Does everyone dread having a budget? Most of us do. Creating and managing a personalized budget can be done in 3 steps.

The first step is probably the most difficult and takes the most time but it is the foundation of a solid budget.

• Gather your financial information including pay stubs, tax returns, bills, bank account statements and credit card bills.

What to do with all the numbers? Organize the information into income and expenses and review it. Note the recurring main expense categories (rent, food, gas/transportation, utility bills, clothing, gifts and whatever else) and assess the average monthly amount you spend on each item.

The next post will cover Step #2.