One of the biggest mistakes I usually made when trying to budget was to promise to spend a certain amount each month, which simply wasn't realistic. It was always at least 25% less than what I had spent in the previous months. When you're young, you don't think about retirement. You have a lot of other major expenses that allow you to easily focus on short-term goals, such as saving for a vacation or buying a new car.
But you should also focus on longer-term goals. It's helpful to have business bank accounts, make it easier to track deductible business expenses, and avoid math problems, Sodano says. Remember to consider business expenses, for example, if you want to start paying for your own health insurance and taxes, but write them down separately from your personal expenses so you can compare business and personal expenses.
