People get into trouble when they pursue their Wants without regard to the other aspects of a balanced financial life. Set clear limits on your spending and always Stick to your budget. Know how much you can afford to spend on your Wants and do not exceed this amount. Using cash will prevent you from overspending and will safeguard against problems with credit cards.
One way to make this work is to withdraw your 30% Wants budget in cash at the start of every month. When the cash runs out, you’re done with your Wants. Beware of emotional spending.
Allocate 50% to Needs (which the Must-Haves). Needs include housing, transportation, groceries, insurance, and clothes you really need.
Spend 30% on Wants. Wants include cable television, clothing beyond the basics, restaurant meals, movie tickets, comic books, etc.
Set aside 20% for Savings, including debt repayment.
This way of managing money makes you smart management of money without paying too much attention to the money all the time.