With 2006 nearly upon us, many people use this time to look optimistically towards the year ahead by setting financial goals and planning for the future. How often however, do we find ourselves looking back at the winter months and feeling truly satisfied that we accomplished the goals we set for ourselves? For many of us, achieving our goals is more of a lofty dream than a reality; but it is never too late to change that trend.

No matter how overwhelmed you may feel, your financial goals can be achieved; and by following three simple steps you might even find yourself with a few extra bucks in your pocket.

Step 1: Build a Household Budget
Before you establish a general goal for your family’s finances, set up a budget to document exactly how much you can afford to spend on each household need.

Step 2: Examine Your Expenses
Once your budget is built it can tell you just how much or how little income is left over after all your costs are accounted for. Pay close attention to each household need or category, and decide with your family whether or not budget cuts can be made. For instance, if you notice that your heating bill has risen this winter because of the increase in the price of oil, try and find a spot that is less necessary, perhaps in clothing expenses or cable television.

Step 3: Use a Spending Plan
Now that you’ve documented your required expenses, it is time to adhere to your budget. By implementing a weekly or monthly spending plan you can be sure to stay on top of your budget by allotting your family specific amounts of money that can be spent.

For more information regarding budgeting and savings plans, log on to www.consumercredit.com.

Tom Palange
Education Programs Specialist
American Consumer Credit Counseling
http://www.consumercredit.com

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