In this regard, here are some points were can consider regarding budgeting and personal accounting to help us avoid getting into more serious financial problems:
1. Establish a precise and realistic budget. Lay down your plans and targets for the year.
2. Differentiate between needs and wants and what you can really afford given all available resources.
3. Take responsible for all your decisions. Pay what you promised to pay.
To summarize, the important points of a good budget boils down to accurate information, necessity vs. want and sense of responsibility.