Most people are not skilled at managing personal finances. However, management is an easy task, usually only for some people who have experience managing their own finances. On the contrary, others find it daunting due to the lack of knowledge. As the economy has transformed dramatically since the 1980s and the cost of living, insurance rates and student loan interest rates have increased along with healthcare has doubled, managing money well has become more difficult. Therefore, it is imperative to gain the ability to manage your personal finances. Through budgeting, saving and consulting a financial planner will ensure each individual has financial success and stability. As an accountant, I know that the key to gaining control over your personal finances requires having a realistic budget. A budget involves several important steps. First, add up all sources of monthly income; second, prioritize expenses from most important to least similar, mortgage, loans/costs, and car, utility, cell phone, and cable expenses. Finally, measure your monthly income against the total amount of expenses. If your monthly expenses are higher than your income, this means living beyond your means. Most people should understand that “budgeting, whether through a formal or informal plan, is a first step in deciding what needs and wants need to be met and what resources are available” (Brown, 2007, p. 316) . After all, achieving financial stability also gives you the ability to control your savings. However, setting a budget is just the beginning of structuring your finances. To sustain a budget you need to stay focused on your needs rather than your wants. This attention is often extremely difficult to acquire or maintain. Bad spending habits over long periods sometimes make it difficult to control your finances. Compulsive shopping, obsessive credit card shopping, and overspending are all bad spending habits. On the contrary, learning from experience, for better or worse, can be the best teacher. In my opinion, the triggers of bad spending habits are due to easy access to cash, improper use of credit card and also compulsive shopping. First of all a person must identify what influences bad spending habits. Next, analyze ways to correct the problem. Finally, develop a plan to avoid overspending. Recognizing how financial mistakes are easily made will help you better understand how to avoid monetary miscalculations in the future. Most consumers have a savings account for emergencies, such as unexpected medical bills, a change of resident, or a decrease in wages.