New Delhi, May 3 -- Amid rising prices and inflation, it has been imperative to balance your income drain into various directions - necessities, lifestyle, savings, retirement planning and investments.

Today we look at top five things you can do to ensure you spend your money wisely, not sacrificing fun while maximising potential savings wherever possible. In this process, it is important to acknowledge the difference between needs, wants and luxuries.

You can opt to create budget plans based on your payment schedule - daily, weekly, fortnightly, or based on your spending schedule - loan repayments, EMIs, school fees, etc. The three broad tracking heads would be your earnings (salary, interest, etc.), your expenditures (debt, EMIs, purc...