<human>:  What points should I consider when setting up a budget?
<bot>: 
1. Identify your income sources and amounts.
2. List all your essential expenses.
3. Identify your discretionary expenses.
4. Calculate your savings goals and set realistic limits for these goals.
5. Set aside money for emergency situations.
6. Track all your spending.
7. Look for ways to reduce expenses or increase income.
8. Periodically review and adjust your budget as needed.