Payday just came by and some of my friends were just plain happy to buy a little something for themselves last weekend. I was glad to tag along with them as they shop for new clothes and purchase other stuff theyve been wanting at the mall. After a couple of hours walking and shopping, we decided to have dinner and rest as we wait for the start of the movie we were planning to watch that night.

While we were waiting for our meals to arrive, one of my friends asked me why I didnt buy anything. I didnt see anything I need, I answered. And also, Ive used up my budget for clothes last week when I bought a new pair of jeans.

My reply somehow started an interesting conversation among us about budgeting and personal finance. Some of them said that they admire my diligence in tracking my expenses and keeping a monthly personal budget. Some shared how theyve always wanted to do the same but feels that they wont have the patience and discipline to make it work. Another one simply said that hes just plain allergic to budgeting and try not to think about it.

That exchange of thoughts during dinner made me ponder, how many young urban professionals nowadays maintain a personal budget? I know some who do but its somehow necessary for them because theyre breadwinners or planning to get married and start a family soon. Im wondering about those who are single and earning just for themselves. how many of them are actually monitoring their expenses and growing a savings account.

When I went to bed that night, I started to imagine myself asking people, Hows your budget and personal savings? I tried to put myself in others shoes and came up with possible answers to the question. In the morning, I wrote down my thoughts and came up with these general statements which I think would best describe how people stand with regards to having a personal budget.

Go ahead and try to answer my question and check if your response falls into any of these categories:

My finances are well-managed and under control.

If this is your answer, then I congratulate you for being smart with your money. I believe that you are on your way to becoming wealthy. Explore investments opportunities and focus on creating passive income .

Im struggling but able to make ends meet.

Are you having trouble keeping your head above rough financial waters? Id advise you to just hang on there and dont give up. Be patient and continue living within your means but try to explore income opportunities to augment your budget.

My personal budget is okay, I guess.

These people are fine as long as they see money in their wallets and bank accounts. Although they might also be just in denial about their financial troubles. If youre like this, then try to be more proactive with your finances. The cost of living is continually rising nowadays and I believe that having a clear understanding of your financial status will help you achieve more in life.

I try not to think about it.

Do you spend today and let tomorrow take care of itself? I urge you to wake up and realize that this attitude towards personal finance could lead to cash problems in the future, if youre not already in one. Starting a budget and saving money is not at all difficult. In the end, youll be thankful that you did, trust me.

If your answer belongs to the last two statements, then I encourage you to read about the envelope method of keeping a budget. I wrote this article to teach others how to properly track and manage their expenses by using this effective technique. Moreover, the article includes a free worksheet which you can download to help you start budgeting.

Lastly, if you want to read more stories about personal finance and learn how you can have more money in your life, then please subscribe to Ready To Be Rich .