While you might be tempted to simply say, "carpe diem," and spend your money as you earn it, this attitude won't be particularly helpful if you encounter some unexpected expenses such as major car repairs or medical expenses. Creating a workable budget can actually make your life more enjoyable rather than simply restricting your spending. Here are a few budgeting tips that will help you meet your current expenses and put a little money away for the future.

Before you figure out how to spend your money, you need to get organized. List all of your current monthly expenses. This should include rent or mortgage payments, car payments, credit card payments, insurance costs, utilities, food expenses, gasoline or commuting expenses and anything else on which you spend money. Be sure to look at your bank statements and credit card statements to help you remember any expenses that are easy to forget, such as subscription costs, gym memberships or other automatic payments.

Once you have all of your expenses listed, take a look at how much disposable income is left over. If it looks pretty scant, you might want to find ways to cut costs. Many people waste a great deal of money each year because they have credit card balances that aren't paid off each month. Interest rates on most credit cards are sky high, so you lose hundreds of dollars, if not more, each year, when you don't pay off those credit cards. Once you have them paid down, consider getting rid of most of them, and just keeping one card that has a reward system particularly suited to your needs. Even with this single card, limit your purchases and try to use cash whenever possible. That way you can only spend what you actually have. It's all too easy to charge now and think about the cost later.

There are plenty of easy ways to lower your monthly costs. For example, get rid of any memberships that you aren't really using, such as a movie streaming service or gym that you don't really use. Take a good look at your food costs, too. Planning your monthly meals and sticking to a food list at the store saves you a bundle, but what really keeps food costs at bay is bypassing restaurant foods. Maybe you head to the coffee shop each morning and eat lunch at a fast food place each day. Buy a coffee flask, pack your lunch and you can save a bunch of money. In addition, alter your cable plan and cellular plans to a more cost-effective option or consider bundling cable and phone costs if possible. Turn off lights when you leave the room and conserve water. Keep your thermostat at levels recommended by your utility companies. While some of these are little things, it all adds up to more money for you.

Once you cut expenses, you should have some extra money to set aside for the future. Planning for your retirement is essential, and it is wise to think about putting away at least 10 to 15 percent of your earnings. Many companies offer either a 401 (k) plan or an Investment Retirement Account or IRA, so consider having a portion of your income set aside in these accounts each month.

Another option, or an option that can be combined with our retirement account savings, is to consider investing in different types of mutual funds. These funds allow you to take advantage of potential earnings in the stock market at much lower risk than you would incur were you to buy stock in just one or two companies. A mutual fund includes investments in many different holdings or companies to help minimize the overall risk. There are many types of mutual funds, from those that invest in a particular type of industry, such as a technology fund or an energy fund. Other funds invest in particular area of the world, such as a China fund or perhaps a South America fund.