Did you know that two out of three Americans go through life without a budget? That equals out to about 70% of Americans living without a detailed plan that allocates what they should be spending and saving. We’ve all heard just how important budgets are to keep your finances on track, yet the vast majority of the country’s citizens continue to live without one. Why is that? For many, the word budget conjures up images of frugality they aren’t willing to partake in—people see it as more of a restraint than a liberating element to their life. That couldn’t be further from the truth. Once you’re in control of where your money goes, then you know how you want to spend it. Here are five steps to transform your financial life by simply setting up a successful personal budget.