could make while investing. In addition, it will take the stress and time commitment out of your personal finances. This will allow you to stay on course regardless of your motivation and bring a lot of convenience to your everyday life.
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.