This may well be the case but before you think about setting a new one, ask yourself a couple questions.

• When was the last time you did your budget?
• When was the last time you looked at it?
• Do you compare your actual income and expenses to the ones in your budget?
• Have you experienced any life events that impact your income or expenses?
• Have you reviewed your life/financial goals and updated your budget accordingly?

A budget is one component of your overall financial plan which is typically driven by your goals. It is a vehicle, that if designed and used properly can help you achieve the lifestyle you desire.

Those are the keys:

• It is current
• You use it (check your actual income and expenses against planned)
• Your budget includes components to help you realize your goals

Do you still need a new budget?