What is a budget?

A W. P. Carey finance expert shares tips for creating a budget.

In this article published Aug. 13, 2026, on Wallet Hub:

People view a budget with the same dread as the word diet. They see it as an exercise in denial, effort, pain, and sacrifice. If a budget hurts that much, you may be doing it wrong. A budget is a tool to help you, not a torture device. It's designed to help you spend more money on the things that truly enhance your life and less money on things that have so little impact we don't even remember buying them. Since we all have limited money, getting the most from every dollar is extremely valuable.

— Patrick Payne, clinical associate professor of finance