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- 225 Deciding how to budget you're income is not an impossible task First, you should take a close up look at how you feel about money. Is it the most important thing in your life Or, is it used to achieve your short- and long term goals? Remember, your goals are not ". . . etched in stone". They can (and should be changed as you change.}Next, do a cash flow analysis. Your check register and credit card bills should provide most--if not all of the data you need. The analysis can tell you: if you are spending more than you are earning or if you are spending more in some categories than you thought.