Choose insurance wisely. When purchasing life, home, auto, and other types of insurance, strike a balance between what you need and what you can afford during this season of life.

Prepare a will. Realize that preparing a will is the only real way to choose your children’s guardian and have your assets distributed as you would like when you die. Don’t put off this important task.

Balance your checkbook. Reconcile your checkbook to your bank statement each month by looking through the last month’s transactions. Use the statement’s ending balance, then add deposits appearing in your checkbook register but not on the statement. Then subtract outstanding checks (those you’ve written but that aren’t on the statement). The total should equal your checkbook’s balance on the same closing date. After you have a reliable balance, keep your checkbook updated by making sure you always record every transaction that affects your checking account and continuing to check your records against every monthly bank statement.

Organize financial paperwork. Organize your bills, receipts, bank statements, and other financial documents in a way that allows for easy access at any time.

Establish a budget. Discover how you’ve been spending your money by tracking your expenses for the past year, noting what you spent in each expense category (regular monthly expenses, plus less frequent expenses such as home insurance, vacations, or Christmas gifts). Then compare that with how much you earned in the same period of time. Pay special attention to how you spent discretionary income (not fixed expenses, but optional expenditures for clothing, food, entertainment, etc.). Understand that the money you spend on discretionary items – even if it’s just a few dollars a day – can make a big impact on your budget. Think and pray about what you’re willing to give up (perhaps Starbucks coffee each morning, or new clothes every month) to reduce your discretionary spending.

Set spending limits for each category in your budget. Keep in mind these general guidelines: 30 to 40 percent of your take-home pay for housing costs (including taxes, insurance, and utilities), 10 to 20 percent for food, 10 to 15 percent for car and other debt payments, 15 to 20 percent for varying expenses (like clothing, entertainment, and home repairs), and five to 10 percent for savings. Use financial software to help you develop and maintain your budget records. Every month, check to see how your actual spending compares to each category on your budget, and make the necessary adjustments to get your spending under control.

Choose a bank or credit union wisely. Visit several convenient bank or credit union locations, and pick up brochures from each one that outline each institution’s services and fees. Compare them. Look for the best deal for your family’s unique needs. Make sure your institution is insured by the Federal Deposit Insurance Corporation (FDIC).

After you select a place, minimize the fees you’re charged by understanding the rules of your account (such as a minimum balance requirement) and not violating them and developing a positive relationship with your bank (get to know people who work there, don’t excessively overdraw your accounts, don’t make late payments, etc.).