These two mistakes are common when people create a budget. Some people want to be modest and end up underestimating. I have personally been a victim of that.
One way to estimate expenses is to make a graph. In large companies where there are many experts, the budget made will not always match reality, so for personal budgets we need to make adjustments to the next budget.
Sometimes, I don't like to budget. I just make an estimation not to resort to wastages. When my cash on hand is insufficient, I forced myself to do budgeting. It's indeed useful.
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