How can I create a budget to manage my expenses and savings effectively?

To create an effective budget, start by listing all sources of income and categorize expenses. Differentiate between essential and discretionary expenses, prioritizing necessities. Allocate a portion of income towards savings and debt repayment. Regularly track spending to ensure adherence to the budget and make adjustments as needed. Review the budget periodically to accommodate changes in income or expenses, ensuring financial stability and progress toward savings goals.

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