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I see good personal financial management as setting - and keeping - a budget.

If you are spending too much, you cut back on spending and you raise your revenues. And that's it.

The way to build your savings is by spending less each month.

Stop spending money you don't have.

Sometimes you have to make tough decisions to hold the line on spending.

What you don't do, if you're an adult, is decide that you're going to budget things through a sequester. What does that word have to do with budgeting? It's like if you have a family budget and go, 'We really don't know what to take out economically from the budget, so we're going to whack out protein for this week.'

You cannot just keep borrowing more and more and keep spending more and more without eventually having a day of reckoning.