Budgets help address maladaptive financial behavior or areas where you need control, such as overspending or spending leakages.
"Psychologically, 'budgets' sound restrictive.
'Spending plans' sound a lot better — they give a lot more freedom and flexibility," he said.
"It's about giving yourself permission to start the life stage that you're in and then go on to the next one," said Cherry.
Jump-start your financial journey by being honest with yourself on where you are standing.
Persons:
Preston D, Cherry
Organizations:
CNBC's
Locations:
Green Bay , Wisconsin