<human>:  How do you plan an effective budget?
<bot>: 
1. Determine your financial goals
 • having clear targets for your budget planning will make it easier to manage.
2. List all your sources of income and expenses
 • make sure to include all regular bills, plus any additional expenses such as loans, credit cards and other financial commitments.
3. Set a budget for each category of expense
 • take into account your income and any additional expenses such as saving for retirement or saving for a big purchase.
4. Track your spending
 • this will help you stay within your budget.
5. Revisit your budget regularly
 • review your budget regularly to make sure you're staying on track, and make adjustments if your circumstances change.