HAT is your idea of luxury? Do you think that you fit into the conventional mould, that of aspiring to a large beautifully decorated home, swimming pool, gorgeous jewellery, well behaved and intellectually above average children, handsome spouse, and all of the other accoutrements that constitute the Bermudian dream. Oops, I forgot the sleek car with the distinctive symbols on it that by virtue of its designs silently shouts, look at me, my owner is wealthy, he she can afford an expensive car?

Not that there is anything wrong with that! We need the luxury trade as much, if not more than we need the business of the rest of us everyday citizens.

However, is it really luxury? Almost unanimously, the answer is yes. Exactly how and why is it luxury?

Consider some other ideas:

The freedom to choose what we want, whether material, spiritual, physical.

The freedom to go where we want.

The freedom to care for who we want.

The freedom to live how we want.

The freedom to read what we want.

The freedom to say what we want.

The freedom to eat and drink what we want.

The ability to exercise the way we want.

The freedom to define ourselves and strive to be the successful individuals that we have always wanted to be.

Are these luxuries, or is the above list just what we think we are entitled too? In many societies, you cannot buy these free luxurious individual liberties, at any price.

Notice that even though this is supposed to be an article about scrutinising personal budgeting, as opposed to the picking and knitting about the Bermuda government budget of last week , I have yet to launch into the all too generically familiar advice about budgeting, because the word budget turns just about everyone off, everyone.

None of us, whether we have cash flow surpluses of millions or just a few dollars left at the end of the week, enjoys disciplining ourselves to live within our means. I call it (not sticking to a budget) the ultimate revolt against parental authority. True, whether you are 16 or going on 80, the words of your parents about saving and not wasting opportunities ring in your ears and are retrieved from your memory (often at the absolute worst times) until the day you die.

Even though your parents or the person in authority that you dealt with may have departed many years ago, the uncomfortable feeling of not living up to expectations subliminally influences how we feel about ourselves. Imagine the push-pull of spending crazily by using a credit card with the retribution and self-inflicted blame that erode your conscience afterwards.

Budgeting is almost synonymous with being a Puritan (no offence intended, but they are known for their parsimonious and sanctimonious ways); spend too much and the guilt just comes rushing in. As a long-term financial planning practitioner, I have notice that even when we work with clients on cash management issues, we, in effect, have the role of absentee parent placed on us.

This is not a role that we want ? we do not impart our value system to them, nor do we approve or disapprove of financial choices. Our job is to provide with the client with enough information for them to make appropriate financial decisions.

Control the small financial decisions.It can be terribly frustrating to feel that you are getting nowhere with your financial goals.

Try setting small budget goals. Just for a month, skip buying coffee, tea, snacks, breakfast and lunch out, but put the money into your piggybank. Count up that small change at the end. Not so small now, is it? See chart

Deposit all money in a statement savings account. Before you know it, you will be able to start an investment savings plan for the long term. There are several firms that offer this type of regular contribution investment market participation, through payroll deductions or standing orders.

How is your pension performing? Can you afford to gradually increase your voluntary contribution over time, even at one-half of one percent a year? Your pension is managed by experienced investment professionals charged with handling your account to the best of their financial abilities, which are considerable. Is that a goal worth achieving? You bet. Will you really miss that money? No.

Ever try making your own pizza? It is less than (and can be more nutritious than) store bought. Set a cost limit and have a family cooking night. Give each person the challenge of preparing part of the meal. You?d be amazed at how creative everyone can be.

Set at time and dollar amount for a vacation. Challenge everyone in the family to save for it by giving up that favourite snack, video, or cell phone excess usage.

Small financial goals can be achieved, allowing you to dream of attaining your life goal. Keep at it.

If you don?t want to change your lifestyle, by cutting back on your overall budget, then make the hard choice and decide what you do not need, in order to get what you really want. Can you do it? I think so.

Final analysis: planning for and sticking to a budget, in the end is a wrestling match between you and your conscience. You have to monitor your own behaviour.

Planning and adhering to a budget by a government is just a tiny bit different. Government has to answer to you, the residents, and each political party in the country. Do they bear a greater burden, possibly? You are responsible for monitoring them, but they are not (and will not) be monitoring you. Spend as much time on your personal finances as you do analysing the Government budget. You will feel better for it.