I remember far too many days as a student where my classmates would tell me they were skipping lunch because they'd blown the last of their money on a pub crawl over the weekend or that they were waiting on their monthly stipend to buy ridiculously overpriced textbooks. I remember thinking that these kids needed to learn how to budget - and so did I! But budgeting isn't just an important issue for cash-strapped students. It's an important tool for anyone to keep in their toolbox - no matter your occupation. Budgeting allows you to plan how to spend your money responsibly. If you follow a good budget, you can make sure you pay all your bills on time, have enough food in the fridge, and you can even save some money for a rainy day.

Planning a budget can be a daunting task. It's something I know I've avoided many times for the simple reason that it makes me feel guilty about all my unnecessary purchases, but budgeting need not take the pleasure out of your life! A good budget will enable you to make the most of the money you have, teaching you to spend it responsibly but also allowing the occasional splurge. And for all my shopaholics out there, just think - the better you get at saving, the more you'll be able to splurge further down the line.

Hopefully, you have a good sense of the difference between wanting something and needing something. This is something many toddlers struggle with, thinking they need ice cream when really they only want it. Just as you would, hopefully, tell your screaming toddler that they don't need that soft-serve (and if they really want it, they should say "please"), sometimes you have to tell yourself that you do not need a manicure or a new phone, or another pair of running shoes.

Wants, on the other hand, are things you can really do without. No one ever died from a lack of eating out or a lack of cable TV (much as you might like to think you would). You will be okay without the latest fashions on your back or the latest phone at your hip, and you really will survive without a new Brazilian weave. This isn't to say that you shouldn't sometimes treat yourself to these things, but they remain treats, not necessities, and you'd rather not spend all your money on things you want and then land yourself in avoidable debt, trust me.

Okay, so let's get down to business. To begin your monthly budget, you need to have all your figures in place. Think of your budget as a delicious cake you get to bake every month. Here's the recipe.

The foundation of your cake - the batter from which it's made - is the motivation behind your budget.

Ask yourself the important question: WHY? Why do you need to budget? What are you working towards? Do you want to save more money, reduce overspending on trivial things, or end fights with your spouse over money? Maybe you'd like to have a bit less stress in your life when it comes to finances, to not feel like you are living paycheck to paycheck. Or perhaps your debt has built up a lot, and you'd really like to get that under control. A budget can help you with any or all of these things and more. A budget can help you align your spending with your life goals and values, and it can help you stay on track with your long-term financial goals.

Assess all of your ingredients. In the case of variable expenses, you can try to come up with an average amount by keeping receipts over a couple of months and comparing the costs. Keep track of these in a spreadsheet or a notebook. Whenever you buy something or pay a bill, make note of this. This can be time consuming and annoying, but it's a really good habit to get into.

Alternatively, you can use an app to help you out. Apps like Mint, Dollarbird, and PocketGuard simplify the process by linking with your credit cards and bank accounts. Another way you can keep tabs on your spending is by looking at your bank statements. Look at what you typically spend on different expenses, and then you can get a sense of the most expensive items and those that are unnecessarily costly.

Add up all of your income, from wages to side gigs, alimony or child support, business income, income from investments, and pocket money if you get. If your income is variable, decide on a monthly "salary" to base your budget around. Then when extra money comes in, you can save it for a month in which you don't get paid the level of this fictive "salary".

Use a calendar to detect any unusual expenses. It may seem a little cold to say, but birthdays and family holidays can really make a dent in your wallet and budgeting needs to be applied to these expenses as well.

In 2017, Americans who borrowed to cover holiday costs took on more than $1,000 in new debt, according to a Magnify Money survey. Half of those who borrowed this money were still repaying the debt 3 months later. You need to be prepared for these kinds of seasonal expenses and learn not to spend more than you can responsibly afford on gifts.

Figure out what kind of budget model will work best for you. You might seek out the advice of a financial planner. Typically, financial planners recommend that you follow the 50/30/20 model of budgeting - that is, you spend 50% of your income on what you need (bills, food, school fees, etc.), 30% on what you want (that beautiful pair of shoes you saw online for instance), and 20% goes into your savings (a.k.a. rainy day money).

Whatever model you choose, write it down, and keep it somewhere obvious so you don't forget about it. Make sure that you keep track of your spending in a way that is quick and easy.

Prioritize your necessities. These have to be covered by the budget. Then, split what is left over between your wants and your savings (whatever model you use). Some things can be both a want and a need - like food. But remember that there's a difference between needing food and wanting to go out for dinner. Repeated trips to fancy restaurants are likely to be more costly than eating at home. If you are trying to cut back on expenses, you may want to save restaurant trips for special occasions. When it comes to grocery shopping, take note of how much different products cost and consider how important these products are to your health and happiness. The same goes for all other expenses. Which leads me to...

Cut down your expenses. Many people find themselves in debt, with their expenses significantly outweighing their income. This is not a fun scenario to find yourself in, and cutting back on expenses can be difficult, but it all comes down to priorities. Try to figure out how much money you are spending on non-essential things and where you can cut back. Do you really need new clothes every season? Why are you still paying for expensive yoga classes that you never actually attend? Couldn't that money be better spent elsewhere?

Aside from cutting things out, try to find lower-cost options for the things you love. How about knock-off brands, thrift shopping, or the cheapest gym in your area? Maybe you can get a better cellphone contract or a cheaper internet contract or cut out some of the channels you are subscribed to on TV. Cutting back doesn't mean cutting everything out; it means finding smarter ways to get the things you really want and making the most of what you have.

Set yourself mini budget goals. After looking at how much you earn and spend and how much you think you can cut down, try to set yourself a goal of how much you'd like to save each month and think about what you are saving towards.

If you cut out that daily $3 cappuccino you buy at the cafeteria each day, how much can you save? Say you buy this cappuccino 5 days per week and round the month off to 4 weeks. That means this is about 20 coffees a month, which comes to $60. You now have an extra $60 saved up, which you can spend on something much better than a cup of coffee. You can buy the top books or your to-read list with that money!

Having a goal is very motivating. Think of your goal - be it a holiday or a new TV - as a reward for all your hard work and dedication. Use the ends to justify the means here.

Hold yourself accountable. This beautiful cake can still flop if you don't remember to check on it in the oven. You alone are responsible for keeping an eye on it as it bakes. If you don't keep track of your spending and saving according to your budget, your budget will likely fail. Some of the ways in which you can hold yourself accountable include:

There you have it. Add some icing on top, and enjoy!

Just to make doubly sure that your cake comes out beautifully and not looking like that mudpie your six-year-old made you, here are some common mistakes to look out for:

Budgeting isn't suddenly going to suddenly transform you from a stressed, bankrupt pumpkin into a beautiful carriage. This isn't a Cinderella story. And while one month of foregoing that daily cup of coffee from Starbucks could save you a good $60, this doesn't mean you'll be able to buy yourself a new car.

Your budget needs to be based on the income you actually take home with you, after taxes, medical aid, and any other deductions. Basing it on your gross income simply doesn't make sense.

If you change careers, divorce, or become a parent, your financial status will change. Your needs and priorities will change, too. You need to take all of this into consideration and adapt your budget accordingly.

This one should be pretty self-explanatory. The amount of money you think you're saving is not the same as the money you're actually saving. Relying on this kind of mental calculation means assuming that your memory and mathematical skills are infallible, which they are not. The numbers don't lie, but your memory of the month or your attempts at mental arithmetic late at night might.

Every year, I renew my Microsoft Office subscription. This is a once-off payment that covers me for the whole year. But I often don't remember it until I get that reminder email just before the renewal is due. The budget for that month is necessarily different from others then because this payment is not divided by the months of the year.

As mentioned above, some costs change from month to month. In winter, you may spend more money on electricity thanks to the continuous use of heaters. In some months you may spend more on petrol because you drive more than usual. Don't ever assume that just because you usually spend a certain amount on one of these expenses, it will always be that amount. That only applies to clearly fixed expenses like rent.

Yes, living expenses are very important, but they are not everything. You need to set aside money for fun things you want to do (even if this doesn't include many things) for the sake of motivation and rewards. You also need to set aside money for your savings.

Having an incredibly restrictive budget can be demotivating and tiring, giving you what's sometimes referred to as "frugal fatigue." Like any other kind of restriction, restricting yourself after a while can lead to a binge. Rather than yo-yoing between extreme frugality and being a complete spendthrift, find a happy medium.

Apps like Netflix, Spotify, Headspace, and Amazon Prime may be inexpensive on the surface, but every cost adds up, and you need to consider how often you actually make use of these services. If you haven't used Netflix in months, why not unsubscribe for a bit to save some money? You can always resubscribe at a later stage.

I hope you found this recipe for a beautiful budget helpful. Are there any other tips and tricks you think I should've included? Please let me know at media@syftanalytics.com.