I don’t use a budget for my personal finances. It takes up too much of my time.
I use Mint.com to review all the expenses that posted across various bank statements and credit cards once per week. It takes about 10 minutes unless I spot a charge that doesn’t look right.
Things are different when it comes to budgeting my time. I spend 10 minutes per day reviewing my plans, energy level, mental attitude, stress, and accomplishments. Then I spend 30 minutes per week budgeting my time for the coming seven days. Once per quarter I reserve an entire day to plan the next quarter and make firm commitments for specific outcomes.
Why the difference?
It has to do with the magnitude of effect. If my wife and I get into a bad habit of spending too much money on frivolous expenses, it might set us back a few hundred dollars for a couple of months before I notice the trend and we self-correct. So the most I have to lose is a...