There are many excellent resources available that will guide you through the process of putting together a workable spending plan. They generally follow an allocation-type strategy where all your expenditures are categorized and budgets assigned to each category. Spending is monitored weekly (or monthly) to make sure that you're staying within the amounts allotted.

The "how to" workbook I'm most familiar with is the “Family Financial Workbook” by Larry Burkett. It shows you where to start and how to stay on track, offering practical advice about managing your finances and providing a series of easy-to-follow worksheets that allow you to structure and maintain your family's budget.

Here are some additional pointers on setting up a workable plan from Stephen and Amanda Sorenson in their book “Living Smart, Spending Less”:

• Be conservative in your income expectations. If you earn more than expected, you'll progress even faster.

• Set money aside for taxes when your income first comes in. Many find it's best to put tax money into a special savings account.

• Reflect the needs of individual family members in the spending plan. One child may need more money for sports equipment, for instance; another may need money for camp.

• Give each responsible family member a little money to spend that doesn't have to be accounted for.

• Stick with your plan until you have your income and expenses well in hand and can follow the basic plan naturally. If at any time you begin to lose control of your spending, return to the basics again.

If you want to be a millionaire, it's time to get serious. A new year, and a new opportunity to take control of your financial future, is almost here.

© Sound Mind Investing

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